Nuveen LLC Makes New $286.13 Million Investment in Eversource Energy (NYSE:ES)

Key Points

• Nuveen LLC has acquired a significant stake in Eversource Energy, purchasing 4,606,824 shares valued at approximately $286.1 million, representing 1.25% of the company.
• Eversource Energy's stock opened at $65.04, with a market cap of $24.14 billion and a price-to-earnings ratio of 27.91.
• Analysts have raised price targets for Eversource Energy, with Bank of America increasing its target to $67.00 and Mizuho to $72.00, reflecting a positive outlook on the stock.

Nuveen LLC acquired a new stake in shares of Eversource Energy (NYSE:ES - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,606,824 shares of the utilities provider's stock, valued at approximately $286,130,000. Nuveen LLC owned approximately 1.25% of Eversource Energy at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Sterling Investment Counsel LLC lifted its holdings in shares of Eversource Energy by 4.9% during the 1st quarter. Sterling Investment Counsel LLC now owns 4,100 shares of the utilities provider's stock valued at $255,000 after purchasing an additional 190 shares in the last quarter. Ascent Group LLC raised its holdings in Eversource Energy by 1.2% during the 4th quarter. Ascent Group LLC now owns 19,663 shares of the utilities provider's stock worth $1,129,000 after buying an additional 230 shares during the period. Advisor OS LLC lifted its stake in Eversource Energy by 4.2% in the first quarter. Advisor OS LLC now owns 5,694 shares of the utilities provider's stock valued at $354,000 after buying an additional 232 shares in the last quarter. Cromwell Holdings LLC boosted its holdings in shares of Eversource Energy by 44.2% in the first quarter. Cromwell Holdings LLC now owns 829 shares of the utilities provider's stock valued at $51,000 after buying an additional 254 shares during the period. Finally, First Manhattan CO. LLC. increased its position in shares of Eversource Energy by 2.9% during the fourth quarter. First Manhattan CO. LLC. now owns 9,131 shares of the utilities provider's stock worth $524,000 after acquiring an additional 255 shares in the last quarter. Institutional investors and hedge funds own 79.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on ES shares. BMO Capital Markets upped their target price on shares of Eversource Energy from $71.00 to $72.00 and gave the stock a "market perform" rating in a research note on Monday, April 28th. Mizuho boosted their price target 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 increased their price objective on Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a report on Monday, July 21st. Finally, Wall Street Zen raised shares of Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Three investment 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's stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $65.56.

Eversource Energy Stock Performance

Shares of ES traded down $0.75 during mid-day trading on Thursday, reaching $65.55. The company's stock had a trading volume of 2,154,772 shares, compared to its average volume of 2,699,005. The company has a current ratio of 0.71, a quick ratio of 0.63 and a debt-to-equity ratio of 1.67. Eversource Energy has a 1-year low of $52.28 and a 1-year high of $69.01. The business has a 50-day simple moving average of $65.00 and a two-hundred day simple moving average of $62.09. The stock has a market cap of $24.33 billion, a P/E ratio of 28.13, a PEG ratio of 2.47 and a beta of 0.61.

Eversource Energy (NYSE:ES - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%. The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter last year, the firm posted $0.95 EPS. The company's quarterly revenue was up 12.0% on a year-over-year basis. As a group, equities research analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Insider Activity at Eversource Energy

In other Eversource Energy news, EVP Penelope M. Conner sold 2,600 shares of the stock in a transaction dated Tuesday, May 20th. The shares were 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 $703,232. This represents a 19.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 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.