Westpac Banking Corp Increases Stock Position in Eversource Energy (NYSE:ES)

Key Points

• Westpac Banking Corp increased its holdings in Eversource Energy by 19.3%, acquiring an additional 21,702 shares, bringing its total to 134,111 shares valued at approximately $8.33 million.
• More than 79% of Eversource Energy's stock is owned by institutional investors and hedge funds, with notable acquisitions by Nuveen LLC and HSBC Holdings decreasing the overall insider ownership to 0.19%.
• Recent analyst reports have seen varied ratings for Eversource Energy, with targets ranging from $62.00 to $72.00, leading to a consensus rating of "Hold" and an average target price of $65.56.

Westpac Banking Corp lifted its stake in Eversource Energy (NYSE:ES - Free Report) by 19.3% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 134,111 shares of the utilities provider's stock after purchasing an additional 21,702 shares during the period. Westpac Banking Corp's holdings in Eversource Energy were worth $8,330,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of ES. Pinney & Scofield Inc. purchased a new position in Eversource Energy in the fourth quarter valued at $33,000. Rossby Financial LCC acquired a new stake in Eversource Energy in the first quarter valued at $34,000. CoreCap Advisors LLC raised its stake in Eversource Energy by 168.7% in the fourth quarter. CoreCap Advisors LLC now owns 610 shares of the utilities provider's stock valued at $35,000 after buying an additional 383 shares in the last quarter. First Financial Corp IN raised its stake 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 valued at $38,000 after buying an additional 600 shares in the last quarter. Finally, Zions Bancorporation National Association UT acquired a new stake in Eversource Energy in the first quarter valued at $46,000. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Eversource Energy Stock Performance

Shares of ES stock traded down $0.75 during mid-day trading on Thursday, hitting $65.55. 2,176,864 shares of the stock were exchanged, compared to its average volume of 2,699,145. The stock's fifty day simple moving average is $65.00 and its two-hundred day simple moving average is $62.09. The stock has a market capitalization of $24.33 billion, a price-to-earnings ratio of 28.13, a P/E/G ratio of 2.47 and a beta of 0.61. Eversource Energy has a 12-month low of $52.28 and a 12-month high of $69.01. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.63 and a current ratio of 0.71.

Eversource Energy (NYSE:ES - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the company posted $0.95 earnings per share. The business's revenue was up 12.0% on a year-over-year basis. On average, analysts forecast that Eversource Energy will post 4.75 EPS for the current year.

Insider Activity

In related news, EVP Penelope M. Conner sold 2,600 shares of the firm's stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $64.00, for a total transaction of $166,400.00. Following the transaction, the executive vice president owned 10,988 shares of the company's stock, valued at $703,232. This trade represents a 19.13% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of analysts have weighed in on ES shares. Wall Street Zen upgraded Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Bank of America raised their price target on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Mizuho raised their price target on Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Finally, BMO Capital Markets raised their price objective on Eversource Energy from $71.00 to $72.00 and gave the stock a "market perform" rating in a report on Monday, April 28th. Three investment analysts have rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, Eversource Energy presently has a consensus rating of "Hold" and an average price target of $65.56.

Eversource Energy 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.