S&P 500 Futures (ES)

Eversource Energy Stock (NYSE:ES), Trade Ideas

Eversource Energy

Eversource Energy is a diversified holding company with subsidiaries that provide rate-regulated electric, gas, and water distribution service to more than 4 million customers in the Northeast U.S. The company expanded its service territories with acquisitions of NStar (2012), Aquarion (2017), and Columbia Gas (2020). Eversource is exiting its 50% partnership with European utility Orsted to develop 2 gigawatts of offshore wind projects in the Northeast U.S. The company exited most of its unregulated businesses in 2006.

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PNM Resources (NYSE: PNM) is scheduled to release first-quarter 2024 results on Apr 30, before market open. The company delivered an earnings surprise of 20% in the last reported quarter.
Let&#39;s discuss the factors that are likely to be reflected in the upcoming quarterly results.

What&#39;s in the Cards for PNM Resources This Earnings Season?

Short Ideas

Small Cap

Insider Trades

Pre-Market Outlook

SOUN

The Nasdaq 100 closed lower by around 0.5% on Wednesday. Investors, meanwhile, focused on some notable insider trades.

SoundHound AI, Owens &amp; Minor And 2 Other Stocks Insiders Are Selling

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Eversource Energy reported Q4 FY23 revenue of $2.69B, missing consensus of $3.24B. Adjusted earnings rose to $333.5M but adjusted EPS of $0.95 missed consensus. FY24 adjusted EPS outlook is $4.50-$4.67.

Eversource&#39;s Q4 Earnings Miss, Offshore Wind Business Exit, Eyes Water Distribution Business Sale &amp; More

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PNM Resources (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnm#NYSE">PNM</a>) is scheduled to release first-quarter 2024 results on Apr 30, before market open. The company delivered an earnings surprise of 20% in the last reported quarter. 
Let&#39;s discuss the factors that are likely to be reflected in the upcoming quarterly results.
<h3>Factors to Consider</h3>
PNM Resources&#39; first-quarter earnings are likely to have gained from increased load growth and higher transmission margins. The new rates, effective since January 2024, are also expected to have boosted first-quarter earnings. 
However, still high interest rates and increased depreciation and property tax might have offset some positives in the to-be-reported quarter.
<h3>Q1 Expectations</h3>
The Zacks Consensus Estimate for first-quarter earnings is pegged at 68 cents per share, indicating a year-over-year increase of 23.6%. 
The Zacks Consensus Estimate for revenues is pinned at $588.84 million, implying an 8.2% improvement year over year.
<h3>What Our Quantitative Model Predicts</h3>
Our proven model does not conclusively predict an earnings beat for PNM Resources this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. That is not the case here, as you will see below.
<div class="chart_embed">
<h3>PNM Resources, Inc. Price and EPS Surprise</h3>
<a href="https://www.zacks.com/stock/chart/PNM/price-eps-surprise?icid=chart-PNM-price-eps-surprise"><img alt="PNM Resources, Inc. Price and EPS Surprise" src="https://staticx-tuner.zacks.com/images/charts/e1/1714129216.png" style="height:300px; width:614px" title="" /> </a>
PNM Resources, Inc. price-eps-surprise | PNM Resources, Inc. Quote
</div>
Earnings ESP: The company&#39;s Earnings ESP is 0.00%. 
Zacks Rank: Currently, PNM Resources carries a Zacks Rank #3.
<h3>Stocks to Consider</h3>
Investors may consider the following players from the same industry as these have the right combination of elements to post an earnings beat this reporting cycle. 
CenterPoint Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cnp#NYSE">CNP</a>) is likely to come up with an earnings beat when it reports first-quarter earnings on Apr 30. It has an Earnings ESP of +3.92% and a Zacks Rank #3 at present. 
CNP&#39;s long-term (three to five years) earnings growth rate is 7%. The Zacks Consensus Estimate for first-quarter 2024 earnings has decreased 3.8% in the past 30 days. 
Ameren Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aee#NYSE">AEE</a>) is likely to come up with an earnings beat when it reports first-quarter earnings on May 2. It has an Earnings ESP of +0.30% and a Zacks Rank #3 at present. 
AEE&#39;s long-term earnings growth rate is 6.5%. The Zacks Consensus Estimate for first-quarter 2024 earnings has decreased 0.9% in the past 60 days. 
Eversource Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/es#NYSE">ES</a>) is likely to come up with an earnings beat when it reports first-quarter 2024 earnings on May 2. It has an Earnings ESP of +2.76% and a Zacks Rank #2 at present. 
ES&#39; long-term earnings growth rate is 4.2%. The Zacks Consensus Estimate for first-quarter 2024 earnings has remained unchanged in the past 60 days. 
<a href="https://www.zacks.com/stock/news/2263048/what-s-in-the-cards-for-pnm-resources-pnm-this-earnings-season?cid=CS-BENZ-FT-analyst_blog|earnings_preview-2263048">To read this article on Zacks.com click here.</a>

