Cadence Wealth Management LLC Cuts Stake in Eversource Energy (NYSE:ES)

Cadence Wealth Management LLC lowered its position in shares of Eversource Energy (NYSE:ES) by 12.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,521 shares of the utilities provider’s stock after selling 479 shares during the period. Cadence Wealth Management LLC’s holdings in Eversource Energy were worth $217,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ES. Exchange Traded Concepts LLC purchased a new position in Eversource Energy in the fourth quarter valued at about $26,000. Bfsg LLC purchased a new position in Eversource Energy in the fourth quarter valued at about $31,000. UMB Bank n.a. grew its stake in Eversource Energy by 130.9% in the third quarter. UMB Bank n.a. now owns 642 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 364 shares during the last quarter. MV Capital Management Inc. boosted its holdings in Eversource Energy by 40.4% in the third quarter. MV Capital Management Inc. now owns 716 shares of the utilities provider’s stock worth $42,000 after acquiring an additional 206 shares in the last quarter. Finally, CVA Family Office LLC acquired a new stake in Eversource Energy in the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Insiders Place Their Bets

In other Eversource Energy news, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $58.12, for a total transaction of $47,774.64. Following the transaction, the insider now owns 10,485 shares of the company’s stock, valued at $609,388.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Eversource Energy news, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $58.12, for a total transaction of $47,774.64. Following the transaction, the insider now owns 10,485 shares of the company’s stock, valued at $609,388.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Frederica M. Williams sold 2,714 shares of the business’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $57.60, for a total value of $156,326.40. Following the transaction, the insider now directly owns 21,621 shares in the company, valued at approximately $1,245,369.60. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have weighed in on ES. StockNews.com raised Eversource Energy to a “sell” rating in a report on Thursday, March 28th. Mizuho raised Eversource Energy from a “neutral” rating to a “buy” rating and raised their price target for the stock from $54.00 to $62.00 in a report on Thursday, February 15th. Citigroup raised their price target on Eversource Energy from $58.00 to $62.00 and gave the stock a “neutral” rating in a report on Thursday, February 15th. Barclays decreased their target price on Eversource Energy from $66.00 to $61.00 and set an “equal weight” rating for the company in a report on Monday, January 22nd. Finally, UBS Group raised Eversource Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $67.00 in a report on Thursday, April 4th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $65.85.

Eversource Energy Price Performance

Shares of Eversource Energy stock traded down $1.06 on Friday, reaching $59.46. The company’s stock had a trading volume of 1,590,695 shares, compared to its average volume of 1,747,319. The company has a market capitalization of $20.85 billion, a P/E ratio of -47.19, a PEG ratio of 3.16 and a beta of 0.58. Eversource Energy has a 52-week low of $52.03 and a 52-week high of $78.64. The stock has a 50-day moving average price of $58.94 and a 200-day moving average price of $57.94. The company has a quick ratio of 0.59, a current ratio of 0.67 and a debt-to-equity ratio of 1.66.

Eversource Energy (NYSE:ES) last issued its quarterly earnings results on Tuesday, February 13th. The utilities provider reported $0.95 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.02). Eversource Energy had a positive return on equity of 9.92% and a negative net margin of 3.71%. The firm had revenue of $2.69 billion for the quarter, compared to analysts’ expectations of $3 billion. During the same quarter in the previous year, the firm posted $0.92 earnings per share. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. Analysts expect that Eversource Energy will post 4.51 EPS for the current year.

Eversource Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Tuesday, March 5th were paid a dividend of $0.715 per share. The ex-dividend date was Monday, March 4th. This represents a $2.86 dividend on an annualized basis and a yield of 4.81%. This is a positive change from Eversource Energy’s previous quarterly dividend of $0.68. Eversource Energy’s payout ratio is -226.98%.

Eversource Energy 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.