Eversource Energy (ES) is a leading utility company headquartered in Hartford, Connecticut, and Boston, Massachusetts. Valued at a market cap of $21.8 billion, ES is the largest energy provider in New England, delivering electricity, natural gas, and water services to approximately 4.4 million customers across Connecticut, Massachusetts, and New Hampshire.
ES shares have underperformed the broader market over the past 52 weeks. ES stock has surged 10.5% over this time frame, while the broader S&P 500 Index ($SPX) has rallied 20.6%. However, in 2025, shares of ES gained 3.5%, compared to SPX's 2.5% gain on a YTD basis.
Looking closer, ES has also lagged behind the Utilities Select Sector SPDR Fund's (XLU) 29.2% return over the past 52 weeks.
On Nov. 4, Eversource Energy unveiled its Q3 results that showcased strong performance. Its adjusted EPS of $1.13 and revenue of $3.1 billion exceeded expectations. However, its shares fell 2.1% the following trading session, largely due to a $524 million after-tax loss tied to the sale of its offshore wind business, which overshadowed solid earnings from other operations. Investors also reacted to the company's revised 2024 adjusted EPS forecast of $4.52-$4.60, reflecting elevated interest expenses that may pressure profitability.
Ahead of its fiscal 2024 earnings release tomorrow, analysts expect ES' EPS to grow 5.1% year-over-year to $4.56. The company's earnings surprise history is mixed. It beat or met the consensus estimates in three of the last four quarters while missing on another occasion.
Among the 20 analysts covering the stock, the consensus rating is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings, nine “Holds,” one “Moderate Sell,” and a “Strong Sell.”
On Jan. 28, Jefferies Financial Group Inc. (JEF) lowered Eversource Energy’s price target from $52 to $47 while maintaining an “Underperform” rating. The analyst noted the sharp selloffs in power, utility, and technology stocks on Jan. 26, raising concerns about the sustainability of the data center boom. Jefferies continues to favor integrated utilities over transmission and distribution utilities but recommends focusing on lower-risk names with more balanced risk-reward profiles.
The mean price target of $69.38 implies a potential upside of 16.8% from ES’ current price level. The Street-high target of $87 represents a premium of 46.4%.
