Pictet Asset Management Holding SA Trims Stock Holdings in Eversource Energy $ES

Key Points

• Pictet Asset Management cut its Eversource Energy stake by 41.9% in the first quarter, selling 164,084 shares and ending with 227,231 shares worth about $15.7 million.
• Eversource reported better-than-expected Q1 results, with EPS of $1.73 versus $1.59 expected and revenue of $4.50 billion versus $4.21 billion expected, while raising its full-year guidance outlook.
• The company also paid a quarterly dividend of $0.7875 per share, annualizing to $3.15 and implying a 4.2% yield, while shares traded up 2.9% to $74.30.

Pictet Asset Management Holding SA lowered its position in shares of Eversource Energy (NYSE:ES - Free Report) by 41.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 227,231 shares of the utilities provider's stock after selling 164,084 shares during the quarter. Pictet Asset Management Holding SA owned about 0.06% of Eversource Energy worth $15,742,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new position in Eversource Energy during the 4th quarter valued at about $324,032,000. Northwestern Mutual Wealth Management Co. boosted its stake in Eversource Energy by 23,707.0% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,649,747 shares of the utilities provider's stock worth $313,067,000 after acquiring an additional 4,630,216 shares in the last quarter. Victory Capital Management Inc. grew its holdings in Eversource Energy by 61.8% in the fourth quarter. Victory Capital Management Inc. now owns 9,546,217 shares of the utilities provider's stock worth $642,747,000 after purchasing an additional 3,645,555 shares during the period. Deutsche Bank AG grew its holdings in Eversource Energy by 78.1% in the fourth quarter. Deutsche Bank AG now owns 5,341,986 shares of the utilities provider's stock worth $359,676,000 after purchasing an additional 2,341,912 shares during the period. Finally, Cohen & Steers Inc. bought a new position in shares of Eversource Energy during the fourth quarter valued at approximately $104,848,000. Institutional investors own 79.99% of the company's stock.

Eversource Energy Trading Up 2.9%

NYSE:ES opened at $74.30 on Friday. The stock has a market cap of $27.94 billion, a price-to-earnings ratio of 15.88, a PEG ratio of 4.78 and a beta of 0.70. The company has a quick ratio of 0.59, a current ratio of 0.65 and a debt-to-equity ratio of 1.62. The company's 50 day moving average price is $69.41 and its 200-day moving average price is $69.76. Eversource Energy has a 52 week low of $61.53 and a 52 week high of $76.41.

Eversource Energy (NYSE:ES - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $1.73 earnings per share for the quarter, topping analysts' consensus estimates of $1.59 by $0.14. The company had revenue of $4.50 billion during the quarter, compared to analyst estimates of $4.21 billion. Eversource Energy had a net margin of 12.55% and a return on equity of 11.59%. The firm's revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the business earned $1.50 EPS. Eversource Energy has set its FY 2026 guidance at 4.570-4.720 EPS. On average, equities research analysts forecast that Eversource Energy will post 4.65 earnings per share for the current fiscal year.

Eversource Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, May 18th were issued a $0.7875 dividend. This represents a $3.15 annualized dividend and a yield of 4.2%. The ex-dividend date was Monday, May 18th. Eversource Energy's dividend payout ratio (DPR) is presently 67.31%.

Wall Street Analyst Weigh In

ES has been the subject of several recent research reports. Bank of America reiterated a "buy" rating and set a $72.00 target price on shares of Eversource Energy in a report on Wednesday, April 22nd. Wells Fargo & Company raised their price objective on Eversource Energy from $75.00 to $76.00 and gave the company an "overweight" rating in a research report on Thursday. Seaport Research Partners downgraded Eversource Energy from a "buy" rating to a "neutral" rating in a report on Monday, April 20th. Weiss Ratings restated a "hold (c+)" rating on shares of Eversource Energy in a report on Monday, April 27th. Finally, JPMorgan Chase & Co. raised their price target on Eversource Energy from $72.00 to $75.00 and gave the company an "underweight" rating in a report on Thursday, March 12th. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, Eversource Energy currently has an average rating of "Hold" and an average target price of $71.91.

Insider Buying and Selling

In other Eversource Energy news, VP Gregory B. Butler sold 7,000 shares of the business's stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $69.88, for a total value of $489,160.00. Following the completion of the transaction, the vice president owned 56,179 shares of the company's stock, valued at approximately $3,925,788.52. The trade was a 11.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.18% of the company's stock.

About Eversource Energy

Eversource Energy NYSE: ES is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company's core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.

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