UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 1, 2024 (May 1, 2024) | Commission | Registrant; State of Incorporation | I.R.S. Employer | | --- | --- | --- | | File Number | Address; and Telephone Number | Identification No. | | 1-5324 | EVERSOURCE ENERGY | 04-2147929 | | | (a Massachusetts voluntary association) | | | | 300 Cadwell Dr ...

Eversource Energy (ES) is scheduled to release first-quarter 2024 results on May 1, after market close. The company delivered a negative earnings surprise of 2.1% in the last reported quarter.Let’s discuss the factors that are likely to be reflected in the upcoming quarterly results.Factors to ConsiderPer the 2022 NSTAR Electric rate review, the first base distribution revenue increase of the performance-based rate plan, totaling $105 million, was effective from Jan 1, 2024. This is likely to have had a fav ...

Eversource Energy's (ES) strategic investment in transmission and distribution networks, acquisitions, expansion of renewable operations, strong ROE and rising earnings estimates make it a solid investment option in the utility sector.Let’s focus on the factors that make this Zacks Rank #2 (Buy) stock a strong investment pick at the moment.Growth Projections & Surprise HistoryThe Zacks Consensus Estimate for ES’ 2024 earnings per share (EPS) has increased 0.2% in the past 60 days to $4.52.The Zacks Consensu ...

PM ImagesEversource Energy (NYSE:ES) may be offering investors a classic "reversion to the mean" opportunity. After 5+ years of attempting to be an early-stage renewable energy player, the utility has officially joined the list of companies who are learning from their aspirational clean energy efforts. Hertz's recent decision to sell 20,000 electric vehicles and replace them with gas-powered cars is an example of a company on that list. In Eversource's case, it is the offshore wind business that has tau ...

Eversource Energy’s (ES) long-term capital investment plans to further expand its infrastructure and renewable operations should boost its overall performance. The company has plans to expand its water business through acquisitions.However, this Zacks Rank #3 (Hold) company has to face risks related to stringent regulations and substandard performance from third parties.TailwindsEversource operates a capital-intensive business with relatively steady revenue streams. It is currently focused on upgrading its ...

It has been about a month since the last earnings report for Eversource Energy (ES) . Shares have added about 3.7% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Eversource due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Eversource Energy Q4 Earnings and Revenues ...

With all the stock market’s volatility, few sectors have been as impacted by rate hikes, inflation and economic turbulence as utility stocks. Share prices across the industry dropped in 2022 and 2023, pumping slightly at the end of last year but not enough to offset investor losses. In fact, the only thing keeping utility stock investors happy is dividend yields, which tended to stay steady for the strongest utility stocks on the market.The best utility stocks, to that end, blend three factors: quality fina ...

NEW YORK--(BUSINESS WIRE)--New York State has selected Ørsted and Eversource to negotiate a new 25-year contract for their Sunrise Wind offshore wind farm. This conditional award brings the 924-megawatt project one critical step closer to fulfilling its promise to deliver substantial economic benefits across New York and help the state meet its climate goals. NYSERDA President and CEO Doreen M. Harris said, “As we reset New York's offshore wind portfolio, we continue to evolve and strengthen the private- ...

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Following the recent re-bid of the Sunrise Wind offshore wind farm by joint venture partners Eversource and Ørsted, New York has selected the project in its latest solicitation, New York 4, to deliver substantial economic benefits and advance climate goals. The ready-to-build project would be the largest U.S. offshore wind farm upon its completion in 2026. With this successful award, Eversource will remain contracted to lead Sunrise Wind’s onshore construction e ...

Financial Data and Key Metrics Changes - The company reported recurring earnings of $4.34 per share in 2023, representing a growth of nearly 6% over 2022 [11] - GAAP results for the year showed a loss of $1.26 per share, compared to GAAP earnings of $4.05 per share in 2022, primarily due to a noncash cumulative impairment charge of approximately $1.95 billion [38][43] - The board approved a dividend increase for Q1 2024 to $0.715 per share, reflecting a 6% increase over 2023's dividend level [11] Business Line Data and Key Metrics Changes - Electric transmission earned $1.84 per share in 2023, up from $1.72 per share in 2022, driven by investments in the transmission system and lower income tax expenses [39] - Electric distribution earnings were $1.74 per share in 2023, slightly up from $1.71 per share in 2022, with a base distribution increase offset by higher interest expenses and property taxes [39] - Natural gas distribution segment earned $0.64 per share in 2023, down from $0.67 per share in 2022, due to increased depreciation and interest expenses [40] - Water distribution segment earned $0.09 per share in 2023, compared to $0.11 per share in 2022, impacted by higher expenses and a disappointing decision in Connecticut regarding water rates [40] Market Data and Key Metrics Changes - The company is focusing on a robust 5-year capital plan with an expected investment of approximately $23.1 billion in regulated electric, natural gas, and water businesses [47] - The updated capital plan reflects a $1.6 billion increase in utility infrastructure investments from 2024 through 2027 compared to the prior plan [2] Company Strategy and Development Direction - The company is pursuing a full exit from the offshore wind business, with a planned sale of its 50% interest in South Fork and Revolution Wind projects to Global Infrastructure Partners for approximately $1.1 billion [19][20] - The company aims to focus on its utility business, which presents strong growth opportunities, while also preparing for a clean energy future [19][25] - The company is actively engaging with states to enable a clean energy future, including submitting an Electric Sector Modernization Plan to Massachusetts [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver solid operational and financial results while supporting the region's transition to cleaner energy [19] - The company anticipates a 5% to 7% EPS growth rate through 2028, based on its 2023 recurring EPS of $4.34 [4] - Management acknowledged challenges in the offshore wind sector, including supply chain disruptions and rising interest rates, which have impacted investment returns [18] Other Important Information - The company has taken a noncash cumulative impairment charge of approximately $1.95 billion after tax related to its offshore wind investment [9] - The company is planning to evaluate market interest in its water distribution business, which has a current rate base of $1.3 billion [23] Q&A Session Summary Question: What is the confidence around the $1.3 billion equity issuance? - Management indicated that the $1.3 billion is an estimate and provides flexibility depending on proceeds from asset sales, particularly Aquarion [63] Question: Can you elaborate on the cost-sharing agreement for Revolution Wind? - The agreement includes a capital cost-sharing arrangement where overruns up to $240 million will be shared equally, with Eversource bearing 50% of costs above that threshold [42] Question: How does the potential sale of Sunrise Wind impact equity needs? - Proceeds from the sale of Sunrise Wind to Orsted are not currently factored into the financing plan, which could adjust equity needs positively if the sale is successful [102] Question: What are the expected cost savings initiatives for 2024? - Management expects lower O&M levels in 2024 compared to 2023, driven by technology deployment and operational efficiencies [101]