Grimes & Company Inc. Sells 365 Shares of Eversource Energy (NYSE:ES)

Grimes & Company Inc. lowered its position in shares of Eversource Energy (NYSE:ES) by 4.4% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,990 shares of the utilities provider’s stock after selling 365 shares during the quarter. Grimes & Company Inc.’s holdings in Eversource Energy were worth $478,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Norges Bank acquired a new position in shares of Eversource Energy during the 4th quarter worth approximately $149,906,000. Morgan Stanley raised its position in Eversource Energy by 19.3% during the third quarter. Morgan Stanley now owns 4,464,230 shares of the utilities provider’s stock worth $259,595,000 after acquiring an additional 723,318 shares in the last quarter. American Century Companies Inc. lifted its stake in Eversource Energy by 23.7% in the third quarter. American Century Companies Inc. now owns 3,663,024 shares of the utilities provider’s stock valued at $213,005,000 after acquiring an additional 702,360 shares during the last quarter. Qube Research & Technologies Ltd grew its position in shares of Eversource Energy by 1,551.5% in the 3rd quarter. Qube Research & Technologies Ltd now owns 708,437 shares of the utilities provider’s stock valued at $41,196,000 after acquiring an additional 665,540 shares during the period. Finally, Clean Energy Transition LLP bought a new position in shares of Eversource Energy in the 4th quarter valued at about $40,181,000. 79.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ES has been the subject of several recent analyst reports. Argus cut their target price on shares of Eversource Energy from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, March 25th. Bank of America raised Eversource Energy from an “underperform” rating to a “neutral” rating and set a $61.00 price objective for the company in a research report on Tuesday, June 25th. StockNews.com raised Eversource Energy to a “sell” rating in a report on Thursday, March 28th. UBS Group raised Eversource Energy from a “neutral” rating to a “buy” rating and raised their price target for the company from $62.00 to $67.00 in a report on Thursday, April 4th. Finally, Scotiabank decreased their price objective on shares of Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eversource Energy currently has an average rating of “Hold” and an average target price of $65.86.

Insiders Place Their Bets

In other news, EVP Penelope M. Conner sold 2,700 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $58.75, for a total value of $158,625.00. Following the completion of the transaction, the executive vice president now directly owns 10,272 shares in the company, valued at approximately $603,480. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Penelope M. Conner sold 2,700 shares of Eversource Energy stock in a transaction 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 transaction, the executive vice president now owns 10,272 shares in the company, valued at approximately $603,480. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Gregory B. Butler sold 10,000 shares of the company’s stock in a transaction 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 sale, the vice president now owns 63,808 shares of the company’s stock, valued at $3,586,009.60. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Eversource Energy Stock Performance

NYSE ES opened at $56.71 on Friday. The firm has a 50-day moving average price of $59.35 and a two-hundred day moving average price of $58.72. Eversource Energy has a 12-month low of $52.03 and a 12-month high of $74.81. The company has a market capitalization of $19.98 billion, a P/E ratio of -48.06, a P/E/G ratio of 2.19 and a beta of 0.60. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES) last issued its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04. The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Eversource Energy had a positive return on equity of 10.32% and a negative net margin of 3.60%. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.41 earnings per share. Analysts anticipate that Eversource Energy will post 4.53 earnings per share for the current year.

Eversource Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Thursday, May 16th were given a dividend of $0.715 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $2.86 annualized dividend and a yield of 5.04%. Eversource Energy’s dividend payout ratio is -242.37%.

About Eversource Energy

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.