Invenomic Capital Management LP Sells 583,147 Shares of Eversource Energy $ES

Key Points

• Invenomic Capital Management LP has significantly reduced its stake in Eversource Energy by 68.6%, now holding 266,551 shares valued at approximately $16.56 million.
• Eversource Energy reported a quarterly earnings per share of $0.96, slightly exceeding estimates, with revenues of $2.84 billion, lower than analyst expectations of $3.01 billion.
• The company currently has a market cap of $23.53 billion and a consensus rating of "Hold" with an average target price of $64.38 from analysts.

Invenomic Capital Management LP trimmed its stake in Eversource Energy (NYSE:ES - Free Report) by 68.6% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 266,551 shares of the utilities provider's stock after selling 583,147 shares during the period. Invenomic Capital Management LP owned about 0.07% of Eversource Energy worth $16,555,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in ES. Pinney & Scofield Inc. acquired a new position in shares of Eversource Energy during the fourth quarter valued at $33,000. Rossby Financial LCC acquired a new position in shares of Eversource Energy during the first quarter valued at $34,000. CoreCap Advisors LLC lifted its stake in shares of Eversource Energy by 168.7% during the fourth quarter. CoreCap Advisors LLC now owns 610 shares of the utilities provider's stock valued at $35,000 after acquiring an additional 383 shares during the period. First Financial Corp IN lifted its stake in shares of Eversource Energy by 3,529.4% during the first quarter. First Financial Corp IN now owns 617 shares of the utilities provider's stock valued at $38,000 after acquiring an additional 600 shares during the period. Finally, Zions Bancorporation National Association UT acquired a new position in shares of Eversource Energy during the first quarter valued at $46,000. Institutional investors own 79.99% of the company's stock.

Eversource Energy Stock Up 0.1%

Shares of NYSE ES traded up $0.07 during mid-day trading on Friday, reaching $63.49. 1,653,333 shares of the company's stock were exchanged, compared to its average volume of 2,160,644. The firm has a market capitalization of $23.56 billion, a price-to-earnings ratio of 27.25, a PEG ratio of 2.39 and a beta of 0.64. The company has a current ratio of 0.71, a quick ratio of 0.63 and a debt-to-equity ratio of 1.67. The business has a fifty day simple moving average of $65.15 and a 200 day simple moving average of $62.69. Eversource Energy has a twelve month low of $52.28 and a twelve month high of $68.73.

Eversource Energy (NYSE:ES - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.96 EPS for the quarter, topping analysts' consensus estimates of $0.95 by $0.01. The company had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%.Eversource Energy's revenue was up 12.0% compared to the same quarter last year. During the same quarter last year, the firm posted $0.95 earnings per share. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. As a group, equities analysts expect that Eversource Energy will post 4.75 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on ES shares. Wall Street Zen raised Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Bank of America increased 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. Finally, Mizuho increased their target price on Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a research note on Wednesday, June 25th. Three analysts have rated the stock with a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $64.38.

Insider Activity

In other news, insider Loretta D. Keane acquired 3,780 shares of the firm's stock in a transaction that occurred on Friday, August 22nd. The stock was acquired at an average cost of $66.07 per share, for a total transaction of $249,744.60. Following the completion of the acquisition, the insider owned 12,033 shares in the company, valued at $795,020.31. This represents a 45.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.19% of the company's stock.

About Eversource Energy

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.