10,806 Shares in Eversource Energy (NYSE:ES) Acquired by SlateStone Wealth LLC

Key Points

• SlateStone Wealth LLC acquired a new position in Eversource Energy, purchasing 10,806 shares valued at approximately $671,000 in the first quarter.
• Eversource Energy reported earnings of $1.50 per share, meeting analysts' expectations, with a significant 23.6% year-over-year revenue increase to $4.12 billion.
• Several brokerages upgraded their ratings and target prices for Eversource Energy, with Mizuho raising its target from $68.00 to $72.00 and Bank of America adjusting its objective from $62.00 to $67.00.

SlateStone Wealth 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 and Exchange Commission (SEC). The firm acquired 10,806 shares of the utilities provider's stock, valued at approximately $671,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of ES. JPMorgan Chase & Co. grew its stake in shares of Eversource Energy by 10.7% during the fourth quarter. JPMorgan Chase & Co. now owns 1,569,671 shares of the utilities provider's stock valued at $90,146,000 after buying an additional 151,562 shares during the last quarter. Orion Portfolio Solutions LLC bought a new stake in shares of Eversource Energy in the fourth quarter worth about $246,000. Allstate Corp bought a new stake in shares of Eversource Energy in the fourth quarter worth about $628,000. B. Metzler seel. Sohn & Co. AG grew its stake in shares of Eversource Energy by 6.1% in the fourth quarter. B. Metzler seel. Sohn & Co. AG now owns 48,459 shares of the utilities provider's stock worth $2,783,000 after purchasing an additional 2,800 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in shares of Eversource Energy by 0.5% in the fourth quarter. Franklin Resources Inc. now owns 2,426,436 shares of the utilities provider's stock worth $139,350,000 after purchasing an additional 11,041 shares during the last quarter. 79.99% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Penelope M. Conner sold 2,600 shares of Eversource Energy stock in a transaction that occurred on Tuesday, May 20th. The shares were sold at an average price of $64.00, for a total transaction of $166,400.00. Following the completion of the transaction, the executive vice president directly owned 10,988 shares in the company, valued at approximately $703,232. This trade represents a 19.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.41% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on ES shares. JPMorgan Chase & Co. reissued an "underweight" rating and issued a $58.00 target price (down from $69.00) on shares of Eversource Energy in a research note on Thursday, April 10th. Bank of America raised their target price on Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. Wall Street Zen raised Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Mizuho lifted 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. Finally, BMO Capital Markets lifted their price objective on Eversource Energy from $71.00 to $72.00 and gave the company a "market perform" rating in a research report on Monday, April 28th. Three analysts have rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Eversource Energy currently has an average rating of "Hold" and a consensus price target of $65.56.

Eversource Energy Stock Down 0.9%

Eversource Energy stock traded down $0.60 during trading hours on Friday, hitting $65.50. 2,841,173 shares of the stock traded hands, compared to its average volume of 1,925,586. The firm's 50-day moving average price is $64.78 and its two-hundred day moving average price is $61.61. Eversource Energy has a one year low of $52.28 and a one year high of $69.01. The company has a market cap of $24.06 billion, a PE ratio of 28.11, a PEG ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.75, a quick ratio of 0.66 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES - Get Free Report) last released its 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 net margin of 6.60% and a return on equity of 11.10%. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $3.01 billion. During the same period last year, the business earned $0.95 earnings per share. The business's revenue was up 12.0% on a year-over-year basis. On average, research analysts forecast that Eversource Energy will post 4.75 EPS for the current year.

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.