Allstate Corp Purchases New Position in Eversource Energy $ES

Allstate Corp acquired a new position in Eversource Energy (NYSE:ES) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 13,412 shares of the utilities provider’s stock, valued at approximately $954,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of ES. Vanguard Group Inc. boosted its holdings in shares of Eversource Energy by 1.5% in the second quarter. Vanguard Group Inc. now owns 45,652,661 shares of the utilities provider’s stock worth $2,904,422,000 after acquiring an additional 691,165 shares during the period. State Street Corp raised its stake in shares of Eversource Energy by 1.7% during the 2nd quarter. State Street Corp now owns 27,343,038 shares of the utilities provider’s stock valued at $1,739,564,000 after purchasing an additional 465,822 shares during the period. Geode Capital Management LLC lifted its holdings in Eversource Energy by 2.3% during the 2nd quarter. Geode Capital Management LLC now owns 9,273,415 shares of the utilities provider’s stock worth $587,449,000 after purchasing an additional 211,962 shares in the last quarter. Magellan Asset Management Ltd lifted its holdings in Eversource Energy by 1.1% during the 2nd quarter. Magellan Asset Management Ltd now owns 6,952,127 shares of the utilities provider’s stock worth $442,294,000 after purchasing an additional 75,784 shares in the last quarter. Finally, Norges Bank bought a new position in Eversource Energy in the 2nd quarter worth about $274,744,000. Institutional investors own 79.99% of the company’s stock.

Analysts Set New Price Targets

ES has been the topic of several analyst reports. Scotiabank decreased their price target on Eversource Energy from $64.00 to $63.00 and set a “sector underperform” rating on the stock in a research report on Thursday, November 20th. Jefferies Financial Group reaffirmed an “underperform” rating on shares of Eversource Energy in a research note on Monday, November 24th. TD Cowen assumed coverage on shares of Eversource Energy in a report on Thursday, October 16th. They set a “hold” rating and a $76.00 target price on the stock. JPMorgan Chase & Co. cut their price target on shares of Eversource Energy from $72.00 to $71.00 and set an “underweight” rating for the company in a report on Friday, December 12th. Finally, Mizuho restated a “neutral” rating and set a $68.00 price target (down from $81.00) on shares of Eversource Energy in a research report on Thursday, November 20th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $71.50.

Insider Buying and Selling

In other Eversource Energy news, EVP James W. Hunt III sold 4,129 shares of Eversource Energy stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $72.77, for a total transaction of $300,467.33. Following the transaction, the executive vice president directly owned 32,415 shares of the company’s stock, valued at approximately $2,358,839.55. This trade represents a 11.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.41% of the stock is owned by insiders.

Eversource Energy Stock Up 0.8%

ES opened at $71.36 on Thursday. The business’s fifty day simple moving average is $67.93 and its 200 day simple moving average is $68.00. Eversource Energy has a 52 week low of $52.28 and a 52 week high of $75.25. The company has a quick ratio of 0.64, a current ratio of 0.71 and a debt-to-equity ratio of 1.68. The stock has a market cap of $26.77 billion, a PE ratio of 19.55, a P/E/G ratio of 2.40 and a beta of 0.76.

Eversource Energy (NYSE:ES) last issued its quarterly earnings results on Tuesday, November 4th. The utilities provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.07. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.28 billion. Eversource Energy had a return on equity of 11.06% and a net margin of 10.22%.The company’s revenue was up 5.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.13 earnings per share. As a group, research analysts expect that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th were paid a $0.7525 dividend. The ex-dividend date of this dividend was Wednesday, December 17th. This represents a $3.01 annualized dividend and a yield of 4.2%. Eversource Energy’s dividend payout ratio is currently 82.47%.

Eversource Energy Profile

Eversource Energy (NYSE: ES) is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company’s core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.