Avidia Bancorp CEO Cozzone buys $49,986 in shares
Eversource Energy stock reached a 52-week high, climbing to 74.47 USD. The $27.61 billion utility company has delivered impressive returns, with the stock up nearly 31% year-to-date. According to InvestingPro analysis, the stock appears slightly overvalued at current levels. This milestone reflects a positive trend for the company over the past year, with a 1-year change of 12.97%. The stock’s performance indicates robust investor confidence, supported by its impressive 26-year streak of consecutive dividend increases and current attractive yield of 4.15%. The stock’s performance indicates robust investor confidence, as it continues to navigate the energy sector’s evolving landscape. This 52-week high underscores Eversource Energy’s resilience and strategic positioning, contributing to its upward trajectory in the market. InvestingPro subscribers have access to 8 additional key insights about Eversource Energy, along with comprehensive financial metrics and expert analysis.
In other recent news, Eversource Energy has announced a $285 million increase in its liability related to future payments to Global Infrastructure Partners, stemming from the sale of its South Fork Wind and Revolution Wind projects. Despite this, the company expects to benefit from a $210 million federal tax advantage due to tax losses on these sales, resulting in a net non-recurring after-tax charge of approximately $75 million. On the analyst front, Mizuho has raised its price target for Eversource Energy to $81, citing improvements in the company’s balance sheet and regulatory environment, particularly following the sale of the Aquarion water utility business. Jefferies, however, increased its target to $60 while maintaining an Underperform rating, pointing to uncertainties surrounding the Aquarion sale due to opposition from various stakeholders. Meanwhile, UBS has reiterated a Buy rating with a $77 price target after a legal development allowed construction on the Revolution Wind project to resume. These developments reflect ongoing changes and challenges within Eversource Energy, providing investors with various perspectives from different financial analysts.
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