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Morgan Stanley maintains equal-weight recommendation on Eversource Energy amidst declining institutional interest

On Thursday, Morgan Stanley maintained its Equal-Weight recommendation for Eversource Energy (NYSE:ES), a utility company that serves approximately 4.3 million customers across Connecticut, Massachusetts, and New Hampshire. As of August 31, 2023, the average one-year price target for Eversource Energy was set at $81.67, suggesting a potential upside of 27.69% from its most recent closing price of $63.96. The price forecasts range from a low of $67.67 to a high of $105.00.

However, Eversource Energy's annual revenue is projected to decrease by 8.55% to reach $11,587MM, with a non-GAAP EPS expected to be $4.50. In recent months, there has been a shift in investment sentiment towards the company, with a reduction in the number of funds and institutions holding positions.

From the last quarter, there has been a decrease of 78 owners or a drop of 4.93%, bringing the total to 1505 funds or institutions. The average portfolio weight dedicated to ES also decreased by 7.33% to 0.24%. Over the past three months, institutional ownership declined by 3.83% to 304,199K shares.

The put/call ratio of ES stands at 2.43, indicating a bearish outlook for the company's stock.

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Despite this trend, several prominent investors have maintained or increased their stakes in Eversource Energy. Vanguard Total Stock Market Index Fund Investor Shares holds a stake of 10,872K shares or 3.11% ownership in the company—an increase of 0.79% from its previous filing—though its portfolio allocation in ES decreased by 15.72% over the last quarter.

Similarly, Vanguard 500 Index Fund Investor Shares owns an equity interest of 8,306K shares or 2.38% ownership in the company—an increase of 2.15% from its prior filing—with a decrease of 16.12% in its portfolio allocation in ES over the last quarter.

Vanguard Mid-Cap Index Fund Investor Shares holds 8,086K shares, or 2.32% ownership of the company, showing a decrease of 0.67% from its previous filing, with a decrease in portfolio allocation in ES by 13.58% over the last quarter.

Wells Fargo holds 7,864K shares or 2.25% ownership in the company, marking an increase of 1.63% from its previous filing. Contrarily, it increased its portfolio allocation in ES by a significant 163.35% over the last quarter.

Geode Capital Management maintains a stake of 7,795K shares or 2.23% ownership in the company, representing an increase of 3.16% from its prior filing. However, this firm also decreased its portfolio allocation in ES by 15.34% over the last quarter.

Eversource Energy has been recognized as the top U.S. utility for its energy efficiency programs by sustainability advocacy organization Ceres.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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