Eversource Energy (ES) Stake Lowered by Eaton Vance Management
Eaton Vance Management reduced its stake in Eversource Energy (NYSE:ES) by 1.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 103,759 shares of the utilities provider’s stock after selling 1,299 shares during the period. Eaton Vance Management’s holdings in Eversource Energy were worth $6,375,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Piedmont Investment Advisors LLC acquired a new stake in Eversource Energy during the 2nd quarter worth about $218,000. Comerica Bank boosted its position in Eversource Energy by 2.1% during the 2nd quarter. Comerica Bank now owns 105,442 shares of the utilities provider’s stock worth $6,207,000 after acquiring an additional 2,175 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Eversource Energy during the 2nd quarter worth about $2,554,000. Victory Capital Management Inc. boosted its position in Eversource Energy by 0.3% during the 2nd quarter. Victory Capital Management Inc. now owns 276,170 shares of the utilities provider’s stock worth $16,186,000 after acquiring an additional 912 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its position in Eversource Energy by 3.8% during the 2nd quarter. CIBC Private Wealth Group LLC now owns 24,914 shares of the utilities provider’s stock worth $1,460,000 after acquiring an additional 901 shares during the period. 73.59% of the stock is owned by institutional investors.
ES opened at $69.14 on Friday. The company has a debt-to-equity ratio of 1.07, a current ratio of 0.59 and a quick ratio of 0.54. Eversource Energy has a fifty-two week low of $52.76 and a fifty-two week high of $69.82. The stock has a market cap of $21.85 billion, a PE ratio of 22.23, a PEG ratio of 3.57 and a beta of 0.20.
A number of brokerages have commented on ES. ValuEngine upgraded Eversource Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, October 24th. Morgan Stanley set a $66.00 price target on Eversource Energy and gave the stock a “hold” rating in a research note on Thursday, October 11th. Citigroup raised their price target on Eversource Energy from $59.00 to $63.00 and gave the stock a “hold” rating in a research note on Tuesday, September 25th. Credit Suisse Group raised Eversource Energy from a “neutral” rating to an “outperform” rating and raised their price target for the stock from $62.00 to $73.00 in a research note on Tuesday. Finally, Zacks Investment Research raised Eversource Energy from a “hold” rating to a “buy” rating and set a $76.00 price target for the company in a research note on Wednesday, November 28th. Six investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $65.73.
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Eversource Energy Profile
Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates in three segments: Electric Distribution, Electric Transmission, and Natural Gas Distribution. It is involved in the transmission and distribution of electricity; and distribution of natural gas.
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