Short Interest in Eversource Energy (NYSE:ES) Increases By 10.1%

Eversource Energy (NYSE:ES) was the target of a significant growth in short interest in April. As of April 15th, there was short interest totalling 5,220,000 shares, a growth of 10.1% from the March 31st total of 4,740,000 shares. Based on an average daily trading volume, of 2,880,000 shares, the days-to-cover ratio is presently 1.8 days.

Eversource Energy Price Performance

ES stock opened at $60.46 on Tuesday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.67. The business has a 50-day simple moving average of $58.97 and a two-hundred day simple moving average of $57.99. The company has a market capitalization of $21.20 billion, a P/E ratio of -47.98, a price-to-earnings-growth ratio of 3.16 and a beta of 0.58. Eversource Energy has a 52-week low of $52.03 and a 52-week high of $78.64.

Eversource Energy (NYSE:ES) last posted its earnings results on Tuesday, February 13th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the previous year, the company earned $0.92 EPS. The business’s revenue was down 11.1% compared to the same quarter last year. Research analysts expect that Eversource Energy will post 4.51 EPS for the current fiscal year.

Eversource Energy Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Tuesday, March 5th were given a dividend of $0.715 per share. The ex-dividend date was Monday, March 4th. This is a positive change from Eversource Energy’s previous quarterly dividend of $0.68. This represents a $2.86 annualized dividend and a dividend yield of 4.73%. Eversource Energy’s dividend payout ratio (DPR) is currently -226.98%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ES. Argus decreased their price target on shares of Eversource Energy from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, March 25th. UBS Group raised Eversource Energy from a “neutral” rating to a “buy” rating and increased their price target for the company from $62.00 to $67.00 in a research note on Thursday, April 4th. Mizuho raised Eversource Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $54.00 to $62.00 in a research note on Thursday, February 15th. Citigroup upped their target price on Eversource Energy from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, February 15th. Finally, StockNews.com upgraded shares of Eversource Energy to a “sell” rating in a report on Thursday, March 28th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $65.85.

Insider Activity at Eversource Energy

In other news, insider Frederica M. Williams sold 2,714 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $57.60, for a total value of $156,326.40. Following the sale, the insider now directly owns 21,621 shares in the company, valued at approximately $1,245,369.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $58.12, for a total transaction of $47,774.64. Following the sale, the insider now directly owns 10,485 shares in the company, valued at $609,388.20. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Frederica M. Williams sold 2,714 shares of the firm’s stock in a transaction that occurred 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 approximately $1,245,369.60. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Eversource Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Heritage Wealth Advisors bought a new stake in Eversource Energy in the fourth quarter worth about $25,000. Exchange Traded Concepts LLC bought a new stake in shares of Eversource Energy in the 4th quarter worth approximately $26,000. Rise Advisors LLC bought a new stake in shares of Eversource Energy in the 1st quarter worth approximately $27,000. Bfsg LLC purchased a new position in Eversource Energy in the fourth quarter valued at approximately $31,000. Finally, Versant Capital Management Inc grew its holdings in Eversource Energy by 62.6% during the first quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 201 shares during the period. 79.99% of the stock is owned by hedge funds and other institutional investors.

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.