Company Reports

We are reaffirming our $73 fair value estimate for Eversource Energy after several developments in the past month primarily involving the company's offshore wind projects. We are also reaffirming our no-moat rating. Eversource is one of the cheapest US utilities in our coverage, trading at a 20% discount to our fair value estimate as of March 21 after falling 28% since April 2023.

We are raising our fair value estimate for Eversource Energy to $73 from $72 after the company made several strategic announcements that had positive and negative impacts on our fair value estimate. Eversource also reported 2023 earnings and reaffirmed 2024 guidance, both in line with our forecasts. We are reaffirming our no-moat rating.

Eversource Energy has grown into one of the largest utilities in the U.S. Northeast after its 2012 merger with NStar, 2017 acquisition of Aquarion, and 2020 acquisition of Columbia Gas. However, it has stumbled along the way with its ventures outside its core utilities.

We are reaffirming our $72 fair value estimate for Eversource Energy after the company announced it will raise its dividend 6% to $2.86 per share annualized for 2024. This is in line with our outlook and the company's average dividend growth since 2017. We think the dividend increase shows that Eversource's core utilities are operating well despite the company's struggles to exit its offshore wind investments.

Eversource Energy has grown into one of the largest utilities in the U.S. Northeast after its 2012 merger with NStar, 2017 acquisition of Aquarion, and 2020 acquisition of Columbia Gas. However, it has stumbled along the way with its ventures outside its core utilities.

We are reaffirming our $72 fair value estimate for Eversource Energy after the company announced a deal to sell its 50% ownership share in Sunrise Wind to Orsted, which owns the other 50% of the project.

We are cutting our fair value estimate for Eversource to $72 per share from $74 after the company announced it will record a $1.4 billion-$1.6 billion, or about $4.30 per share, aftertax impairment of its remaining offshore wind investment ahead of an imminent sale.

Eversource Energy has grown into one of the largest utilities in the U.S. Northeast after its 2012 merger with NStar, 2017 acquisition of Aquarion, and 2020 acquisition of Columbia Gas. However, it has made some stumbles along the way with its ventures outside its core utilities.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are reaffirming our $74 per share fair value estimate for Eversource after the company announced it earned $0.97 per share on an adjusted basis during the third quarter of 2023, down from $1.01 during the third quarter of 2022. We are reaffirming our no-moat rating for Eversource.

We are reaffirming our $74 per share fair value estimate for Eversource after New York regulators rejected its request to adjust the contract pricing for its co-owned Sunrise Wind offshore wind project. We are reaffirming our no-moat rating for Eversource.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We are reaffirming our $74 per-share fair value estimate for Eversource after the company announced it earned $1.00 per share on an adjusted basis during the second quarter of 2023, up from $0.86 during the second quarter of 2022. We are reaffirming our no-moat rating for Eversource.

Eversource Energy has grown into one of the largest utilities in the U.S. Northeast after its 2012 merger with NStar, 2017 acquisition of Aquarion, and 2020 acquisition of Columbia Gas. This can make it a prime target for politicians and customers who pay high energy prices in the region.

We are reaffirming our $74 per share fair value estimate for Eversource after the company announced it effectively converted its ownership of 175,000 undeveloped offshore wind acreage into a tax equity investment in the South Fork Wind project through a deal with co-owner Orsted. South Fork is scheduled to begin operation in late 2023. We are reaffirming our no-moat and stable-moat trend ratings for Eversource.

We are reaffirming our $74 per-share fair value estimate for Eversource after the company announced it earned $1.41 per share on an adjusted basis during the first quarter of 2023, up from $1.30 during the first quarter of 2022. We are reaffirming our no-moat and stable moat trend ratings for Eversource.

Eversource Energy has grown into one of the largest utilities in the U.S. Northeast after its 2012 merger with NStar, 2017 acquisition of Aquarion, and 2020 acquisition of Columbia Gas.

We are reaffirming our $74 per-share fair value estimate for Eversource after the company announced it earned $4.09 per share on an adjusted basis in 2022, up 6% from 2021 and in line with our outlook. We are reaffirming our no moat and stable moat trend ratings for Eversource.

We are raising our fair value estimate for Eversource to $74 per share from $73 after incorporating what we consider a favorable outcome of subsidiary NStar's five-year electric rate review in Massachusetts. We are reaffirming our no-moat and stable-moat trend ratings for Eversource.

Eversource Energy has grown into one of the largest utilities in the U.S. Northeast after its 2012 merger with NStar, 2017 acquisition of Aquarion, and 2020 acquisition of Columbia Gas. The region's clean energy goals create ample growth opportunities during the next decade to integrate renewable energy, energy efficiency, and electric vehicles. However, some regulators in the region have been stingy due to high customer rates, limiting the upside for shareholders.