Frank Rimerman Advisors LLC Makes New Investment in Eversource Energy (NYSE:ES)

Frank Rimerman Advisors LLC purchased a new stake in Eversource Energy (NYSE:ES) in the 2nd quarter, according to its most recent filing with the SEC. The fund purchased 43,267 shares of the utilities provider’s stock, valued at approximately $2,454,000.

Other large investors also recently made changes to their positions in the company. Mirae Asset Global Investments Co. Ltd. lifted its position 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 during the period. Banque Cantonale Vaudoise lifted its holdings in shares of Eversource Energy by 38.3% during the 1st quarter. Banque Cantonale Vaudoise now owns 56,781 shares of the utilities provider’s stock worth $3,394,000 after acquiring an additional 15,714 shares during the period. Great Oak Capital Partners LLC acquired a new stake in shares of Eversource Energy in the fourth quarter worth approximately $1,047,000. Cibc World Markets Corp grew its holdings in Eversource Energy by 133.3% in the fourth 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. increased its position in Eversource Energy by 23.1% during the fourth quarter. Ethic Inc. now owns 164,721 shares of the utilities provider’s stock worth $10,167,000 after purchasing an additional 30,890 shares during the last quarter. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Insider Activity

In related news, EVP Penelope M. Conner sold 815 shares of Eversource Energy stock in a transaction on Tuesday, August 13th. The shares were sold at an average price of $65.50, for a total value of $53,382.50. Following the completion of the sale, the executive vice president now owns 9,032 shares in the company, valued at $591,596. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Eversource Energy news, EVP Penelope M. Conner sold 500 shares of the company’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $64.94, for a total transaction of $32,470.00. Following the sale, the executive vice president now owns 9,847 shares in the company, valued at $639,464.18. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Penelope M. Conner sold 815 shares of Eversource Energy stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $65.50, for a total value of $53,382.50. Following the completion of the transaction, the executive vice president now owns 9,032 shares of the company’s stock, valued at approximately $591,596. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on ES shares. Wells Fargo & Company lifted their price target on shares of Eversource Energy from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. StockNews.com lowered Eversource Energy from a “hold” rating to a “sell” rating in a research note on Saturday, July 27th. Barclays lifted their price objective on Eversource Energy from $65.00 to $69.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. BMO Capital Markets dropped their target price on shares of Eversource Energy from $73.00 to $70.00 and set a “market perform” rating for the company in a research report on Monday, August 19th. Finally, Morgan Stanley lifted their price target on shares of Eversource Energy from $69.00 to $75.00 and gave the company an “equal weight” rating in a research report on Friday, August 23rd. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, Eversource Energy presently has a consensus rating of “Hold” and an average price target of $68.93.

Eversource Energy Stock Performance

Eversource Energy stock opened at $67.14 on Friday. Eversource Energy has a 12-month low of $52.03 and a 12-month high of $69.01. The company has a debt-to-equity ratio of 1.74, a current ratio of 0.75 and a quick ratio of 0.66. The company has a market capitalization of $23.65 billion, a price-to-earnings ratio of -56.90, a price-to-earnings-growth ratio of 2.59 and a beta of 0.61. The firm’s fifty day moving average price is $65.64 and its 200 day moving average price is $61.34.

Eversource Energy (NYSE:ES) last announced its earnings results on Wednesday, July 31st. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.95. The business had revenue of $2.53 billion for the quarter, compared to analyst estimates of $2.90 billion. Eversource Energy had a positive return on equity of 10.34% and a negative net margin of 0.81%. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.00 earnings per share. On average, research analysts forecast that Eversource Energy will post 4.56 EPS for the current fiscal year.

Eversource Energy Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Monday, September 23rd will be given a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.26%. The ex-dividend date is Monday, September 23rd. Eversource Energy’s 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.