Mackenzie Financial Corp Grows Stock Position in Eversource Energy (NYSE:ES)

Key Points

• Mackenzie Financial Corp has increased its position in Eversource Energy by 1.3%, owning a total of 1,195,703 shares valued at approximately $74.27 million.
• Analysts have mixed views on Eversource Energy, with a consensus price target of $65.56 and ratings ranging from "sell" to "buy."
• The company announced a quarterly dividend of $0.7525 per share, with an annualized yield of 4.53%, despite a high dividend payout ratio of 129.74%.

Mackenzie Financial Corp boosted its holdings in Eversource Energy (NYSE:ES - Free Report) by 1.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,195,703 shares of the utilities provider's stock after buying an additional 14,875 shares during the quarter. Mackenzie Financial Corp owned 0.33% of Eversource Energy worth $74,265,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ES. Wellington Management Group LLP grew its stake in shares of Eversource Energy by 38.6% during the 4th quarter. Wellington Management Group LLP now owns 16,470,356 shares of the utilities provider's stock valued at $945,893,000 after purchasing an additional 4,585,232 shares during the period. Geode Capital Management LLC grew its stake in shares of Eversource Energy by 5.7% during the 4th quarter. Geode Capital Management LLC now owns 9,557,213 shares of the utilities provider's stock valued at $547,550,000 after purchasing an additional 517,042 shares during the period. FMR LLC grew its stake in shares of Eversource Energy by 4.8% during the 4th quarter. FMR LLC now owns 7,352,593 shares of the utilities provider's stock valued at $422,259,000 after purchasing an additional 333,529 shares during the period. Magellan Asset Management Ltd grew its stake in shares of Eversource Energy by 15.9% during the 4th quarter. Magellan Asset Management Ltd now owns 6,474,477 shares of the utilities provider's stock valued at $371,829,000 after purchasing an additional 890,514 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Eversource Energy by 16.5% during the 4th quarter. Invesco Ltd. now owns 6,004,089 shares of the utilities provider's stock valued at $344,815,000 after purchasing an additional 850,217 shares during the period. Hedge funds and other institutional investors own 79.99% of the company's stock.

Analysts Set New Price Targets

ES has been the subject of a number of recent research reports. JPMorgan Chase & Co. restated an "underweight" rating and set a $58.00 price target (down from $69.00) on shares of Eversource Energy in a research note on Thursday, April 10th. Bank of America boosted 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. Wall Street Zen upgraded Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. BMO Capital Markets boosted their price objective on Eversource Energy from $71.00 to $72.00 and gave the company a "market perform" rating in a research note on Monday, April 28th. Finally, Mizuho boosted their price objective 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 equities research 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 data from MarketBeat, Eversource Energy has an average rating of "Hold" and a consensus price target of $65.56.

Insider Activity

In other news, EVP Penelope M. Conner sold 2,600 shares of the company's stock in a transaction that occurred 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 sale, the executive vice president directly owned 10,988 shares of the company's stock, valued at $703,232. This represents a 19.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.19% of the stock is owned by company insiders.

Eversource Energy Price Performance

ES stock traded up $1.20 during midday trading on Tuesday, hitting $66.38. The company's stock had a trading volume of 1,794,204 shares, compared to its average volume of 1,786,586. Eversource Energy has a 12 month low of $52.28 and a 12 month high of $69.01. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.71. The firm has a market capitalization of $24.39 billion, a price-to-earnings ratio of 28.61, a price-to-earnings-growth ratio of 2.44 and a beta of 0.62. The company has a 50 day moving average of $64.64 and a two-hundred day moving average of $61.45.

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 the consensus estimate of $1.50. Eversource Energy had a return on equity of 11.04% and a net margin of 6.63%. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $3.65 billion. During the same period in the prior year, the company posted $1.49 EPS. The firm's revenue for the quarter was up 23.6% compared to the same quarter last year. On average, analysts expect 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 issued a dividend of $0.7525 per share. The ex-dividend date of this dividend was Thursday, May 15th. This represents a $3.01 annualized dividend and a dividend yield of 4.53%. Eversource Energy's dividend payout ratio (DPR) is 129.74%.

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.