Redwood Investment Management LLC Takes Position in Eversource Energy (NYSE:ES)

Redwood Investment Management LLC acquired a new stake in shares of Eversource Energy (NYSE:ES) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 35,508 shares of the utilities provider’s stock, valued at approximately $2,122,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. grew its holdings in Eversource Energy by 24.5% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,810 shares of the utilities provider’s stock worth $4,232,000 after buying an additional 13,950 shares in the last quarter. Banque Cantonale Vaudoise grew its holdings in Eversource Energy by 38.3% during the first quarter. Banque Cantonale Vaudoise now owns 56,781 shares of the utilities provider’s stock worth $3,394,000 after buying an additional 15,714 shares in the last quarter. Great Oak Capital Partners LLC bought a new stake in Eversource Energy during the fourth quarter worth $1,047,000. Cibc World Markets Corp grew its stake in Eversource Energy by 133.3% in the 4th quarter. Cibc World Markets Corp now owns 44,955 shares of the utilities provider’s stock valued at $2,775,000 after purchasing an additional 25,688 shares during the period. Finally, Ethic Inc. grew its stake in Eversource Energy by 23.1% in the 4th quarter. Ethic Inc. now owns 164,721 shares of the utilities provider’s stock valued at $10,167,000 after purchasing an additional 30,890 shares during the period. Institutional investors own 79.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. The Goldman Sachs Group assumed coverage on Eversource Energy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $73.00 price objective for the company. Bank of America upgraded Eversource Energy from an “underperform” rating to a “neutral” rating and set a $61.00 price objective for the company in a research note on Tuesday, June 25th. Scotiabank reduced their price objective on Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating for the company in a research note on Monday, April 22nd. BMO Capital Markets upped their price target on Eversource Energy from $65.00 to $66.00 and gave the company a “market perform” rating in a research report on Friday, May 3rd. Finally, Barclays upped their price target on Eversource Energy from $65.00 to $69.00 and gave the company an “equal weight” rating in a research report on Monday, July 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Eversource Energy currently has a consensus rating of “Hold” and an average price target of $66.43.

Eversource Energy Price Performance

NYSE ES traded down $1.07 during trading on Wednesday, reaching $64.89. The company’s stock had a trading volume of 4,958,481 shares, compared to its average volume of 2,539,871. The stock has a market capitalization of $22.86 billion, a PE ratio of -54.99, a P/E/G ratio of 2.48 and a beta of 0.59. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.77 and a quick ratio of 0.68. The firm has a fifty day moving average of $59.21 and a 200 day moving average of $58.58. Eversource Energy has a one year low of $52.03 and a one year high of $72.93.

Eversource Energy (NYSE:ES) last announced its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.45 by $0.04. The firm had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.69 billion. Eversource Energy had a positive return on equity of 10.32% and a negative net margin of 3.60%. The company’s revenue was down 12.2% on a year-over-year basis. During the same period in the prior year, the company earned $1.41 EPS. Analysts expect that Eversource Energy will post 4.57 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $58.75, for a total transaction of $158,625.00. Following the transaction, the executive vice president now directly owns 10,272 shares in the company, valued at approximately $603,480. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In other Eversource Energy news, VP Gregory B. Butler sold 10,000 shares of the stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $56.20, for a total value of $562,000.00. Following the completion of the sale, the vice president now owns 63,808 shares in the company, valued at approximately $3,586,009.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Penelope M. Conner sold 2,700 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $58.75, for a total value of $158,625.00. Following the completion of the sale, the executive vice president now owns 10,272 shares of the company’s stock, valued at approximately $603,480. The disclosure for this sale can be found here. 0.41% of the stock is owned by corporate insiders.

Eversource Energy Company 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.