Private Capital Management Inc. Cuts Stake in Eversource Energy (NYSE:ES)

Private Capital Management Inc. decreased its stake in Eversource Energy (NYSE:ES) by 16.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,500 shares of the utilities provider’s stock after selling 500 shares during the period. Private Capital Management Inc.’s holdings in Eversource Energy were worth $152,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Eversource Energy by 2,396.3% in the first quarter. BlackRock Inc. now owns 23,980,820 shares of the utilities provider’s stock valued at $1,409,592,000 after buying an additional 23,020,171 shares during the period. Magellan Asset Management Ltd acquired a new stake in Eversource Energy during the first quarter valued at approximately $82,000,000. Vanguard Group Inc. increased its stake in Eversource Energy by 3.5% in the first quarter. Vanguard Group Inc. now owns 32,273,965 shares of the utilities provider’s stock valued at $1,897,064,000 after buying an additional 1,078,978 shares during the period. Canada Pension Plan Investment Board increased its stake in Eversource Energy by 1,365.5% in the first quarter. Canada Pension Plan Investment Board now owns 742,247 shares of the utilities provider’s stock valued at $43,629,000 after buying an additional 691,600 shares during the period. Finally, British Airways Pensions Investment Management Ltd acquired a new stake in Eversource Energy during the first quarter valued at approximately $35,119,000. 71.31% of the stock is currently owned by institutional investors.

Eversource Energy (ES) traded up 0.96% during midday trading on Friday, hitting $63.06. 1,481,023 shares of the stock were exchanged. The firm has a 50-day moving average price of $61.09 and a 200-day moving average price of $59.89. Eversource Energy has a one year low of $50.56 and a one year high of $63.34. The stock has a market cap of $19.98 billion, a P/E ratio of 20.41 and a beta of 0.28.

Eversource Energy (NYSE:ES) last announced its earnings results on Thursday, July 27th. The utilities provider reported $0.72 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.04. Eversource Energy had a net margin of 12.81% and a return on equity of 9.15%. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.91 billion. During the same quarter in the previous year, the company posted $0.64 EPS. The firm’s revenue for the quarter was down .2% on a year-over-year basis. On average, equities research analysts anticipate that Eversource Energy will post $3.15 EPS for the current fiscal year.

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Several research firms have recently commented on ES. Zacks Investment Research raised shares of Eversource Energy from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Wednesday, June 21st. BidaskClub raised shares of Eversource Energy from a “sell” rating to a “hold” rating in a report on Friday. Barclays PLC reiterated an “equal weight” rating and issued a $66.00 target price (up from $62.00) on shares of Eversource Energy in a research note on Thursday, June 1st. Credit Suisse Group reiterated a “hold” rating and issued a $59.00 target price on shares of Eversource Energy in a research note on Tuesday, June 6th. Finally, Morgan Stanley boosted their target price on shares of Eversource Energy from $63.00 to $64.00 and gave the company an “equal weight” rating in a research note on Tuesday, June 6th. Eight equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Eversource Energy currently has an average rating of “Hold” and an average target price of $62.95.

In related news, VP Werner J. Schweiger sold 48,544 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $61.01, for a total value of $2,961,669.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.53% of the company’s stock.

About Eversource Energy

Eversource Energy is a utility holding company engaged in the energy delivery business. The Company operates through three segments: electric distribution, electric transmission and natural gas distribution. The Company’s electric distribution segment consists of the distribution businesses, which are engaged in the distribution of electricity to retail customers in Connecticut, eastern Massachusetts, New Hampshire and western Massachusetts, and the regulated electric generation businesses.

Institutional Ownership by Quarter for Eversource Energy (NYSE:ES)

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