Inspire Advisors LLC Makes New $2.68 Million Investment in Eversource Energy (NYSE:ES)

Key Points

• Inspire Advisors LLC has acquired a new position in Eversource Energy, purchasing 43,068 shares valued at approximately $2.675 million during the first quarter.
• The company reported earnings of $1.50 per share for the most recent quarter, meeting analysts’ expectations, with revenue reaching $4.12 billion, significantly exceeding predictions.
• Eversource Energy has announced a quarterly dividend of $0.7525 per share, reflecting an annualized dividend yield of 4.52%.

Inspire Advisors LLC acquired a new position in shares of Eversource Energy (NYSE:ES - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 43,068 shares of the utilities provider's stock, valued at approximately $2,675,000.

Other large investors have also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in Eversource Energy by 38.6% during the fourth quarter. Wellington Management Group LLP now owns 16,470,356 shares of the utilities provider's stock worth $945,893,000 after purchasing an additional 4,585,232 shares in the last quarter. Norges Bank acquired a new stake in Eversource Energy during the 4th quarter worth $188,838,000. Vest Financial LLC purchased a new position in Eversource Energy during the 1st quarter worth $60,273,000. Magellan Asset Management Ltd raised its holdings in shares of Eversource Energy by 15.9% in the fourth quarter. Magellan Asset Management Ltd now owns 6,474,477 shares of the utilities provider's stock valued at $371,829,000 after buying an additional 890,514 shares during the last quarter. Finally, Invesco Ltd. boosted its stake in shares of Eversource Energy by 16.5% during the fourth quarter. Invesco Ltd. now owns 6,004,089 shares of the utilities provider's stock worth $344,815,000 after buying an additional 850,217 shares during the period. 79.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on ES shares. Mizuho increased their target price on Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. BMO Capital Markets lifted their price objective on Eversource Energy from $71.00 to $72.00 and gave the stock a "market perform" rating in a research report on Monday, April 28th. JPMorgan Chase & Co. reiterated an "underweight" rating and issued a $58.00 target price (down from $69.00) on shares of Eversource Energy in a research note on Thursday, April 10th. Bank of America upped their price objective on shares of Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Wall Street Zen raised shares of Eversource Energy from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $65.56.

Insiders Place Their Bets

In other Eversource Energy news, EVP Penelope M. Conner sold 2,600 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $64.00, for a total transaction of $166,400.00. Following the completion of the sale, the executive vice president directly owned 10,988 shares in the company, valued at $703,232. This represents a 19.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.19% of the company's stock.

Eversource Energy Stock Performance

Eversource Energy stock traded down $1.42 on Monday, reaching $65.20. 1,695,081 shares of the stock were exchanged, compared to its average volume of 1,921,133. The stock has a market cap of $23.95 billion, a PE ratio of 28.10, a PEG ratio of 2.49 and a beta of 0.62. The firm has a fifty day moving average price of $64.59 and a two-hundred day moving average price of $61.35. Eversource Energy has a twelve month low of $52.28 and a twelve month high of $69.01. The company has a current ratio of 0.75, a quick ratio of 0.66 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES - Get Free Report) last posted its quarterly earnings results on Thursday, May 1st. The utilities provider reported $1.50 earnings per share for the quarter, hitting analysts' consensus estimates of $1.50. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $3.65 billion. Eversource Energy had a net margin of 6.63% and a return on equity of 11.04%. Eversource Energy's revenue for the quarter was up 23.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.49 earnings per share. Sell-side analysts anticipate that Eversource Energy will post 4.75 EPS for the current year.

Eversource Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Thursday, May 15th were paid a dividend of $0.7525 per share. The ex-dividend date was Thursday, May 15th. This represents a $3.01 annualized dividend and a dividend yield of 4.62%. Eversource Energy's dividend payout ratio is presently 129.74%.

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.