Eversource Energy (NYSE:ES) Sees Large Drop in Short Interest

Eversource Energy (NYSE:ES - Get Free Report) was the recipient of a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 4,270,000 shares, a decrease of 6.2% from the July 15th total of 4,550,000 shares. Based on an average trading volume of 2,080,000 shares, the days-to-cover ratio is currently 2.1 days.

Eversource Energy Price Performance

NYSE:ES traded up $0.73 during trading hours on Monday, reaching $65.84. 2,722,188 shares of the company's stock were exchanged, compared to its average volume of 2,544,616. The company has a market capitalization of $23.19 billion, a P/E ratio of -55.80, a price-to-earnings-growth ratio of 2.53 and a beta of 0.59. Eversource Energy has a 12 month low of $52.03 and a 12 month high of $68.72. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.71. The business's 50-day simple moving average is $60.92 and its two-hundred day simple moving average is $59.54.

Eversource Energy (NYSE:ES - Get Free Report) last issued its earnings results on Wednesday, July 31st. The utilities provider reported $0.95 earnings per share for the quarter, hitting analysts' consensus estimates of $0.95. The firm had revenue of $2.53 billion during the quarter, compared to analysts' expectations of $2.90 billion. Eversource Energy had a negative net margin of 0.81% and a positive return on equity of 10.34%. The firm's revenue for the quarter was down 3.7% compared to the same quarter last year. During the same period last year, the firm posted $1.00 earnings per share. Sell-side analysts expect that Eversource Energy will post 4.56 EPS for the current fiscal year.

Insider Buying and Selling

In related news, VP Gregory B. Butler sold 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total transaction of $562,000.00. Following the sale, the vice president now owns 63,808 shares in the company, valued at $3,586,009.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, VP Gregory B. Butler sold 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total transaction of $562,000.00. Following the sale, the vice president now owns 63,808 shares in the company, valued at $3,586,009.60. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Penelope M. Conner sold 500 shares of the stock in a transaction dated Friday, August 9th. The stock was sold at an average price of $64.94, for a total transaction of $32,470.00. Following the sale, the executive vice president now owns 9,847 shares in the company, valued at approximately $639,464.18. The disclosure for this sale can be found here. Insiders have sold a total of 14,015 shares of company stock worth $806,478 over the last quarter. 0.41% of the stock is owned by company insiders.

Institutional Investors Weigh In On Eversource Energy

Several hedge funds have recently made changes to their positions in the company. EP Wealth Advisors LLC purchased a new stake in shares of Eversource Energy in the 2nd quarter valued at approximately $935,000. B. Riley Wealth Advisors Inc. lifted its position in shares of Eversource Energy by 45.2% in the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 5,496 shares of the utilities provider's stock valued at $312,000 after acquiring an additional 1,711 shares in the last quarter. Quarry LP lifted its position in shares of Eversource Energy by 203.7% in the 2nd quarter. Quarry LP now owns 3,204 shares of the utilities provider's stock valued at $182,000 after acquiring an additional 2,149 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in shares of Eversource Energy by 15.8% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 13,506 shares of the utilities provider's stock valued at $766,000 after acquiring an additional 1,846 shares in the last quarter. Finally, Duff & Phelps Investment Management Co. lifted its position in shares of Eversource Energy by 3.5% in the 2nd quarter. Duff & Phelps Investment Management Co. now owns 1,065,914 shares of the utilities provider's stock valued at $60,448,000 after acquiring an additional 36,112 shares in the last quarter. Hedge funds and other institutional investors own 79.99% of the company's stock.

Wall Street Analysts Forecast Growth

ES has been the subject of several recent analyst reports. BMO Capital Markets decreased their target price on shares of Eversource Energy from $73.00 to $70.00 and set a "market perform" rating for the company in a research report on Monday. Morgan Stanley decreased their target price on shares of Eversource Energy from $70.00 to $67.00 and set an "equal weight" rating for the company in a research report on Monday, June 24th. Scotiabank decreased their target price on shares of Eversource Energy from $61.00 to $57.00 and set a "sector perform" rating for the company in a research report on Monday, April 22nd. Wells Fargo & Company increased their price objective on shares of Eversource Energy from $72.00 to $79.00 and gave the company an "overweight" rating in a report on Friday, August 2nd. Finally, StockNews.com cut shares of Eversource Energy from a "hold" rating to a "sell" rating in a report on Saturday, July 27th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $67.21.

Eversource Energy Company Profile

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.