Eversource Energy [ES] Stock trading around $52.88 per share: What’s Next?

Eversource Energy [NYSE: ES] price surged by 0.19 percent to reach at $0.1. The company report on January 8, 2024 at 4:15 PM that Eversource Energy Announces Fourth Quarter 2023 Impairment.

Eversource Energy (NYSE: ES) provided the following updates regarding its process to divest its 50 percent ownership interest in three offshore wind projects: South Fork Wind, Revolution Wind and Sunrise Wind. Eversource currently holds its share of these three projects in two separate joint venture partnerships with Ørsted (each, a “JV”), one that holds only South Fork Wind and another that holds both Revolution Wind and Sunrise Wind. Eversource also separately holds a tax equity investment in South Fork Wind.

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Eversource is in advanced, exclusive negotiations with the selected buyer (the “Buyer”), which is a leading global private infrastructure investor, to sell its ownership interest in these projects. Although Eversource cannot provide any assurance that the parties will reach final agreement on terms for this transaction, if successful in reaching an agreement, Eversource will announce the details of the transaction terms and conditions promptly upon execution of such definitive documentation.

The one-year ES stock forecast points to a potential upside of 18.28. The average equity rating for ES stock is currently 2.39, trading closer to a bullish pattern in the stock market.

Guru’s Opinion on Eversource Energy [ES]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ES shares is $64.71 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ES stock is a recommendation set at 2.39. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Guggenheim have made an estimate for Eversource Energy shares, keeping their opinion on the stock as Buy, with their previous recommendation back on January 22, 2024.

The Average True Range (ATR) for Eversource Energy is set at 1.50, with the Price to Sales ratio for ES stock in the period of the last 12 months amounting to 1.51. The Price to Book ratio for the last quarter was 1.18, with the Price to Cash per share for the same quarter was set at 0.23.

ES Stock Performance Analysis:

Eversource Energy [ES] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -5.97. With this latest performance, ES shares dropped by -12.64% in over the last four-week period, additionally sinking by -28.25% over the last 6 months – not to mention a drop of -33.68% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ES stock in for the last two-week period is set at 27.12, with the RSI for the last a single of trading hit 19.55, and the three-weeks RSI is set at 32.82 for Eversource Energy [ES]. The present Moving Average for the last 50 days of trading for this stock 59.18, while it was recorded at 53.57 for the last single week of trading, and 65.42 for the last 200 days.

Insight into Eversource Energy Fundamentals:

Eversource Energy’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.50 and a Current Ratio set at 0.56.

ES Stock EPS

With the latest financial reports released by the company, Eversource Energy posted 0.92/share EPS, while the average EPS was predicted by analysts to be reported at 0.94/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -2.10%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ES. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Eversource Energy go to 4.00%.

Eversource Energy [ES] Institutonal Ownership Details

The top three institutional holders of ES stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in ES stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in ES stock with ownership which is approximately 5.8325%.