Eversource Energy (NYSE:ES) has reported a recent stock transaction involving one of its top executives. Gregory B. Butler, the company's Executive Vice President and General Counsel, sold 10,000 shares of Eversource Energy stock on May 29, 2024. The transaction totaled approximately $562,010, with the shares being sold at a weighted average price ranging from $56.18 to $56.25.
The sale was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the sale, Butler's direct holdings in the company amounted to 63,808 shares. Additionally, the executive has an indirect holding of 7,907 shares through the Eversource 401(k) Plan Trustee.
Butler also has derivative interests in the form of phantom shares, which are tied to the company's deferred compensation plan. These phantom shares represent the right to receive common shares upon certain distribution events, after vesting. The phantom shares are not included in the total transaction value but are an important part of the executive's overall compensation and interest in the company.
Investors often monitor insider transactions as they can provide insights into executives' perspectives on the company's stock value. The recent transaction by Butler could be of interest to current and potential shareholders as they evaluate their investment in Eversource Energy.
InvestingPro Insights
Eversource Energy's (NYSE:ES) recent insider stock transaction coincides with notable financial metrics and performance indicators. According to InvestingPro data, Eversource Energy has a market capitalization of $20.66 billion and a high dividend yield of 4.97%, which is particularly attractive to income-focused investors. The company's commitment to shareholder returns is further exemplified by its impressive track record of raising its dividend for 26 consecutive years, a testament to its financial stability and management's confidence in the company's cash flow.
On the other hand, the company's Price/Earnings (P/E) ratio stands at a negative -49.68, reflecting current earnings challenges. However, the adjusted P/E ratio for the last twelve months as of Q1 2024 improves significantly to 15.95. This improvement aligns with an InvestingPro Tip that suggests analysts predict the company will be profitable this year. Additionally, the company's revenue growth has seen a downtrend of -9.24% over the last twelve months as of Q1 2024, which may be a point of analysis for investors considering the stock's future growth trajectory.
For investors seeking a deeper dive into Eversource Energy's financial health and future prospects, InvestingPro offers additional insights. There are currently 6 more InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/ES. These tips may provide valuable context, including the company's debt burden and liquidity concerns, which could influence investment decisions.
To gain full access to these insights and more, consider subscribing to InvestingPro. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. This offer could provide investors with a comprehensive toolset for making informed decisions about Eversource Energy and other investment opportunities.
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