Eversource Energy (NYSE:ES) Shares Purchased by DnB Asset Management AS

DnB Asset Management AS raised its stake in Eversource Energy (NYSE:ES) by 76.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 285,605 shares of the utilities provider’s stock after acquiring an additional 124,104 shares during the quarter. DnB Asset Management AS owned approximately 0.08% of Eversource Energy worth $16,402,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Kestra Investment Management LLC purchased a new position in shares of Eversource Energy during the fourth quarter valued at approximately $29,000. Assetmark Inc. grew its stake in shares of Eversource Energy by 99.2% in the fourth quarter. Assetmark Inc. now owns 510 shares of the utilities provider’s stock valued at $29,000 after buying an additional 254 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Eversource Energy during the third quarter valued at approximately $31,000. Venturi Wealth Management LLC lifted its holdings in Eversource Energy by 104.5% in the 4th quarter. Venturi Wealth Management LLC now owns 589 shares of the utilities provider’s stock worth $34,000 after buying an additional 301 shares in the last quarter. Finally, OFI Invest Asset Management acquired a new stake in Eversource Energy during the 4th quarter valued at approximately $35,000. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, VP Jay S. Buth sold 980 shares of Eversource Energy stock in a transaction on Friday, February 21st. The shares were sold at an average price of $62.99, for a total transaction of $61,730.20. Following the transaction, the vice president now owns 24,374 shares in the company, valued at approximately $1,535,318.26. The trade was a 3.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Frederica M. Williams sold 3,092 shares of the stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $62.26, for a total value of $192,507.92. Following the completion of the sale, the insider now owns 22,671 shares of the company’s stock, valued at $1,411,496.46. The trade was a 12.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.41% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on ES. Wells Fargo & Company reduced their price target on shares of Eversource Energy from $79.00 to $75.00 and set an “overweight” rating on the stock in a research report on Thursday, February 13th. Guggenheim restated a “buy” rating on shares of Eversource Energy in a report on Monday, February 10th. Barclays decreased their price target on shares of Eversource Energy from $72.00 to $69.00 and set an “equal weight” rating for the company in a report on Wednesday, January 22nd. Jefferies Financial Group reduced their price target on Eversource Energy from $52.00 to $47.00 and set an “underperform” rating for the company in a research report on Tuesday, January 28th. Finally, Scotiabank cut their target price on shares of Eversource Energy from $56.00 to $55.00 and set a “sector underperform” rating for the company in a research report on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $67.40.

Eversource Energy Price Performance

Eversource Energy stock opened at $61.13 on Friday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.71. The company has a market capitalization of $22.44 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.35 and a beta of 0.60. The stock’s 50 day moving average is $60.28 and its 200-day moving average is $61.62. Eversource Energy has a 12 month low of $54.75 and a 12 month high of $69.01.

Eversource Energy (NYSE:ES) last released its earnings results on Tuesday, February 11th. The utilities provider reported $1.01 EPS for the quarter, beating the consensus estimate of $1.00 by $0.01. Eversource Energy had a net margin of 6.82% and a return on equity of 10.99%. Equities research analysts expect that Eversource Energy will post 4.75 EPS for the current year.

Eversource Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 4th will be given a $0.7525 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $3.01 dividend on an annualized basis and a yield of 4.92%. This is a positive change from Eversource Energy’s previous quarterly dividend of $0.72. Eversource Energy’s dividend payout ratio (DPR) is currently 130.30%.

Eversource Energy Profile

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.