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 $1.7 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.
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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Insiders at the company have transacted a total of 34 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 17 of these insider trades were purchases, accounting for 90,168 shares. Insider sales of the common stock occurred on 17 occasions, with total insider shares sold totaling 49,157 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 10.95 million shares of the company’s stock, all valued at over $675.81 million. The company bought an additional 9694.0 shares recently to bring their total holdings to about 3.13% of the shares outstanding. Vanguard 500 Index Fund bought 18591.0 shares to see its total holdings expand to 8.53 million shares valued at over $526.43 million and representing 2.44% of the shares outstanding. Vanguard Mid Cap Index Fund sold -0.11 million shares to bring its total holdings to over 7.82 million shares at a value of $482.82 million. Vanguard Mid Cap Index Fund now owns shares totaling to 2.24% of the shares outstanding.
The company’s stock has a 5-day price change of -5.97% and -1.16% over the past three months. ES shares are trading -14.32% year to date (YTD), with the 12-month market performance down to -33.68% lower. It has a 12-month low price of $52.03 and touched a high of $84.00 over the same period. ES has an average intraday trading volume of 2.86 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 -10.82%, -10.73%, and -19.34% respectively.
Institutional ownership of Eversource Energy (NYSE: ES) shares accounts for 82.63% of the company’s 348.44M shares outstanding. Mutual fund holders own 35.32%, while other institutional holders and individual stakeholders account for 47.73% and 0.86% respectively.
It has a market capitalization of $18.47B and a beta (3y monthly) value of 0.58. The stock’s trailing 12-month PE ratio is 15.85, while the earnings-per-share (ttm) stands at $3.34. The company has a PEG of 3.96 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 2.58% over the week and 2.26% over the month.
Analysts forecast that Eversource Energy (ES) will achieve an EPS of $0.98 for the current quarter, $1.47 for the next quarter and $4.52 for 2024. The lowest estimate earnings-per-share for the quarter is $0.94 while analysts give the company a high EPS estimate of $1.01. Comparatively, EPS for the current quarter was $0.92 a year ago. Earnings per share for the fiscal year are expected to increase by 6.43%, and 2.89% 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.
Looking at the support for the ES, a number of firms have released research notes about the stock. Guggenheim stated their Buy rating for the stock in a research note on January 22, 2024, with the firm’s price target at $72.
