Royal Bank of Canada Cuts Stock Holdings in Eversource Energy $ES

Key Points

• Royal Bank of Canada recently sold 172,126 shares of Eversource Energy, reducing its holdings by 7.2% and bringing its total ownership to approximately $138.5 million.
• Institutional investors currently own about 79.99% of Eversource Energy, with several funds, including BNP Paribas Financial Markets, increasing their stakes significantly in the fourth quarter.
• Wall Street analysts have varying opinions on Eversource Energy, with a consensus rating of "Hold" and a consensus price target of $64.38 per share.

Royal Bank of Canada lowered its holdings in Eversource Energy (NYSE:ES - Free Report) by 7.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,229,459 shares of the utilities provider's stock after selling 172,126 shares during the period. Royal Bank of Canada owned about 0.61% of Eversource Energy worth $138,471,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Pinney & Scofield Inc. bought a new stake in shares of Eversource Energy during the 4th quarter worth $33,000. Rossby Financial LCC purchased a new stake in Eversource Energy during the first quarter worth about $34,000. CoreCap Advisors LLC raised its position in Eversource Energy by 168.7% in the fourth quarter. CoreCap Advisors LLC now owns 610 shares of the utilities provider's stock worth $35,000 after acquiring an additional 383 shares during the period. First Financial Corp IN raised its position in Eversource Energy by 3,529.4% in the first quarter. First Financial Corp IN now owns 617 shares of the utilities provider's stock worth $38,000 after acquiring an additional 600 shares during the period. Finally, Zions Bancorporation National Association UT purchased a new position in Eversource Energy in the first quarter valued at about $46,000. Institutional investors own 79.99% of the company's stock.

Eversource Energy Stock Performance

Shares of NYSE ES traded up $0.07 during mid-day trading on Friday, hitting $63.49. The company had a trading volume of 1,653,333 shares, compared to its average volume of 2,186,111. The company has a current ratio of 0.71, a quick ratio of 0.63 and a debt-to-equity ratio of 1.67. Eversource Energy has a 1 year low of $52.28 and a 1 year high of $68.73. The company has a market capitalization of $23.56 billion, a price-to-earnings ratio of 27.25, a P/E/G ratio of 2.39 and a beta of 0.64. The stock's 50-day moving average price is $65.15 and its 200-day moving average price is $62.69.

Eversource Energy (NYSE:ES - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%.The business had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same quarter in the prior year, the firm posted $0.95 EPS. The firm's quarterly revenue was up 12.0% on a year-over-year basis. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. On average, sell-side analysts forecast that Eversource Energy will post 4.75 earnings per share for the current year.

Insider Activity at Eversource Energy

In other news, insider Loretta D. Keane acquired 3,780 shares of Eversource Energy stock in a transaction that occurred on Friday, August 22nd. The stock was bought at an average price of $66.07 per share, with a total value of $249,744.60. Following the completion of the purchase, the insider owned 12,033 shares in the company, valued at approximately $795,020.31. The trade was a 45.80% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ES shares. Wall Street Zen upgraded shares of Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Mizuho increased their price objective on Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Finally, Bank of America boosted their target price on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Three analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, Eversource Energy has an average rating of "Hold" and a consensus price target of $64.38.

Eversource Energy Company Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.