Zimmer Partners LP Trims Stake in Eversource Energy $ES

Key Points

• Zimmer Partners LP reduced its shares in Eversource Energy by 45.4% in the first quarter, now holding 85,900 shares valued at approximately $5.3 million.
• Other institutional investors made significant moves, with Nuveen LLC investing around $286 million and GAMMA Investing LLC increasing its stake by a staggering 7,616.9% this quarter.
• Analysts have mixed ratings for Eversource Energy, with the current consensus being a "Hold" and an average price target of $64.38, following various upgrades in their price objectives.

Zimmer Partners LP decreased its holdings in shares of Eversource Energy (NYSE:ES - Free Report) by 45.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 85,900 shares of the utilities provider's stock after selling 71,300 shares during the period. Zimmer Partners LP's holdings in Eversource Energy were worth $5,335,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ballentine Partners LLC boosted its position in shares of Eversource Energy by 4.9% during the 1st quarter. Ballentine Partners LLC now owns 5,934 shares of the utilities provider's stock valued at $369,000 after purchasing an additional 277 shares in the last quarter. Farther Finance Advisors LLC boosted its position in shares of Eversource Energy by 105.6% during the 1st quarter. Farther Finance Advisors LLC now owns 4,623 shares of the utilities provider's stock valued at $287,000 after purchasing an additional 2,374 shares in the last quarter. Golden State Wealth Management LLC boosted its position in shares of Eversource Energy by 233.9% during the 1st quarter. Golden State Wealth Management LLC now owns 828 shares of the utilities provider's stock valued at $52,000 after purchasing an additional 580 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Eversource Energy by 14.9% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 66,402 shares of the utilities provider's stock valued at $4,124,000 after purchasing an additional 8,616 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in shares of Eversource Energy by 5.6% during the 1st quarter. Assenagon Asset Management S.A. now owns 13,942 shares of the utilities provider's stock valued at $866,000 after purchasing an additional 734 shares in the last quarter. Institutional investors own 79.99% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages recently commented on ES. Bank of America upped their target price on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Mizuho increased their price target on Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Three analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $64.38.

Eversource Energy Stock Performance

Shares of NYSE ES traded up $0.60 during mid-day trading on Friday, hitting $65.65. The company had a trading volume of 2,168,881 shares, compared to its average volume of 2,355,376. The company has a market capitalization of $24.36 billion, a price-to-earnings ratio of 28.18, a P/E/G ratio of 2.47 and a beta of 0.64. Eversource Energy has a 1 year low of $52.28 and a 1 year high of $68.73. 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 stock's 50-day moving average price is $65.15 and its 200-day moving average price is $62.72.

Eversource Energy (NYSE:ES - Get Free Report) last posted its quarterly earnings data 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 return on equity of 11.00% and a net margin of 6.60%.The company had revenue of $2.84 billion during the quarter, compared to analyst estimates of $3.01 billion. During the same quarter last year, the company earned $0.95 earnings per share. The firm's quarterly revenue was up 12.0% on a year-over-year basis. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. On average, sell-side analysts forecast that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd will be issued a dividend of $0.7525 per share. The ex-dividend date is Monday, September 22nd. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.6%. Eversource Energy's dividend payout ratio is 129.18%.

Insider Buying and Selling at Eversource Energy

In related news, insider Loretta D. Keane purchased 3,780 shares of the company's stock in a transaction dated Friday, August 22nd. The shares were purchased at an average cost of $66.07 per share, with a total value of $249,744.60. Following the transaction, the insider directly owned 12,033 shares in the company, valued at $795,020.31. This trade represents a 45.80% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.19% of the company's stock.

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.