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Eversource (ES) reported earnings 30 days ago. What's next for the stock?

Eversource's (ES) strategic investment plans and expansion of renewable operations will further improve its performance.

Eversource Energy (NYSE:ES ) Q3 2023 Earnings Call Transcript November 8, 2023 9:00 AM ET Company Participants Robert Becker - Investor Relations Director Joseph Nolan - Chairman, President and Chief Executive Officer John Moreira - Executive Vice President and Chief Financial Officer Conference Call Participants Shahriar Pourreza - Guggenheim Partners Steve Fleishman - Wolfe Research David Arcaro - Morgan Stanley Nicholas Campanella - Barclays Durgesh Chopra - Evercore ISI Jeremy Tonet - JP Morgan Anthony Crowdell - Mizuho Julien Dumoulin-Smith - Bank of America Travis Miller - Morningstar Operator Hello, and welcome to the Eversource Energy Q3 2023 Earnings Call. My name is Alex, and I'll be coordinating the call today.

Eversource's (ES) third-quarter earnings and revenues decline year over year. Total operating expenses also reduce during the same period.

Eversource Energy's (ES) third-quarter 2023 results are expected to benefit from the completed sale of the uncommitted lease area. However, rate design might lower revenues.

Eversource is a utility holding company with 4.4 million customers in Connecticut, Massachusetts, and New Hampshire. The company's share price has declined significantly due to a second-quarter charge related to the sale of an offshore wind project. I believe the stock is undervalued by 15.0% at its current level, with the potential for significant upside when the offshore project is resolved.

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Eversource Energy is a large utility serving New England that possesses stable cash flows that are not heavily dependent on the strength of the American economy. The company's stock price has weakened due to rising interest rates driving lower appeal of utility stocks. Eversource Energy plans to invest $21.5 billion in infrastructure upgrades to increase its rate base and achieve 5-7% earnings per share growth.

Eversource's (ES) investment of $21.5 billion, during 2023-2027 time period, is set to boost clean electricity generation, fortify its infrastructure and increase reliability of its services.