Spirit of America Management Corp NY Buys 3,900 Shares of Eversource Energy (NYSE:ES)

Spirit of America Management Corp NY boosted its position in shares of Eversource Energy (NYSE:ES) by 32.6% in the fourth quarter, Holdings Channel reports. The firm owned 15,850 shares of the utilities provider’s stock after purchasing an additional 3,900 shares during the period. Spirit of America Management Corp NY’s holdings in Eversource Energy were worth $910,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ES. Verity & Verity LLC bought a new position in shares of Eversource Energy during the 4th quarter worth approximately $744,000. Nordea Investment Management AB boosted its holdings in Eversource Energy by 41.7% during the fourth quarter. Nordea Investment Management AB now owns 1,735,901 shares of the utilities provider’s stock worth $99,554,000 after purchasing an additional 510,582 shares during the last quarter. Landscape Capital Management L.L.C. grew its position in Eversource Energy by 46.9% in the third quarter. Landscape Capital Management L.L.C. now owns 31,605 shares of the utilities provider’s stock valued at $2,151,000 after purchasing an additional 10,093 shares in the last quarter. Soltis Investment Advisors LLC acquired a new stake in Eversource Energy in the 3rd quarter valued at $3,616,000. Finally, Nisa Investment Advisors LLC lifted its position in Eversource Energy by 12.2% during the 4th quarter. Nisa Investment Advisors LLC now owns 73,096 shares of the utilities provider’s stock worth $4,198,000 after buying an additional 7,967 shares in the last quarter. 79.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ES. StockNews.com upgraded Eversource Energy from a “sell” rating to a “hold” rating in a report on Saturday, December 21st. Scotiabank downgraded Eversource Energy from a “sector perform” rating to a “sector underperform” rating and cut their price objective for the company from $66.00 to $56.00 in a report on Thursday, December 12th. Jefferies Financial Group dropped 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 report on Tuesday, January 28th. BMO Capital Markets decreased their price objective on shares of Eversource Energy from $74.00 to $72.00 and set a “market perform” rating for the company in a research report on Tuesday, October 15th. Finally, Barclays dropped their target price on shares of Eversource Energy from $72.00 to $69.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 22nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $67.42.

Eversource Energy Stock Performance

ES opened at $58.08 on Wednesday. Eversource Energy has a fifty-two week low of $52.71 and a fifty-two week high of $69.01. The stock has a fifty day moving average of $58.44 and a 200-day moving average of $62.83. The company has a debt-to-equity ratio of 1.73, a current ratio of 0.86 and a quick ratio of 0.76.

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

Eversource Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Tuesday, March 4th will be given a $0.7525 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $3.01 dividend on an annualized basis and a dividend yield of 5.18%. This is a boost from Eversource Energy’s previous quarterly dividend of $0.72. Eversource Energy’s dividend payout ratio (DPR) is presently -182.17%.

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.