DnB Asset Management AS Has $16.40 Million Stake in Eversource Energy (NYSE:ES)

DnB Asset Management AS lifted its position in shares of Eversource Energy (NYSE:ES) by 76.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 285,605 shares of the utilities provider’s stock after buying an additional 124,104 shares during the quarter. DnB Asset Management AS’s holdings in Eversource Energy were worth $16,402,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ES. Kestra Investment Management LLC bought a new stake in Eversource Energy in the fourth quarter worth approximately $29,000. Assetmark Inc. grew its position in shares of Eversource Energy by 99.2% during the 4th quarter. Assetmark Inc. now owns 510 shares of the utilities provider’s stock worth $29,000 after buying an additional 254 shares during the period. Brooklyn Investment Group bought a new stake in shares of Eversource Energy in the 3rd quarter valued at $31,000. Venturi Wealth Management LLC lifted its position in shares of Eversource Energy by 104.5% during the 4th quarter. Venturi Wealth Management LLC now owns 589 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 301 shares during the period. Finally, OFI Invest Asset Management bought a new position in Eversource Energy during the fourth quarter worth $35,000. Institutional investors own 79.99% of the company’s stock.

Insider Activity at Eversource Energy

In other Eversource Energy news, insider Frederica M. Williams sold 3,092 shares of the firm’s stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $62.26, for a total value of $192,507.92. Following the completion of the sale, the insider now directly owns 22,671 shares in the company, valued at $1,411,496.46. This trade represents a 12.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Jay S. Buth sold 980 shares of the company’s stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $62.99, for a total value of $61,730.20. Following the transaction, the vice president now owns 24,374 shares in the company, valued at $1,535,318.26. This trade represents a 3.87 % decrease in their position. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on ES. Jefferies Financial Group dropped their price objective on shares of Eversource Energy from $52.00 to $47.00 and set an “underperform” rating on the stock in a report on Tuesday, January 28th. Barclays cut their price target on Eversource Energy from $72.00 to $69.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 22nd. StockNews.com upgraded Eversource Energy from a “sell” rating to a “hold” rating in a report on Saturday. Guggenheim reiterated a “buy” rating on shares of Eversource Energy in a report on Monday, February 10th. Finally, Wells Fargo & Company decreased their price target on shares of Eversource Energy from $79.00 to $75.00 and set an “overweight” rating for the company in a research note on Thursday, February 13th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $67.40.

Eversource Energy Stock Performance

NYSE:ES opened at $61.13 on Friday. The company has a market capitalization of $22.44 billion, a price-to-earnings ratio of 26.46, a PEG ratio of 2.35 and a beta of 0.60. Eversource Energy has a 1-year low of $54.75 and a 1-year high of $69.01. The business has a 50 day moving average of $60.28 and a 200 day moving average of $61.62. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.76 and a quick ratio of 0.76.

Eversource Energy (NYSE:ES) last announced its quarterly earnings results on Tuesday, February 11th. The utilities provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.01. Eversource Energy had a return on equity of 10.99% and a net margin of 6.82%. On average, sell-side analysts predict that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.7525 per share. This is a positive change from Eversource Energy’s previous quarterly dividend of $0.72. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.92%. The ex-dividend date of this dividend is Tuesday, March 4th. Eversource Energy’s dividend payout ratio is currently 130.30%.

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.