Eversource Energy's (NYSE:ES) Executive Vice President of Customer Experience and Energy Strategy, Penelope M. Conner, has sold a total of 500 common shares in the company, according to a recent regulatory filing. The transactions, which took place on August 9, 2024, resulted in a total sale value of $32,468.
The shares were sold at a weighted average price of $64.936, with individual transaction prices ranging from $64.93 to $64.94. Following the sale, Ms. Conner's direct holdings in Eversource Energy common shares decreased to 9,847. Additionally, Ms. Conner has an indirect ownership of 648 shares held in a trust under the Eversource 401k Plan.
The filing also disclosed Ms. Conner's ownership of phantom shares under the company's Deferred Compensation Plan, which represents the right to receive common shares upon a distribution event following vesting.
The recent transaction highlights the ongoing trading activities of Eversource Energy's executives and provides investors with updated insights into the insider trading patterns within the company.
In other recent news, Eversource Energy has been making strides in the energy sector. The company's second-quarter earnings report met analysts' expectations, reporting earnings per share (EPS) of $0.95, a figure that prompted BMO Capital to raise their stock price target for the company from $69.00 to $73.00. This revised price target reflects positive developments at Eversource, including regulatory changes in Connecticut, such as the appointment of a new Commissioner and legislation allowing the Connecticut CO-OP to bid on Aquarion, a water service provider.
Further, Eversource Energy has been steadfast in its commitment to regulated utility growth, as demonstrated in its Q2 2024 earnings call. The company reported robust earnings and reaffirmed its 2024 EPS guidance, projecting a steady growth rate. Significant investments are being channeled into transmission and distribution infrastructure, with $6 billion earmarked for transmission over the next five years.
Moreover, Eversource has successfully completed the sale of the Sunrise Wind Project and anticipates finalizing additional wind project sales in the next quarter. Another key development is the advancement of the Massachusetts AMI program, with smart meter installations slated to commence next year. These recent developments indicate Eversource's strategic focus on modernization and environmental goals. Despite challenges in the Water Distribution segment and uncertainties in equity needs, the company remains confident in achieving its EPS growth rate through 2028.
InvestingPro Insights
As Eversource Energy (NYSE:ES) grapples with the dynamics of insider trading, investors might find it beneficial to consider the company's broader financial health and performance. According to InvestingPro data, Eversource Energy currently boasts a market capitalization of $23.36 billion. However, the company's P/E ratio stands at a negative -250.19, indicating that it has not been profitable over the last twelve months. Nonetheless, the adjusted P/E ratio for the last twelve months as of Q2 2024 is more favorable at 16.79, suggesting that analysts are expecting an upswing in the company's financials.
InvestingPro Tips highlight that Eversource Energy operates with a significant debt burden and short-term obligations exceeding its liquid assets, which could be points of concern for potential investors. On a more positive note, the company has a track record of raising its dividend for 26 consecutive years, with the dividend yield as of 2024 standing at 4.41%. This consistent dividend growth, which was 5.93% in the last twelve months as of Q2 2024, might appeal to income-focused investors. Additionally, while the company was not profitable in the last twelve months, analysts predict it will be profitable this year, which could indicate a potential turnaround in its financial performance.
For those interested in exploring further, there are additional InvestingPro Tips available, offering more in-depth analysis and predictions for Eversource Energy. These can be found by visiting the dedicated page for Eversource Energy on InvestingPro: https://www.investing.com/pro/ES.
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