What's in the Cards for PNM Resources This Earnings Season?

Scotiabank analyst Andrew Weisel maintains Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) with a Sector Perform and lowers the price target from $61 to $57.

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Analyst Ratings

Scotiabank Maintains Sector Perform on Eversource Energy, Lowers Price Target to $57

Eversource Energy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) short percent of float has fallen 8.76% since its last report. The company recently reported that it has 4.74 million shares sold short, which is 1.77% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.96 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Eversource Energy Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1713548712_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Eversource Energy has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Eversource Energy's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Eversource Energy's peer group average for short interest as a percentage of float is 2.49%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

How Is The Market Feeling About Eversource Energy?

<ul>
<li>TSLA</li>
<li>DJT</li>
<li>NFLX</li>
<li>NVDA</li>
<li>TSM</li>
<li>GLD</li>
<li>ES</li>
<li>QQQ</li>
<li>HOOD</li>
<li>CORN</li>
</ul>
Data from <a href="https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment">https://swaggystocks.com/dashboard/wallstreetbets/ticker-sentiment</a>
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CORN

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NFLX

NVDA

TSLA

Top 10 Trending Stocks On WallStreetBets As Of April 19, 2024 (Via Swaggy Stocks)

On January 24, 2024, Eversource announced that it had reached an agreement to sell its&nbsp;50 percent&nbsp;interest in Sunrise Wind to &Oslash;rsted, contingent on, among other things, the project&#39;s successful award in the most recent offshore wind renewable energy certificates request for proposals (ORECRFP23-1) issued by New York&#39;s energy agency, NYSERDA (New York State Energy Research and Development Authority). Sunrise Wind was subsequently selected by New York State in February 2024 to move forward with contract negotiations with NYSERDA.

Eversource Energy Discloses Execution of Definitive Agreement With Ørsted To Sell  50% Ownership Stake In Sunrise Wind; Transaction Is Expected To Close Later This Year

Goldman Sachs analyst Carly Davenport initiates coverage on Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) with a Buy rating and announces Price Target of $73.

Initiation

Goldman Sachs Initiates Coverage On Eversource Energy with Buy Rating, Announces Price Target of $73

UBS analyst Ross Fowler upgrades Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) from Neutral to Buy and raises the price target from $62 to $67.

Upgrades

UBS Upgrades Eversource Energy to Buy, Raises Price Target to $67

Eversource Energy's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) short percent of float has fallen 11.82% since its last report. The company recently reported that it has 5.21 million shares sold short, which is 1.94% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.8 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Eversource Energy Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1712154625_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Eversource Energy has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Eversource Energy's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Eversource Energy's peer group average for short interest as a percentage of float is 2.68%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Peering Into Eversource Energy's Recent Short Interest

UBS analyst Daniel Ford maintains Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) with a Neutral and maintains $62 price target.

UBS Maintains Neutral on Eversource Energy, Maintains $62 Price Target

Argus Research maintains Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) with a Buy and lowers the price target from $85 to $68.

