Fintel reports that on July 21, 2023, Morgan Stanley reiterated coverage of Eversource Energy (NYSE:ES) with a Equal-Weight recommendation.
Analyst Price Forecast Suggests 19.28% Upside
As of July 6, 2023, the average one-year price target for Eversource Energy is 87.72. The forecasts range from a low of 71.71 to a high of $109.20. The average price target represents an increase of 19.28% from its latest reported closing price of 73.54.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Eversource Energy is 11,587MM, a decrease of 8.14%. The projected annual non-GAAP EPS is 4.50.
Eversource Energy Declares $0.68 Dividend
On May 3, 2023 the company declared a regular quarterly dividend of $0.68 per share ($2.70 annualized). Shareholders of record as of May 18, 2023 received the payment on June 30, 2023. Previously, the company paid $0.68 per share.
At the current share price of $73.54 / share, the stock's dividend yield is 3.67%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.91%, the lowest has been 2.32%, and the highest has been 3.84%. The standard deviation of yields is 0.32 (n=236).
The current dividend yield is 2.39 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.65. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.19%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1572 funds or institutions reporting positions in Eversource Energy. This is an increase of 5 owner(s) or 0.32% in the last quarter. Average portfolio weight of all funds dedicated to ES is 0.25%, a decrease of 15.46%. Total shares owned by institutions increased in the last three months by 5.01% to 316,551K shares. 
The put/call ratio of ES is 0.70, indicating a bullish outlook.
What are Other Shareholders Doing?
Ofi Invest Asset Management holds 18,434K shares representing 5.28% ownership of the company.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 10,786K shares representing 3.09% ownership of the company. In it's prior filing, the firm reported owning 10,584K shares, representing an increase of 1.88%. The firm decreased its portfolio allocation in ES by 12.16% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 8,139K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 8,108K shares, representing an increase of 0.39%. The firm decreased its portfolio allocation in ES by 9.29% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 8,127K shares representing 2.33% ownership of the company. In it's prior filing, the firm reported owning 8,052K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in ES by 12.62% over the last quarter.
Wells Fargo holds 7,736K shares representing 2.22% ownership of the company. In it's prior filing, the firm reported owning 7,543K shares, representing an increase of 2.49%. The firm decreased its portfolio allocation in ES by 8.14% over the last quarter.
Eversource Energy Background Information
(This description is provided by the company.)
Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.3 million customers in Connecticut, Massachusetts and New Hampshire. Recognized as the top U.S. utility for its energy efficiency programs by the sustainability advocacy organization Ceres, Eversource harnesses the commitment of about 9,000 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service.
Additional reading:
- Daniel Nova Named to Eversource Board of Trustees
- Eversource Energy Announces Agreement to Sell Interest in Uncommitted Offshore Lease Area
- Nineteenth Supplemental Indenture, dated as of May 1, 2023, between Eversource Energy and The Bank of New York Mellon Trust Company, N.A., as Trustee.
- Eversource Energy Reports First Quarter 2023 Results
- EVERSOURCE ENERGY AND SUBSIDIARIES
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
