Eversource Energy (NYSE:ES) Issues FY24 Earnings Guidance

Eversource Energy (NYSE:ES - Get Free Report) updated its FY24 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of $4.50-4.67 for the period, compared to the consensus estimate of $4.55. Eversource Energy also updated its FY 2024 guidance to 4.500-4.670 EPS.

Eversource Energy Price Performance

Shares of NYSE:ES traded up $0.98 during midday trading on Wednesday, hitting $61.60. 2,087,395 shares of the stock were exchanged, compared to its average volume of 2,889,733. Eversource Energy has a twelve month low of $52.03 and a twelve month high of $77.97. The company has a current ratio of 0.67, a quick ratio of 0.59 and a debt-to-equity ratio of 1.66. The company has a 50 day moving average price of $59.09 and a 200-day moving average price of $58.05. The stock has a market cap of $21.60 billion, a P/E ratio of -48.89, a PEG ratio of 3.22 and a beta of 0.58.

Eversource Energy (NYSE:ES - Get Free Report) last issued its quarterly earnings data on Tuesday, February 13th. The utilities provider reported $0.95 earnings per share for the quarter, missing analysts' consensus estimates of $0.97 by ($0.02). Eversource Energy had a positive return on equity of 9.92% and a negative net margin of 3.71%. The business had revenue of $2.69 billion for the quarter, compared to analysts' expectations of $3 billion. During the same period last year, the business earned $0.92 earnings per share. The company's revenue for the quarter was down 11.1% on a year-over-year basis. On average, research analysts forecast that Eversource Energy will post 4.51 earnings per share for the current year.

Eversource Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, May 16th will be given a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.64%. Eversource Energy's dividend payout ratio is presently -226.98%.

Analysts Set New Price Targets

ES has been the topic of a number of research analyst reports. BMO Capital Markets raised their price target on Eversource Energy from $63.00 to $64.00 and gave the stock a market perform rating in a research note on Thursday, February 15th. Barclays lowered their price objective on shares of Eversource Energy from $66.00 to $61.00 and set an equal weight rating for the company in a research note on Monday, January 22nd. UBS Group raised Eversource Energy from a neutral rating to a buy rating and increased their target price for the stock from $62.00 to $67.00 in a research report on Thursday, April 4th. Citigroup upped their price target on Eversource Energy from $58.00 to $62.00 and gave the stock a neutral rating in a research note on Thursday, February 15th. Finally, Wells Fargo & Company raised their price objective on Eversource Energy from $67.00 to $69.00 and gave the stock an overweight rating in a report on Tuesday, January 9th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of Hold and a consensus target price of $65.85.

Insider Buying and Selling

In other news, insider Frederica M. Williams sold 2,714 shares of the business's stock in a transaction on Monday, February 26th. The shares were sold at an average price of $57.60, for a total transaction of $156,326.40. Following the completion of the transaction, the insider now owns 21,621 shares of the company's stock, valued at $1,245,369.60. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Linda Dorcena Forry sold 822 shares of the firm's stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $58.12, for a total value of $47,774.64. Following the sale, the insider now directly owns 10,485 shares in the company, valued at approximately $609,388.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Frederica M. Williams sold 2,714 shares of the business's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $57.60, for a total value of $156,326.40. Following the transaction, the insider now owns 21,621 shares of the company's stock, valued at approximately $1,245,369.60. The disclosure for this sale can be found here. Company insiders own 0.29% of the company's stock.

About Eversource Energy

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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