Argus Research Maintains Buy on Eversource Energy, Lowers Price Target to $68

The Nasdaq 100 closed lower by around 0.5% on Wednesday. Investors, meanwhile, focused on some notable insider trades.
When insiders sell shares, it could be a preplanned sale, or could indicate their concern in the company&rsquo;s prospects or that they view the stock as being overpriced. Insider sales should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a selling decision.
Below is a look at a few recent notable insider sales. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Sempra </h3>
<ul>
<li>The Trade: Sempra (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/sre#NYSE">SRE</a>) Chairman, CEO and President Jeffrey W Martin <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 50,703 shares </a> at an average price of $70.92. The insider received around $3.6 million from selling those shares.</li>
<li>What&rsquo;s Happening: On Feb. 27, Sempra Energy posted upbeat quarterly earnings.</li>
<li>What Sempra Does: Sempra Energy serves one of the largest utility customer bases in the United States. It distributes natural gas and electricity in Southern California and owns 80% of Oncor, a transmission and distribution business in Texas.</li>
</ul>
Have a look at our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Owens &amp; Minor</h3>
<ul>
<li>The Trade: Owens &amp; Minor, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/omi#NYSE">OMI</a>) SVP, Corporate Controller Michael Wayne Lowry <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 10,000 shares </a> at an average price of $25.00. The insider received around $250,000 from selling those shares.</li>
<li>What&rsquo;s Happening: On Feb. 20, Owens &amp; Minor reported better than expected fourth-quarter earnings.</li>
<li>What Owens &amp; Minor Does: Owens &amp; Minor Inc distributes consumable medical supplies to a variety of providers.</li>
</ul>
<h3>SoundHound AI </h3>
<ul>
<li>The Trade: SoundHound AI, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/soun#NASDAQ">SOUN</a>) Director Eric R. Ball <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 90,000 shares </a> at an average price of $5.94. The insider received around $534,810 from selling those shares.</li>
<li>What&rsquo;s Happening: On Feb. 14, Nvidia reported a 1.73 million share stake in the company.</li>
<li>What SoundHound AI Does: SoundHound AI Inc is an innovator of conversational intelligence, offering an independent Voice AI platform that enables businesses across industries to deliver high-quality conversational experiences to customers.</li>
</ul>
<h3>Eversource Energy </h3>
<ul>
<li>The Trade: Eversource Energy (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/es#NYSE">ES</a>) Frederica M Williams <a href="https://www.benzinga.com/sec/insider-trades/"> sold a total of 2,714 shares </a> at an average price of $57.60. The insider received around $156,337 from selling those shares.</li>
<li>What&rsquo;s Happening: On Feb. 13, Eversource Energy reported fourth-quarter FY23 revenue of $2.69 billion, missing the consensus of $3.24 billion.</li>
<li>What Eversource Energy Does: Eversource Energy is a diversified holding company with subsidiaries that provide rate-regulated electric, gas, and water distribution service to more than 4 million customers in the Northeast U.S.</li>
</ul>
Check This Out: <a href="https://www.benzinga.com/news/earnings/24/02/37384835/hp-best-buy-and-3-stocks-to-watch-heading-into-thursday"> HP, Best Buy And 3 Stocks To Watch Heading Into Thursday </a>

SoundHound AI, Owens & Minor And 2 Other Stocks Insiders Are Selling

Mizuho upgraded its rating of Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) to Buy with a price target of $62.00, changing its price target from $54.00 to $62.00.
Shares of Eversource Energy are trading up 1.82% over the last 24 hours, at $58.10 per share.
A move to $62.00 would account for a 6.71% increase from the current share price.
<h3>About Eversource Energy</h3>
Eversource Energy is a diversified holding company with subsidiaries that provide rate-regulated electric, gas, and water distribution service to more than 4 million customers in the Northeast U.S. The company expanded its service territories with acquisitions of NStar (2012), Aquarion (2017), and Columbia Gas (2020). Eversource is exiting its 50% partnership with European utility Orsted to develop 2 gigawatts of offshore wind projects in the Northeast U.S. The company exited most of its unregulated businesses in 2006.
<h3>About Analyst Ratings</h3>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Some analysts will also offer forecasts for metrics like growth estimates, earnings, and revenue to provide further guidance on stocks. Investors who use analyst ratings should note that this specialized advice comes from humans and may be subject to error.
If you want to keep track of which analysts are outperforming others, you can view updated analyst ratings along with analyst success scores in <a href="https://benzinga.grsm.io/register174">Benzinga Pro</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Mizuho Upgrades Eversource Energy: Here's What You Need To Know

WIIM

Eversource Energy shares are trading higher after the company reported Q4 financial results, issued guidance and announced it will explore the potential sale of its water distribution business.

