State of New Jersey Common Pension Fund D Trims Stock Position in Eversource Energy $ES

Key Points

• The State of New Jersey Common Pension Fund D has reduced its holdings in Eversource Energy by 6.1%, now owning 119,771 shares valued at approximately $7.44 million.
• Significant investment activity includes Nuveen LLC acquiring a stake worth $286 million, while Hsbc Holdings PLC increased its holdings by 31.1% in the previous quarter.
• Analysts' ratings for Eversource Energy include upgrades from "sell" to "hold," with an average price target of $65.56, reflecting mixed investor sentiment.

State of New Jersey Common Pension Fund D lessened its stake in Eversource Energy (NYSE:ES - Free Report) by 6.1% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 119,771 shares of the utilities provider's stock after selling 7,840 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Eversource Energy were worth $7,439,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Ethic Inc. raised its position in Eversource Energy by 8.9% during the first quarter. Ethic Inc. now owns 179,552 shares of the utilities provider's stock valued at $11,148,000 after acquiring an additional 14,641 shares in the last quarter. Aberdeen Group plc grew its stake in shares of Eversource Energy by 2.6% during the 1st quarter. Aberdeen Group plc now owns 681,267 shares of the utilities provider's stock worth $41,969,000 after purchasing an additional 17,387 shares during the period. Horizon Investments LLC increased its holdings in shares of Eversource Energy by 7.6% during the 1st quarter. Horizon Investments LLC now owns 5,262 shares of the utilities provider's stock valued at $327,000 after purchasing an additional 373 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its stake in shares of Eversource Energy by 7.4% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 18,872 shares of the utilities provider's stock valued at $1,172,000 after purchasing an additional 1,295 shares during the period. Finally, National Pension Service raised its position in shares of Eversource Energy by 9.9% in the first quarter. National Pension Service now owns 528,981 shares of the utilities provider's stock worth $32,855,000 after acquiring an additional 47,676 shares during the period. Hedge funds and other institutional investors own 79.99% of the company's stock.

Eversource Energy Price Performance

Shares of NYSE ES traded up $1.0750 during mid-day trading on Friday, reaching $66.4950. The company's stock had a trading volume of 921,777 shares, compared to its average volume of 2,658,764. The stock has a 50-day moving average of $64.98 and a two-hundred day moving average of $62.41. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.63 and a current ratio of 0.71. The stock has a market capitalization of $24.68 billion, a P/E ratio of 28.54, a P/E/G ratio of 2.47 and a beta of 0.61. Eversource Energy has a 1-year low of $52.28 and a 1-year high of $69.01.

Eversource Energy (NYSE:ES - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.01. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $3.01 billion. Eversource Energy had a net margin of 6.60% and a return on equity of 11.00%. Eversource Energy's quarterly revenue was up 12.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.95 EPS. 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 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently commented on ES shares. Mizuho boosted their price target 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. BMO Capital Markets boosted 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. Bank of America upped their price target on shares of Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Finally, Wall Street Zen upgraded Eversource Energy from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Three investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $65.56.

Eversource Energy 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.