In a recent disclosure to the Securities and Exchange Commission, the California State Teachers Retirement System (CalSTRS) revealed a reduction in its stake in Eversource Energy (NYSE:ES). The institutional investor reduced its position by 0.5% during the first quarter, selling off 3,133 shares of the utilities provider’s stock. As a result, CalSTRS now owns 652,770 shares of Eversource Energy, representing a stake worth $51,086,000.
Eversource Energy is a prominent public utility holding company engaged in the energy delivery business. With operations divided into four segments – Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution – the company plays a vital role in providing essential services to consumers across multiple sectors.
One of Eversource Energy’s primary functions is the transmission and distribution of electricity. By maintaining an extensive network of power lines and infrastructure, the company ensures that homes and businesses have access to reliable electricity supply. In an era where modern life relies heavily on technological advancements and constant connectivity, efficient energy delivery becomes indispensable.
Furthermore, Eversource Energy is involved in renewable energy initiatives through its solar power facilities. As society increasingly recognizes the importance of transitioning towards clean energy sources for environmental sustainability, companies like Eversource Energy play a crucial role in facilitating this shift. By harnessing solar power as an alternative source of electricity generation, the company contributes to reducing reliance on non-renewable resources while mitigating harmful effects on our planet.
In addition to electricity services, Eversource Energy also distributes natural gas to customers. Natural gas has long been recognized as a cleaner-burning fossil fuel compared to traditional coal or oil. Leveraging this advantage allows Eversource Energy to provide consumers with a more environmentally friendly option for heating and powering their homes and businesses. As concerns about greenhouse gas emissions intensify worldwide, natural gas distribution can contribute significantly to minimizing carbon footprints.
Lastly, Eversource Energy has a presence in the water distribution sector. Access to clean and safe water is a basic necessity for communities, and the company plays an integral role in delivering this vital resource efficiently. By managing water distribution systems, Eversource Energy ensures that residents have continuous access to water for drinking, sanitation, and other essential needs.
As of August 14, 2023, California State Teachers Retirement System remains a significant shareholder in Eversource Energy. While the institutional investor’s recent reduction in stake might raise questions, it is crucial to keep in mind that investment decisions are multifaceted and subject to various factors. CalSTRS continues to hold a noteworthy position in Eversource Energy, demonstrating confidence in the company’s performance and long-term prospects.
In conclusion, Eversource Energy’s engagement across multiple segments of the energy delivery industry positions it as an essential player in providing reliable services to consumers. The company’s commitment to renewable energy sources such as solar power showcases its dedication towards sustainable practices. Moreover, by distributing natural gas and ensuring efficient water distribution, Eversource Energy caters to crucial needs within communities. As investors navigate the ever-changing landscape of the stock market, monitoring companies like Eversource Energy affords valuable insights into key industries driving societal progress.
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Eversource Energy Sees Changes in Stock Holdings and Mixed Ratings from Analysts Following Strong Earnings Report
Eversource Energy, a leading utilities provider, has recently seen modifications in its stock holdings by several large investors. Banco Bilbao Vizcaya Argentaria S.A., for instance, boosted its holdings in Eversource Energy by 22.6% during the first quarter of this year. The bank now owns a total of 16,912 shares valued at $1,323,000 after purchasing an additional 3,121 shares in the last quarter. Brown Advisory Inc. also increased its holdings in Eversource Energy by 8.4% during the same period, owning a total of 9,184 shares valued at $719,000 after buying an additional 712 shares in the last quarter.
Additionally, FineMark National Bank & Trust expanded its holdings in Eversource Energy by 2.7% to own 6,854 shares valued at $536,000 after acquiring an additional 182 shares. WealthPlan Investment Management LLC also acquired a new position in Eversource Energy during the first quarter with a value of $39,000. Lastly, Zurcher Kantonalbank Zurich Cantonalbank increased their holdings in the company by 23%, now owning 265,125 shares valued at $20,749m after purchasing an additional 49,630 shares.
It is worth mentioning that institutional investors and hedge funds currently own approximately 83.25% of Eversource Energy’s stock.
A number of analysts have recently given their insights regarding Eversource Energy’s stock performance. BMO Capital Markets lowered its price target from $77 to $75 and rated the company as “market perform” based on their research note published on August 2nd. UBS Group also reduced its target price from $81 to $75 on May 26th.
On the other hand, Scotiabank upgraded their rating on Eversource Energy from “sector perform” to “sector outperform” and set a price target of $91. JPMorgan Chase & Co. dropped their target price from $87 to $78 on June 7th. Finally, StockNews.com downgraded Eversource Energy’s rating from “hold” to “sell” on August 3rd.
According to Bloomberg.com, one equities research analyst issued a sell rating, six assigned a hold rating, and four provided a buy rating for Eversource Energy. The stock currently has a consensus rating of “Hold” with an average price target of $82.73.
On Friday, the company opened at $67.04 per share. Eversource Energy’s 50-day simple moving average is recorded at $70.84, while its 200-day simple moving average stands at $74.82. The company has a debt-to-equity ratio of 1.40 and quick ratio and current ratio of 0.58 and 0.64 respectively.
Over the past year, Eversource Energy reached its highest point at $94.41 and lowest point at $66.14 per share, making its market capitalization amount to $23.40 billion with a PE ratio of 19.89.
In terms of earnings, Eversource Energy announced its quarterly results on July 31st, stating an earnings per share (EPS) of $1.00 for the quarter which exceeded analysts’ consensus estimates by $0.09.The company reported revenue of $2.63 billion compared to expectations of around $2.94 billion from analysts.
Eversource Energy has showcased a net margin of 9.28% and return on equity stands at 9.78%. In comparison to the same quarter last year, the company experienced a growth in revenue by 2/2%. During the same period in the previous year, Eversource Energy had posted an EPS of $0.86.
As per sell-side analysts, they anticipate that Eversource Energy will post an EPS of 4.36 for the current year.
In conclusion, Eversource Energy has witnessed changes in its stock holdings by various large investors while receiving mixed ratings from analysts. The company’s recent earnings report showcased positive results with higher revenue and exceeded EPS estimates. Nonetheless, future projections remain a point of speculation as the stock currently carries a consensus rating of “Hold”.
