Eversource Energy (ES) stock soared 5.04% in the intraday trading session on Thursday, following the company's impressive fourth-quarter and full-year 2024 results. The surge was fueled by a combination of robust financial performance, a significant dividend increase, and a substantial capital investment plan.

The utility giant reported adjusted earnings per share (EPS) of $4.57 for 2024, up 5.3% year-over-year, surpassing analyst expectations. This strong growth was driven by continued investments in electric transmission, distribution rate increases, and improved performance in the natural gas distribution segment.

Additionally, Eversource Energy announced a 5.2% increase in its quarterly dividend, marking the 12th consecutive year of dividend hikes. The company reaffirmed its long-term EPS growth target of 5-7%, underpinned by its robust capital investment plan.

During the earnings call, Eversource Energy unveiled its updated five-year capital investment plan of $24.2 billion, reflecting a 10% increase from the previous plan. The majority of the investments will be directed towards electric transmission and distribution infrastructure, enabling the company to enhance reliability, meet growing demand, and support clean energy initiatives.

Analysts praised Eversource Energy's growth prospects, citing the company's substantial capital investment plan, opportunities in electric transmission and distribution, and constructive regulatory environments across its service territories.

Furthermore, the company's agreement to sell its Aquarion water utility business at an attractive valuation of 1.7 times rate base was well-received by investors. The sale proceeds will strengthen Eversource Energy's balance sheet and provide additional funds for investments in regulated electric and gas utilities.