SSgA Funds Management, Inc. recently announced the acquisition of new stake in Eversource Energy (NYSE:ES). The institutional investor has increased its shareholding in the Utilities company by 9.86% to 27.6 million shares with purchase of 2.48 million shares. This fresh investment now brings its stake to 7.90% valued currently at $1.64 billion. In addition, Geode Capital Management LLC raised its holdings by 0.14 million to 7.93 million shares. And Charles Schwab Investment Managem has lifted its position by 1.88% or 0.13 million shares – to 7.3 million shares.
With over 7.38 million Eversource Energy (ES) shares trading Tuesday and a closing price of $58.00 on the day, the dollar volume was approximately $428.18 million. The shares have shown a negative half year performance of -18.72% and its price on 01/09/24 lost nearly -7.75%. Currently, there are 348.44M common shares owned by the public and among those 347.91M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 19 analysts who have offered their price forecasts for ES have a consensus price objective of $64.07. The analysts have set the share’s price value over the next 12 months at a high of $71.00 and a low of $50.00. The average price target is 9.47% above its recent price level and a downside to the estimated low will see the stock lose -16.0% over that period. But an upside of 18.31% will see the stock hit the forecast high price target while median target price for the stock is $65.00.
Insiders at the company have transacted a total of 46 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 28 of these insider trades were purchases, accounting for 111,541 shares. Insider sales of the common stock occurred on 18 occasions, with total insider shares sold totaling 51,100 shares.
The top 3 mutual fund holders in Eversource Energy are Vanguard Total Stock Market ETF, Vanguard 500 Index Fund, and Vanguard Mid Cap Index Fund. Vanguard Total Stock Market ETF owns 10.94 million shares of the company’s stock, all valued at over $649.94 million. The company bought an additional 14022.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard 500 Index Fund bought 36916.0 shares to see its total holdings expand to 8.43 million shares valued at over $500.64 million and representing 2.41% of the shares outstanding. Vanguard Mid Cap Index Fund bought 19541.0 shares to bring its total holdings to over 7.93 million shares at a value of $470.94 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.27% of the shares outstanding.
Shares of Eversource Energy (NYSE: ES) opened at $59.78, down -$3.09 from a prior closing price of $62.87. However, the script later moved the day high at 59.78, down -7.75%. The company’s stock has a 5-day price change of -9.01% and 1.33% over the past three months. ES shares are trading -6.03% year to date (YTD), with the 12-month market performance down to -32.40% lower. It has a 12-month low price of $52.03 and touched a high of $86.84 over the same period. ES has an average intraday trading volume of 2.82 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -6.26%, -1.71%, and -12.78% respectively.
Institutional ownership of Eversource Energy (NYSE: ES) shares accounts for 82.50% of the company’s 348.44M shares outstanding. Mutual fund holders own 35.56%, while other institutional holders and individual stakeholders account for 47.37% and 0.85% respectively.
It has a market capitalization of $20.26B and a beta (3y monthly) value of 0.58. The stock’s trailing 12-month PE ratio is 17.38, while the earnings-per-share (ttm) stands at $3.34. The company has a PEG of 4.35 and a Quick Ratio of 0.50 with the debt-to-equity ratio at 1.66. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.49% over the week and 2.32% over the month.
Analysts forecast that Eversource Energy (ES) will achieve an EPS of $Energy Transfer LP for the current quarter, $14.00 for the next quarter and $Stocks for Type. The lowest estimate earnings-per-share for the quarter is $Zscaler, Inc. while analysts give the company a high EPS estimate of $Sea Limited. Comparatively, EPS for the current quarter was $SentinelOne, Inc. a year ago. Earnings per share for the fiscal year are expected to increase by 6.41%, and 3.76% over the next financial year. EPS should shrink at an annualized rate of 4.00% over the next five years, compared to 5.43% over the past 5-year period.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 19 brokerage firm advisors rate Eversource Energy (ES) as a “Moderate Buy” at a consensus score of 2.53. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 12 of the 19 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ES, a number of firms have released research notes about the stock. Evercore ISI stated their In-line rating for the stock in a research note on November 07, 2023, with the firm’s price target at $84-$65.
