Eversource Energy (NYSE:ES) Downgraded by Scotiabank to Sector Underperform

Scotiabank downgraded shares of Eversource Energy (NYSE:ES - Free Report) from a sector perform rating to a sector underperform rating in a report released on Thursday, Marketbeat.com reports. The brokerage currently has $56.00 price objective on the utilities provider's stock, down from their previous price objective of $66.00.

Several other brokerages also recently commented on ES. Morgan Stanley boosted their target price on Eversource Energy from $69.00 to $75.00 and gave the stock an "equal weight" rating in a research note on Friday, August 23rd. Barclays upped their price objective on Eversource Energy from $69.00 to $72.00 and gave the company an "equal weight" rating in a research note on Tuesday, October 15th. Mizuho upped their price objective on Eversource Energy from $62.00 to $73.00 and gave the company an "outperform" rating in a research note on Wednesday, October 2nd. Bank of America upped their price objective on Eversource Energy from $67.00 to $68.00 and gave the company a "neutral" rating in a research note on Thursday, August 29th. Finally, BMO Capital Markets lowered their price objective on Eversource Energy from $74.00 to $72.00 and set a "market perform" rating for the company in a research note on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Eversource Energy has an average rating of "Hold" and an average price target of $68.38.

Eversource Energy Price Performance

NYSE ES traded down $0.20 during trading on Thursday, hitting $59.79. 2,115,073 shares of the company's stock were exchanged, compared to its average volume of 2,369,788. The company has a current ratio of 0.86, a quick ratio of 0.76 and a debt-to-equity ratio of 1.73. The company has a market cap of $21.91 billion, a PE ratio of -38.22, a P/E/G ratio of 2.39 and a beta of 0.60. Eversource Energy has a fifty-two week low of $52.09 and a fifty-two week high of $69.01. The stock's 50 day moving average price is $63.41 and its two-hundred day moving average price is $63.08.

Eversource Energy (NYSE:ES - Get Free Report) last issued its earnings results on Monday, November 4th. The utilities provider reported $1.13 EPS for the quarter, topping the consensus estimate of $1.08 by $0.05. The firm had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.06 billion. Eversource Energy had a positive return on equity of 10.90% and a negative net margin of 4.73%. The business's quarterly revenue was up 9.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Research analysts expect that Eversource Energy will post 4.56 EPS for the current year.

Eversource Energy Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Wednesday, December 18th will be issued a $0.715 dividend. This represents a $2.86 annualized dividend and a yield of 4.78%. The ex-dividend date is Wednesday, December 18th. Eversource Energy's payout ratio is presently -182.17%.

Hedge Funds Weigh In On Eversource Energy

A number of institutional investors and hedge funds have recently modified their holdings of ES. Wellington Management Group LLP bought a new position in shares of Eversource Energy during the 3rd quarter worth approximately $808,783,000. Los Angeles Capital Management LLC boosted its holdings in shares of Eversource Energy by 201.4% during the 2nd quarter. Los Angeles Capital Management LLC now owns 974,665 shares of the utilities provider's stock worth $55,273,000 after buying an additional 651,263 shares in the last quarter. National Bank of Canada FI boosted its holdings in shares of Eversource Energy by 446.0% during the 3rd quarter. National Bank of Canada FI now owns 749,736 shares of the utilities provider's stock worth $51,019,000 after buying an additional 612,421 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Eversource Energy by 75.8% during the 2nd quarter. Millennium Management LLC now owns 1,307,397 shares of the utilities provider's stock worth $74,142,000 after buying an additional 563,756 shares in the last quarter. Finally, State Street Corp boosted its holdings in shares of Eversource Energy by 1.7% during the 3rd quarter. State Street Corp now owns 25,539,895 shares of the utilities provider's stock worth $1,737,990,000 after buying an additional 430,587 shares in the last quarter. 79.99% of the stock is currently owned by institutional investors.

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.