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Inside Scoop on Northeast Utilities System (NYSE:NU)

[ZACKS] Northeast Utilities System (NYSE:NU) inked a supplemental agreement with Micromem Applied Sensor Technologies Inc., a subsidiary of Micromem Technologies Inc., in an attempt to further strengthen its expertise in transformer sensor technology. The latest deal is the extension of a $5.4 million joint development agreement, signed on Dec 11, 2013, between the two companies.

Per the agreement, Northeast Utilities and Micromem Applied Sensor Technologies will jointly develop technologies to improve functions and durability of the utility transformer equipment using sensor technology.

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Northeast Utilities System (NYSE:NU)last released quarterly earnings on November 6th for the period ending September 30th 2014. The company reported actual earnings per share of $0.75 against Zack’s Research estimate of $0.76. This represents a 1.32% (0.01) surprise downside to the expected number.

The average broker recommendation according to Zacks is 2.18 based on 11 recommendations. On a consensus basis, analysts have a short term target price of $53.83 and expect a long term growth rate of 6.70%. Out of 265 companies within the Utilities-Electrical Power industry, the company sits at 148. Zacks gives a current quarter EPS estimate of 0.69 and a Buy rating of 2 which is based on short term performance over the next one to three months. Of the companies included in the Zack’s consensus rating,  4 4 rate the stock a Strong Buy, 1 rates it a buy and 6 see it as a Hold.

About Northeast Utilities System

Northeast Utilities System (NYSE:NU) a public utility company, through its subsidiaries, is engaged in the energy delivery business. The company is involved in generation, transmission, and distribution of electricity; and distribution of natural gas. It serves residential, commercial, and industrial customers in Connecticut, Massachusetts, and New Hampshire. The company was founded in 1927 and is headquartered in Boston, Massachusetts.