Eversource Energy&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) shares are trading higher after the company reported fourth-quarter FY23 revenue of $2.69 billion, missing the&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/b37111454/eversource-energy-reports-full-year-results" rel="noreferrer noopener">consensus of $3.24 billion</a>.
Adjusted earnings rose to $333.5 million from $322.3 million a year ago. Adjusted EPS of $0.95 missed&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of $0.97</a>.&nbsp;
Electric Transmission segment earnings rose to $167.0 million from $140.7 million a year ago, led by higher investment in electric transmission systems.
Electric Distribution segment earnings increased to $103.7 million from $97.9 million the prior year, aided by higher revenues from investments in the distribution system and a base distribution rate increase for Massachusetts electric business.
On the other hand, Natural Gas Distribution segment earnings fell to $76.5 million from $87.1 million the prior year, owing to higher depreciation, interest expense, and increased tax rate.
Also, the Water segment posted earnings of $5.7 million vs. $7.4 million a year ago.
FY24 Outlook: Eversource expects the adjusted EPS of $4.50-$4.67&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">vs. consensus of $4.49</a>.&nbsp;
The company expects its long-term compound annual EPS growth rate from its regulated businesses to be 5%-7% through 2028 vs. $4.34 in 2023.
Offshore Wind Business Exit: The company disclosed a deal to sell its 50% ownership share in South Fork Wind and Revolution Wind to Global&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/b37111387/eversource-energy-announces-pathway-to-fully-exit-its-offshore-wind-investments-pursuant-to-agreem" rel="noreferrer noopener">Infrastructure Partners (GIP)</a>.
The divestiture will help the company realize cash proceeds of about $1.1 billion upon closure and exit these projects while retaining certain cost-sharing obligations for&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/01/36550727/eversource-energy-nears-sale-of-offshore-wind-stakes-amid-significant-impairment-charge-details" rel="noreferrer noopener">the construction of Revolution Wind</a>.
Eversource expects the transaction to close in mid-2024 and plans to use the proceeds from the sale to repay the parent company&#8217;s debt.
Bayo Ogunlesi, Global Infrastructure Partners&#8217; Chairman and Chief Executive Officer, said, &#8220;We are pleased to announce our acquisition of a 50% stake in two significant offshore wind projects from Eversource. This acquisition marks our fourth strategic joint venture with Ørsted, further solidifying our strong partnership with leading industry players. The South Fork Wind and Revolution Wind projects benefit from long-term offtake agreements and play a pivotal role in addressing the increasing demand for clean electricity.&#8221;
Water Business Sale: Eversource is looking for a possible sale of the water business to reduce equity needs and improve regulatory diversity.
Price Action: ES shares are trading higher by 1.10% at $55.10 premarket on the last check Wednesday.

Eversource's Q4 Earnings Miss, Offshore Wind Business Exit, Eyes Water Distribution Business Sale & More

Eversource Energy&#39;s water distribution segment earned&nbsp;$33.1 million&nbsp;in 2023, compared with earnings of&nbsp;$36.8 million&nbsp;in 2022. The water distribution segment earned&nbsp;$5.7 million&nbsp;in the&nbsp;fourth quarter&nbsp;of 2023, compared with earnings of&nbsp;$7.4 million&nbsp;in the&nbsp;fourth quarter&nbsp;of 2022. Lower full-year and&nbsp;fourth-quarter&nbsp;results were due primarily to higher depreciation, O&amp;M and interest expense.

Eversource Energy Reveals Exploration Of Sale Of Water Distribution Business

Eversource Energy Projects 2024 Adj EPS Of $4.50-$4.67, Est $4.49

Eversource Energy (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ES#NYSE">ES</a>) reported quarterly Adj earnings of $0.95 per share which missed the analyst consensus estimate of $0.97 by 2.06 percent. This is a 3.26 percent increase over earnings of $0.92 per share from the same period last year. The company reported quarterly sales of $2.69 billion which missed the analyst consensus estimate of $3.24 billion by 16.85 percent. This is a 11.09 percent decrease over sales of $3.03 billion the same period last year.

Eversource Energy Q4 Adj EPS $0.95 Misses $0.97 Estimate, Sales $2.69B Miss $3.24B Estimate

The transaction allows Eversource to realize approximately&nbsp;$1.1 billion&nbsp;of cash proceeds upon closing and to exit these projects while retaining certain cost sharing obligations for the construction of Revolution Wind.

Eversource Energy Executes Definitive Agreement To Sell Its 50% Ownership Share In South Fork Wind And Revolution Wind To Global Infrastructure Partners