Wedge Capital Management L L P NC Makes New Investment in Eversource Energy (NYSE:ES)

Wedge Capital Management L L P NC purchased a new position in Eversource Energy (NYSE:ES - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 112,737 shares of the utilities provider's stock, valued at approximately $7,002,000.

Several other institutional investors and hedge funds have also bought and sold shares of the company. Mizuho Bank Ltd. purchased a new stake in shares of Eversource Energy during the fourth quarter valued at $26,000. Kestra Investment Management LLC purchased a new stake in shares of Eversource Energy during the fourth quarter valued at $29,000. Assetmark Inc. grew its holdings in shares of Eversource Energy by 99.2% during the fourth quarter. Assetmark Inc. now owns 510 shares of the utilities provider's stock valued at $29,000 after buying an additional 254 shares during the last quarter. Pinney & Scofield Inc. purchased a new stake in shares of Eversource Energy during the fourth quarter valued at $33,000. Finally, Venturi Wealth Management LLC grew its holdings in shares of Eversource Energy by 104.5% during the fourth quarter. Venturi Wealth Management LLC now owns 589 shares of the utilities provider's stock valued at $34,000 after buying an additional 301 shares during the last quarter. 79.99% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Penelope M. Conner sold 2,600 shares of the company's stock in a transaction dated 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 now owns 10,988 shares in the company, valued at $703,232. This represents a 19.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.41% of the company's stock.

Eversource Energy Trading Up 0.3%

Shares of Eversource Energy stock opened at $65.50 on Monday. The firm has a 50-day simple moving average of $60.61 and a two-hundred day simple moving average of $60.05. The company has a market cap of $24.06 billion, a P/E ratio of 28.36, a price-to-earnings-growth ratio of 2.35 and a beta of 0.63. Eversource Energy has a fifty-two week low of $52.28 and a fifty-two week high of $69.01. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.76 and a current ratio of 0.76.

Eversource Energy (NYSE:ES - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The utilities provider reported $1.50 earnings per share for the quarter, hitting analysts' consensus estimates of $1.50. The business had revenue of $4.12 billion during the quarter, compared to the consensus estimate of $3.65 billion. Eversource Energy had a net margin of 6.82% and a return on equity of 10.99%. The company's revenue was up 23.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.49 earnings per share. As a group, equities analysts predict that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Thursday, May 15th will be given a $0.7525 dividend. The ex-dividend date of this dividend is Thursday, May 15th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.60%. Eversource Energy's dividend payout ratio (DPR) is currently 129.74%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. BMO Capital Markets boosted their price objective on shares of Eversource Energy from $71.00 to $72.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Wall Street Zen raised shares of Eversource Energy from a "sell" rating to a "hold" rating in a report on Friday, May 16th. Wells Fargo & Company dropped their price objective on shares of Eversource Energy from $79.00 to $75.00 and set an "overweight" rating on the stock in a report on Thursday, February 13th. JPMorgan Chase & Co. reissued an "underweight" rating and set a $58.00 price objective (down from $69.00) on shares of Eversource Energy in a report on Thursday, April 10th. Finally, Scotiabank lowered their price target on shares of Eversource Energy from $56.00 to $55.00 and set a "sector underperform" rating on the stock in a report on Thursday, February 13th. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $65.78.

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.

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