Magellan Asset Management Ltd Acquires 890,514 Shares of Eversource Energy (NYSE:ES)

Magellan Asset Management Ltd raised its stake in shares of Eversource Energy (NYSE:ES - Free Report) by 15.9% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,474,477 shares of the utilities provider's stock after buying an additional 890,514 shares during the quarter. Eversource Energy comprises about 4.1% of Magellan Asset Management Ltd's investment portfolio, making the stock its 4th biggest position. Magellan Asset Management Ltd owned about 1.77% of Eversource Energy worth $371,829,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently made changes to their positions in ES. Wellington Management Group LLP acquired a new stake in Eversource Energy during the third quarter worth approximately $808,783,000. Norges Bank purchased a new position in shares of Eversource Energy during the 4th quarter worth $188,838,000. Amundi boosted its holdings in shares of Eversource Energy by 32.2% during the fourth quarter. Amundi now owns 6,482,546 shares of the utilities provider's stock worth $367,691,000 after purchasing an additional 1,579,818 shares during the last quarter. Vanguard Group Inc. grew its position in shares of Eversource Energy by 3.2% in the fourth quarter. Vanguard Group Inc. now owns 44,609,716 shares of the utilities provider's stock valued at $2,561,936,000 after purchasing an additional 1,387,072 shares during the period. Finally, National Bank of Canada FI increased its stake in Eversource Energy by 446.0% in the third quarter. National Bank of Canada FI now owns 749,736 shares of the utilities provider's stock valued at $51,019,000 after purchasing an additional 612,421 shares during the last quarter. 79.99% of the stock is owned by institutional investors and hedge funds.

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Insider Transactions at Eversource Energy

In related news, insider Frederica M. Williams sold 3,092 shares of Eversource Energy stock in a transaction on 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 owns 22,671 shares in the company, valued at approximately $1,411,496.46. The trade was a 12.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Jay S. Buth sold 980 shares of the company's stock in a transaction on Friday, February 21st. The shares were sold at an average price of $62.99, for a total transaction of $61,730.20. Following the completion of the sale, the vice president now directly owns 24,374 shares in the company, valued at $1,535,318.26. This represents a 3.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company's stock.

Eversource Energy Stock Up 1.4 %

Eversource Energy stock traded up $0.76 during trading on Tuesday, reaching $56.32. 1,043,492 shares of the company's stock were exchanged, compared to its average volume of 2,288,874. Eversource Energy has a 52-week low of $54.75 and a 52-week high of $69.01. The firm has a market cap of $20.67 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 2.35 and a beta of 0.58. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.76 and a current ratio of 0.76. The company's 50-day moving average is $60.68 and its two-hundred day moving average is $61.22.

Eversource Energy (NYSE:ES - Get Free Report) last issued its quarterly earnings data 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, analysts predict that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.7525 per share. The ex-dividend date was Tuesday, March 4th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.34%. This is a positive change from Eversource Energy's previous quarterly dividend of $0.72. Eversource Energy's dividend payout ratio (DPR) is currently 130.30%.

Wall Street Analyst Weigh In

A number of analysts have issued reports on ES shares. Barclays decreased their price target on Eversource Energy from $72.00 to $69.00 and set an "equal weight" rating on the stock in a research note on Wednesday, January 22nd. Scotiabank dropped their price target on shares of Eversource Energy from $56.00 to $55.00 and set a "sector underperform" rating for the company in a research report on Thursday, February 13th. Jefferies Financial Group cut their price target on shares of Eversource Energy from $52.00 to $47.00 and set an "underperform" rating on the stock in a research note on Tuesday, January 28th. StockNews.com downgraded Eversource Energy from a "hold" rating to a "sell" rating in a report on Sunday. Finally, Wells Fargo & Company cut their target price on Eversource Energy from $79.00 to $75.00 and set an "overweight" rating on the stock in a research report on Thursday, February 13th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $67.44.

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.