Analyst Anthony Crowdell of Mizuho Securities maintained a Buy rating on Eversource Energy (ES – Research Report), retaining the price target of $62.00.
Anthony Crowdell has given his Buy rating due to a combination of factors surrounding Eversource Energy’s strategic moves and regulatory environment. His confidence in the stock is bolstered by the company’s progress in offshore wind projects, where construction is well underway, and the expected close of the sale of these projects to reputable entities in the third quarter of 2024. This divestiture is aligned with managing the company’s capital expenditures effectively. Furthermore, the positive outlook on the Connecticut regulatory environment, despite current challenges, is due to a belief in improved state regulation through a strategic plan supported by key stakeholders.
Additionally, Crowdell’s assessment includes the anticipated positive outcome of the Aquarion water utility sale, which is expected to be announced in early 2025. The company’s financial strategy aims to enhance its funds from operations to debt ratio above 14% by the end of 2025, which is supported by multiple factors including tax equity investments and storm cost recoveries. Overall, the company’s robust investment plan and favorable regulatory updates contribute to the analyst’s optimistic view, maintaining a price target of $62 and endorsing the stock with a Buy rating.
In another report released on May 3, Wells Fargo also maintained a Buy rating on the stock with a $72.00 price target.
Based on the recent corporate insider activity of 35 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of ES in relation to earlier this year.
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Eversource Energy (ES) Company Description:
Massachusetts-based Eversource Energy is an electric services company. The company is engaged in the transmission and distribution of electricity, as well as the distribution of natural gas. It also operates regulated water utilities. It operates in four segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution.
