Eversource Energy (NYSE:ES) Issues Earnings Results, Beats Estimates By $0.05 EPS

Eversource Energy (NYSE:ES) announced its earnings results on Monday. The utilities provider reported $1.13 earnings per share for the quarter, topping analysts’ consensus estimates of $1.08 by $0.05, Briefing.com reports. The firm had revenue of $3.06 billion during the quarter, compared to analyst estimates of $3.06 billion. Eversource Energy had a negative net margin of 0.81% and a positive return on equity of 10.34%. The company’s revenue for the quarter was up 9.7% compared to the same quarter last year. During the same period in the prior year, the business earned $0.97 EPS. Eversource Energy updated its FY24 guidance to $4.52-$4.60 EPS and its FY 2024 guidance to 4.520-4.600 EPS.

Eversource Energy Stock Performance

ES traded down $1.86 on Tuesday, reaching $61.54. The company had a trading volume of 1,841,640 shares, compared to its average volume of 2,389,182. Eversource Energy has a fifty-two week low of $52.09 and a fifty-two week high of $69.01. The stock has a market cap of $21.99 billion, a P/E ratio of -234.81, a P/E/G ratio of 2.48 and a beta of 0.61. The company’s fifty day moving average is $66.35 and its 200 day moving average is $62.82. The company has a debt-to-equity ratio of 1.74, a quick ratio of 0.66 and a current ratio of 0.75.

Eversource Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Monday, September 23rd were issued a $0.715 dividend. The ex-dividend date was Monday, September 23rd. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.65%. Eversource Energy’s payout ratio is -1,059.26%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ES shares. StockNews.com raised shares of Eversource Energy from a “sell” rating to a “hold” rating in a research note on Wednesday, October 30th. Wells Fargo & Company boosted their price target on shares of Eversource Energy from $72.00 to $79.00 and gave the stock an “overweight” rating in a research report on Friday, August 2nd. Bank of America boosted their price target on shares of Eversource Energy from $67.00 to $68.00 and gave the stock a “neutral” rating in a research report on Thursday, August 29th. Morgan Stanley boosted their price target on shares of Eversource Energy from $69.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. Finally, Barclays boosted their price target on shares of Eversource Energy from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Nine research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $70.07.

Insider Activity at Eversource Energy

In related news, EVP Penelope M. Conner sold 500 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $64.94, for a total value of $32,470.00. Following the transaction, the executive vice president now owns 9,847 shares in the company, valued at approximately $639,464.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Penelope M. Conner sold 500 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $64.94, for a total value of $32,470.00. Following the transaction, the executive vice president now owns 9,847 shares in the company, valued at approximately $639,464.18. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Penelope M. Conner sold 815 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $65.50, for a total transaction of $53,382.50. Following the completion of the transaction, the executive vice president now owns 9,032 shares in the company, valued at approximately $591,596. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by company insiders.

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.