Retirement Systems of Alabama Trims Stock Holdings in Eversource Energy (NYSE:ES)

Posted by Defense World Staff on Jul 24th, 2023

Retirement Systems of Alabama lowered its holdings in Eversource Energy (NYSE:ES – Free Report) by 7.7% in the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 102,951 shares of the utilities provider’s stock after selling 8,633 shares during the period. Retirement Systems of Alabama’s holdings in Eversource Energy were worth $8,057,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Arete Wealth Advisors LLC purchased a new position in Eversource Energy in the first quarter valued at about $700,562,000,000. Desjardins Global Asset Management Inc. lifted its holdings in Eversource Energy by 59.8% during the 1st quarter. Desjardins Global Asset Management Inc. now owns 8,749 shares of the utilities provider’s stock worth $684,000 after buying an additional 3,273 shares during the last quarter. CWM LLC lifted its holdings in Eversource Energy by 20.7% during the 1st quarter. CWM LLC now owns 12,748 shares of the utilities provider’s stock worth $998,000 after buying an additional 2,190 shares during the last quarter. Avantax Advisory Services Inc. lifted its holdings in Eversource Energy by 69.0% during the 1st quarter. Avantax Advisory Services Inc. now owns 8,068 shares of the utilities provider’s stock worth $631,000 after buying an additional 3,294 shares during the last quarter. Finally, Ameritas Advisory Services LLC bought a new position in Eversource Energy during the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 83.25% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on ES shares. UBS Group reduced their target price on Eversource Energy from $81.00 to $75.00 in a report on Friday, May 26th. BMO Capital Markets reduced their target price on Eversource Energy from $87.00 to $74.00 in a report on Wednesday, June 28th. Argus reduced their target price on Eversource Energy from $95.00 to $85.00 in a report on Thursday, March 30th. StockNews.com downgraded Eversource Energy from a “hold” rating to a “sell” rating in a report on Tuesday, July 18th. Finally, Mizuho cut their price target on Eversource Energy from $87.00 to $79.00 and set a “neutral” rating on the stock in a report on Monday, April 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $84.69.

Eversource Energy Stock Up 1.0 %

ES opened at $74.31 on Monday. Eversource Energy has a 12 month low of $67.79 and a 12 month high of $94.41. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.65 and a quick ratio of 0.58. The stock has a market cap of $25.92 billion, a P/E ratio of 17.82, a P/E/G ratio of 2.69 and a beta of 0.47. The stock’s 50 day moving average price is $71.35 and its 200 day moving average price is $76.13.

Eversource Energy (NYSE:ES – Get Free Report) last posted its earnings results on Wednesday, May 3rd. The utilities provider reported $1.41 EPS for the quarter, beating the consensus estimate of $1.34 by $0.07. Eversource Energy had a return on equity of 9.51% and a net margin of 11.52%. The firm had revenue of $3.80 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same period last year, the firm earned $1.30 EPS. The firm’s revenue was up 9.3% compared to the same quarter last year. As a group, research analysts predict that Eversource Energy will post 4.36 earnings per share for the current year.

Eversource Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, June 30th. Stockholders of record on Thursday, May 18th were given a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a dividend yield of 3.63%. The ex-dividend date was Wednesday, May 17th. Eversource Energy’s dividend payout ratio (DPR) is presently 64.75%.

About Eversource Energy

(Free Report)

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.