Northeast Utilities (NU), an energy delivery firm with headquarters in Boston, MA and Hartford, CT, is processing a change of its name to "Eversource Energy". The re-branding program will officially take place on Feb 2, 2015. The company’s customers will obtain information related to the name change initiative following the launching stage.
Thereafter, Northeast Utilities will start trading on the New York Stock Exchange as Eversource Energy under the ticker symbol “ES” instead of “NU”, effective from Feb 19.
Northeast Utilities’ units like The Connecticut Light and Power Company, NSTAR Electric Company, NSTAR Gas Company, Public Service Company of New Hampshire, Western Massachusetts Electric Company and Yankee Gas Services Company will continue operations under the new name.
The latest re-branding initiative is aimed to enhance Northeast Utilities' brand equity. Bringing all its subsidiaries under one name bodes well with its objective of improving energy delivery systems and serves its base of around 3.6 million.
On Jul 1, 1966, Northeast Utilities formed out of the merger between three companies – The Connecticut Light and Power Company, Western Massachusetts Electric Company and The Hartford Electric Light Company. It was the first multi-state public utility holding company formed since the enactment of the Public Utility Holding Company Act in 1935. Public Service Company of New Hampshire became a unit of the Northeast Utilities in 1992. The company acquired the parent of Yankee Gas in 2000. NSTAR merged with Northeast Utilities in Apr 2012.
Over time, it has been witnessed that Northeast Utilities invests substantially in upgrading its electricity transmission and distribution systems, and natural gas delivery infrastructure. These initiatives enable the company to provide consistently reliable services to its customers.
Northeast Utilities currently carries a Zacks Rank #3 (Hold). Other better-ranked stocks in the same industry include PG&E Corporation (PCG), Black Hills Corporation (BKH) and CMS Energy Corporation (CMS). PG&E Corporation carries a Zacks Rank #1 (Strong Buy), while Black Hills and CMS Energy hold a Zacks Rank #2 (Buy).
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