Springfield, Massachusetts-based Eversource Energy (ES) is a public utility holding company specializing in energy delivery. With a market cap of $21.3 billion, it is dedicated to providing reliable, sustainable energy solutions while investing in clean energy initiatives that promote environmental stewardship and community development. The company is set to release its Q4 earnings on Tuesday, Feb. 11.
Ahead of the event, analysts expect Eversource Energy to report a profit of $0.99 per share, up 4.2% from $0.95 per share reported in the year-ago quarter. The company has exceeded or met Wall Street's adjusted EPS projections in three of the past four quarters while missing on another occasion. Its adjusted profit of $1.13 per share in the last quarter surpassed the consensus estimates by 8.7%. Eversource's earnings beat was driven by strong revenue growth and effective cost management, resulting in a year-over-year increase in earnings per share.
For fiscal 2024, analysts expect Eversource Energy to report an adjusted EPS of $4.56, up 5.1% from $4.34 in fiscal 2023.
Eversource Energy's shares have risen 3.3% over the past 52 weeks, trailing both the S&P 500 Index's ($SPX) 24.6% gain and the Utilities Select Sector SPDR Fund's (XLU) 25.7% returns during the same period.
Eversource Energy shares dropped 2.1% following the release of its Q3 earnings on Nov. 4. Revenue increased 9.7% year-over-year to $3.06 billion, slightly surpassing the expected $3.05 billion. Additionally, the company has raised its projected capital investments from $23.1 billion to $23.7 billion for 2024-2028 following the approval of the Electric Sector Modernization Plan (ESMP) in Massachusetts.
The consensus opinion on ES stock is moderately bullish, with an overall “Moderate Buy” rating. Of the 20 analysts covering the stock, nine recommend a “Strong Buy,” nine suggest a “Hold,” one advises a “Moderate Sell,” and one gives a “Strong Sell” rating.
The mean price target of $70.56 represents a potential upside of 21.4% from current price levels.
