Millennium Management LLC Has $29.98 Million Stock Holdings in Eversource Energy $ES

Key Points

• Millennium Management LLC reduced its stake in Eversource Energy by 36.5%, selling 277,443 shares and now holds 482,744 shares valued at approximately $29.98 million.
• Several hedge funds, including Sterling Investment Counsel LLC and Retirement Planning Co of New England Inc., have increased their positions in Eversource Energy during the same period.
• Eversource Energy reported earnings of $0.96 per share, marginally surpassing estimates, with a 12% year-over-year revenue increase despite falling short of revenue projections.

Millennium Management LLC decreased its holdings in shares of Eversource Energy (NYSE:ES - Free Report) by 36.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 482,744 shares of the utilities provider's stock after selling 277,443 shares during the period. Millennium Management LLC owned about 0.13% of Eversource Energy worth $29,983,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Eversource Energy by 30.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 92,247 shares of the utilities provider's stock worth $5,711,000 after purchasing an additional 21,524 shares during the period. Jacobs Levy Equity Management Inc. bought a new position in Eversource Energy during the first quarter worth about $878,000. Alliancebernstein L.P. lifted its stake in Eversource Energy by 0.4% during the first quarter. Alliancebernstein L.P. now owns 476,607 shares of the utilities provider's stock worth $29,602,000 after purchasing an additional 1,919 shares during the period. Advisors Asset Management Inc. lifted its stake in Eversource Energy by 8.4% during the first quarter. Advisors Asset Management Inc. now owns 30,041 shares of the utilities provider's stock worth $1,866,000 after purchasing an additional 2,317 shares during the period. Finally, Federation des caisses Desjardins du Quebec increased its holdings in shares of Eversource Energy by 47.6% during the first quarter. Federation des caisses Desjardins du Quebec now owns 20,893 shares of the utilities provider's stock worth $1,298,000 after buying an additional 6,734 shares in the last quarter. Institutional investors own 79.99% of the company's stock.

Eversource Energy Price Performance

Shares of Eversource Energy stock traded up $0.60 during midday trading on Friday, reaching $65.65. The company had a trading volume of 2,168,881 shares, compared to its average volume of 2,362,623. 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 company has a market capitalization of $24.37 billion, a price-to-earnings ratio of 28.18, a price-to-earnings-growth ratio of 2.44 and a beta of 0.64. The stock has a fifty day simple moving average of $65.15 and a 200 day simple moving average of $62.73. Eversource Energy has a 1-year low of $52.28 and a 1-year high of $68.73.

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, beating analysts' consensus estimates of $0.95 by $0.01. The business had revenue of $2.84 billion during the quarter, compared to analyst estimates of $3.01 billion. Eversource Energy had a net margin of 6.60% and a return on equity of 11.00%. Eversource Energy's revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.95 earnings per share. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. As a group, equities research analysts forecast that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 22nd will be issued a $0.7525 dividend. The ex-dividend date of this dividend is Monday, September 22nd. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.6%. Eversource Energy's dividend payout ratio (DPR) is currently 129.18%.

Insider Buying and Selling

In other Eversource Energy news, insider Loretta D. Keane bought 3,780 shares of the stock in a transaction on Friday, August 22nd. The stock was purchased at an average price of $66.07 per share, with a total value of $249,744.60. Following the acquisition, the insider owned 12,033 shares of the company's stock, valued at approximately $795,020.31. The trade was a 45.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.41% of the company's stock.

Wall Street Analyst Weigh In

ES has been the subject of several recent analyst reports. Wall Street Zen raised shares of Eversource Energy from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Bank of America raised their price objective on shares of Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Mizuho raised their price objective on shares of Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $64.38.

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.