Independent Advisor Alliance Increases Holdings in Eversource Energy (NYSE:ES)

Key Points

• Independent Advisor Alliance increased its holdings in Eversource Energy by 164.6% in the first quarter, now owning 10,904 shares valued at approximately $677,000.
• Institutional investments in Eversource are notable, with a combined 79.99% of shares owned by hedge funds and other institutions, reflecting growing confidence in the company.
• Eversource Energy reported a quarterly earnings per share of $0.96, exceeding analyst expectations, although revenue fell short of forecasts at $2.84 billion.

Independent Advisor Alliance lifted its position in Eversource Energy (NYSE:ES - Free Report) by 164.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,904 shares of the utilities provider's stock after purchasing an additional 6,783 shares during the quarter. Independent Advisor Alliance's holdings in Eversource Energy were worth $677,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Pinney & Scofield Inc. purchased a new position in shares of Eversource Energy in the fourth quarter worth about $33,000. Rossby Financial LCC acquired a new stake in Eversource Energy during the first quarter worth about $34,000. CoreCap Advisors LLC grew its holdings in Eversource Energy by 168.7% during 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 grew its holdings in Eversource Energy by 3,529.4% during 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 acquired a new stake in Eversource Energy during the first quarter worth about $46,000. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Eversource Energy Stock Performance

ES opened at $66.27 on Thursday. The stock's 50 day simple moving average is $65.00 and its 200 day simple moving average is $62.09. The stock has a market cap of $24.59 billion, a P/E ratio of 28.44, a P/E/G ratio of 2.47 and a beta of 0.61. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.71 and a quick ratio of 0.63. Eversource Energy has a 1-year low of $52.28 and a 1-year high of $69.01.

Eversource Energy (NYSE:ES - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.96 earnings per share 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 company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter in the prior year, the company posted $0.95 EPS. The business's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, equities analysts anticipate that Eversource Energy will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Wall Street Zen raised Eversource Energy from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Mizuho raised 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. Bank of America raised their price objective on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Finally, BMO Capital Markets raised their price objective on Eversource Energy from $71.00 to $72.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $65.56.

Insider Buying and Selling at Eversource Energy

In related news, EVP Penelope M. Conner sold 2,600 shares of the stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $64.00, for a total value of $166,400.00. Following the transaction, the executive vice president directly owned 10,988 shares of the company's stock, valued at approximately $703,232. This trade represents a 19.13% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.41% of the company's stock.

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.

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