Morgan Stanley Lowers Eversource Energy (NYSE:ES) Price Target to $77.00

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Eversource Energy (NYSE:ES) had its price objective dropped by equities researchers at Morgan Stanley from $78.00 to $77.00 in a note issued to investors on Friday, BenzingaRatingsTable reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Morgan Stanley’s price objective suggests a potential downside of 2.16% from the company’s previous close.

ES has been the topic of several other reports. Barclays increased their price objective on shares of Eversource Energy from $71.00 to $79.00 and gave the company an “equal weight” rating in a report on Tuesday, June 18th. Bank of America set a $78.00 price objective on shares of Eversource Energy and gave the company a “sell” rating in a report on Monday, July 15th. Wells Fargo & Co increased their price objective on shares of Eversource Energy from $86.00 to $88.00 and gave the company an “outperform” rating in a report on Tuesday, July 30th. KeyCorp assumed coverage on shares of Eversource Energy in a report on Tuesday, June 4th. They issued an “overweight” rating and a $80.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Eversource Energy from a “sell” rating to a “hold” rating and set a $82.00 price objective on the stock in a report on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have assigned a buy rating to the stock. Eversource Energy has an average rating of “Hold” and a consensus target price of $76.33.

NYSE ES traded down $0.11 during trading hours on Friday, hitting $78.70. The company’s stock had a trading volume of 19,165 shares, compared to its average volume of 1,645,724. The stock has a fifty day moving average of $77.01 and a 200 day moving average of $73.24. Eversource Energy has a twelve month low of $60.15 and a twelve month high of $79.11. The firm has a market capitalization of $25.21 billion, a P/E ratio of 23.98, a PEG ratio of 4.03 and a beta of 0.23. The company has a quick ratio of 0.56, a current ratio of 0.61 and a debt-to-equity ratio of 1.09.

Eversource Energy (NYSE:ES) last announced its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.73 by $0.01. Eversource Energy had a net margin of 10.00% and a return on equity of 9.24%. The business had revenue of $1.88 billion for the quarter, compared to analyst estimates of $1.95 billion. During the same period in the prior year, the business posted $0.76 earnings per share. Eversource Energy’s revenue was up 1.7% compared to the same quarter last year. On average, analysts predict that Eversource Energy will post 3.43 earnings per share for the current year.

In other Eversource Energy news, VP Gregory B. Butler sold 8,298 shares of the company’s stock in a transaction that occurred on Friday, August 2nd. The shares were sold at an average price of $77.30, for a total value of $641,435.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.37% of the stock is currently owned by corporate insiders.

Large investors have recently modified their holdings of the business. MUFG Americas Holdings Corp increased its position in shares of Eversource Energy by 21.5% during the second quarter. MUFG Americas Holdings Corp now owns 735 shares of the utilities provider’s stock worth $56,000 after acquiring an additional 130 shares in the last quarter. Next Capital Management LLC increased its position in shares of Eversource Energy by 24.7% during the second quarter. Next Capital Management LLC now owns 696 shares of the utilities provider’s stock worth $53,000 after acquiring an additional 138 shares in the last quarter. 6 Meridian increased its position in shares of Eversource Energy by 2.0% during the second quarter. 6 Meridian now owns 7,233 shares of the utilities provider’s stock worth $548,000 after acquiring an additional 140 shares in the last quarter. First Personal Financial Services increased its position in shares of Eversource Energy by 25.8% during the second quarter. First Personal Financial Services now owns 692 shares of the utilities provider’s stock worth $52,000 after acquiring an additional 142 shares in the last quarter. Finally, BB&T Corp increased its position in shares of Eversource Energy by 0.7% during the first quarter. BB&T Corp now owns 21,097 shares of the utilities provider’s stock worth $1,497,000 after acquiring an additional 149 shares in the last quarter. 74.17% of the stock is owned by hedge funds and other institutional investors.

About Eversource Energy

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates in four segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution. It is involved in the transmission and distribution of electricity; and distribution of natural gas.

Further Reading: Price to Earnings Ratio (PE) Basics

Analyst Recommendations for Eversource Energy (NYSE:ES)

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