In a recent transaction, Penelope M. Conner, EVP of Customer Experience & Energy Strategy at Eversource Energy (NYSE:ES), sold 2,700 shares of the company's stock. The total value of the shares sold amounted to approximately $158,633, with the sales executed at a weighted average price of $58.753 per share. The transactions took place on May 31, 2024, and were disclosed in a filing with the Securities and Exchange Commission.
The shares were sold in multiple transactions at prices ranging from $58.51 to $59.00, indicating active trading within that price range on the date of sale. Following the sale, Conner's direct holdings in Eversource Energy common shares totaled 10,272 units. Additionally, she has an indirect ownership of 645 shares through a 401k Plan Trustee.
In the derivative holdings section of the filing, it was noted that Conner has rights to 15,798 phantom shares under the Eversource Deferred Compensation Plan. These phantom shares represent the right to receive common shares upon a distribution event after vesting and are tied to the company's performance.
Investors often monitor insider transactions as they can provide insights into how executives view the stock and the company's financial health. The sale by Conner may be of interest to Eversource Energy's shareholders and potential investors as they evaluate their positions in the company's stock.
InvestingPro Insights
Eversource Energy (NYSE:ES) has been navigating through a challenging financial landscape, as indicated by the recent insider transaction involving EVP of Customer Experience & Energy Strategy, Penelope M. Conner. While insider sales can vary in motivation, they are often scrutinized for potential insights into a company's prospects.
InvestingPro data shows Eversource Energy with a market capitalization of $21.19 billion and a negative P/E ratio of -50.85, reflecting investor concerns about profitability. However, looking ahead, the adjusted P/E ratio for the last twelve months as of Q1 2024 stands at a more favorable 16.37, suggesting expectations of improved earnings. Additionally, the company's dividend yield is notably high at 4.79%, which is especially attractive to income-focused investors.
Among the InvestingPro Tips, it is highlighted that Eversource Energy operates with a significant debt burden and short-term obligations exceed liquid assets, which could raise questions about financial flexibility. Despite this, the company has a remarkable track record of raising its dividend for 25 consecutive years and has maintained dividend payments for 26 consecutive years, underscoring a commitment to shareholder returns even in tough times.
Investors considering Eversource Energy may find value in these insights and more on the InvestingPro platform. There are additional InvestingPro Tips available, which can provide a deeper analysis of the company’s financial health and future outlook. For those interested in a comprehensive investment tool, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.