Patton Fund Management Inc. Purchases New Shares in Eversource Energy $ES

Key Points

• Patton Fund Management Inc. has acquired 3,806 shares of Eversource Energy (NYSE: ES), valued at approximately $242,000, indicating growing institutional interest in the company.
• Eversource Energy reported earnings of $0.96 per share for the last quarter, slightly exceeding analysts' expectations, with a revenue of $2.84 billion, a year-over-year increase of 12%.
• The company will pay a quarterly dividend of $0.7525 per share on September 30th, providing an annualized yield of 4.3% despite a high dividend payout ratio of 129.18%.

Patton Fund Management Inc. purchased a new stake in shares of Eversource Energy (NYSE:ES - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,806 shares of the utilities provider's stock, valued at approximately $242,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Rossby Financial LCC bought a new position in Eversource Energy in the 1st quarter valued at $34,000. First Financial Corp IN grew its position in Eversource Energy by 3,529.4% in the 1st 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 last quarter. Zions Bancorporation National Association UT bought a new position in Eversource Energy in the 1st quarter valued at $46,000. Golden State Wealth Management LLC grew its position in Eversource Energy by 233.9% in the 1st quarter. Golden State Wealth Management LLC now owns 828 shares of the utilities provider's stock valued at $52,000 after acquiring an additional 580 shares during the last quarter. Finally, Cromwell Holdings LLC grew its position in Eversource Energy by 44.2% in the 1st quarter. Cromwell Holdings LLC now owns 829 shares of the utilities provider's stock valued at $51,000 after acquiring an additional 254 shares during the last quarter. Hedge funds and other institutional investors own 79.99% of the company's stock.

Eversource Energy Price Performance

ES opened at $69.80 on Monday. Eversource Energy has a 12-month low of $52.28 and a 12-month high of $69.97. 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's fifty day simple moving average is $65.48 and its 200-day simple moving average is $63.16. The company has a market capitalization of $25.90 billion, a price-to-earnings ratio of 29.96, a PEG ratio of 2.62 and a beta of 0.64.

Eversource Energy (NYSE:ES - Get Free Report) last posted its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the prior year, the company earned $0.95 EPS. The business's revenue was up 12.0% compared to the same quarter last year. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. On average, equities research analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 22nd will be paid a dividend of $0.7525 per share. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.3%. The ex-dividend date is Monday, September 22nd. Eversource Energy's dividend payout ratio is 129.18%.

Analyst Ratings Changes

ES has been the topic of several research analyst reports. Mizuho upped their price objective on Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Bank of America upped their price objective on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Three investment analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $64.38.

Insider Buying and Selling at Eversource Energy

In related 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 purchased at an average cost of $66.07 per share, for a total transaction of $249,744.60. Following the purchase, the insider directly owned 12,033 shares of the company's stock, valued at $795,020.31. This trade represents a 45.80% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. 0.19% of the stock is owned by company insiders.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.