Granite Bay Wealth Management LLC Acquires New Position in Eversource Energy (NYSE:ES)

Granite Bay Wealth Management LLC acquired a new stake in shares of Eversource Energy (NYSE:ES) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 31,500 shares of the utilities provider’s stock, valued at approximately $1,867,000.

A number of other hedge funds also recently made changes to their positions in ES. Lynx Investment Advisory purchased a new position in Eversource Energy in the 2nd quarter worth approximately $25,000. Rise Advisors LLC purchased a new position in Eversource Energy in the 1st quarter worth approximately $27,000. Versant Capital Management Inc lifted its holdings in Eversource Energy by 62.6% in the 1st quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 201 shares in the last quarter. Salem Investment Counselors Inc. lifted its holdings in Eversource Energy by 49.7% in the 1st quarter. Salem Investment Counselors Inc. now owns 545 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 181 shares in the last quarter. Finally, Manchester Capital Management LLC lifted its holdings in Eversource Energy by 83.6% in the 1st quarter. Manchester Capital Management LLC now owns 606 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 276 shares in the last quarter. 79.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Eversource Energy

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

Eversource Energy Stock Performance

NYSE ES opened at $68.05 on Tuesday. The company has a market cap of $23.97 billion, a P/E ratio of -57.67, a P/E/G ratio of 2.54 and a beta of 0.61. The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.66 and a current ratio of 0.75. The business’s 50 day moving average price is $66.36 and its 200-day moving average price is $61.66. Eversource Energy has a fifty-two week low of $52.03 and a fifty-two week high of $69.01.

Eversource Energy (NYSE:ES) last announced its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.95 EPS for the quarter, meeting the consensus estimate of $0.95. The company had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.90 billion. Eversource Energy had a positive return on equity of 10.34% and a negative net margin of 0.81%. Eversource Energy’s quarterly revenue was down 3.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.00 EPS. Sell-side analysts predict that Eversource Energy will post 4.57 earnings per share for the current year.

Eversource Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 23rd were given a $0.715 dividend. This represents a $2.86 annualized dividend and a yield of 4.20%. The ex-dividend date was Monday, September 23rd. Eversource Energy’s dividend payout ratio (DPR) is presently -242.37%.

Wall Street Analyst Weigh In

ES has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their price target on Eversource Energy from $72.00 to $79.00 and gave the stock an “overweight” rating in a report on Friday, August 2nd. BMO Capital Markets decreased their price objective on Eversource Energy from $73.00 to $70.00 and set a “market perform” rating on the stock in a report on Monday, August 19th. Bank of America upped their price objective on Eversource Energy from $67.00 to $68.00 and gave the stock a “neutral” rating in a report on Thursday, August 29th. Barclays upped their price objective on Eversource Energy from $65.00 to $69.00 and gave the stock an “equal weight” rating in a report on Monday, July 22nd. Finally, Morgan Stanley upped their price objective on Eversource Energy from $69.00 to $75.00 and gave the stock an “equal weight” rating in a 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 stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $68.93.

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.