Essential Utilities (NYSE:WTRG) Raised to “Hold” at StockNews.com

StockNews.com upgraded shares of Essential Utilities (NYSE:WTRG) from a sell rating to a hold rating in a research note issued to investors on Friday.

Several other equities research analysts also recently weighed in on WTRG. Jefferies Financial Group upgraded Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a report on Tuesday, January 28th. Wells Fargo & Company increased their price objective on shares of Essential Utilities from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Thursday, February 27th. Evercore ISI lifted their price objective on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, March 5th. Finally, UBS Group dropped their target price on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a report on Tuesday, January 14th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, Essential Utilities presently has a consensus rating of “Moderate Buy” and an average price target of $43.50.

Essential Utilities Stock Performance

NYSE WTRG opened at $39.62 on Friday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.55 and a quick ratio of 0.39. The company has a market cap of $10.92 billion, a P/E ratio of 19.81, a P/E/G ratio of 2.57 and a beta of 0.80. The stock has a 50-day moving average of $37.56 and a two-hundred day moving average of $37.83. Essential Utilities has a 1-year low of $33.18 and a 1-year high of $41.78.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings data on Wednesday, February 26th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The firm had revenue of $604.38 million during the quarter, compared to analysts’ expectations of $698.77 million. As a group, analysts anticipate that Essential Utilities will post 1.99 EPS for the current year.

Essential Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be issued a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Tuesday, May 13th. Essential Utilities’s payout ratio is currently 59.91%.

Hedge Funds Weigh In On Essential Utilities

A number of hedge funds have recently modified their holdings of the business. Norges Bank purchased a new position in Essential Utilities during the 4th quarter worth $102,600,000. Vanguard Group Inc. increased its position in Essential Utilities by 8.1% in the 4th quarter. Vanguard Group Inc. now owns 30,061,135 shares of the company’s stock valued at $1,091,820,000 after acquiring an additional 2,245,256 shares during the period. Pictet Asset Management Holding SA lifted its position in Essential Utilities by 31.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,726,215 shares of the company’s stock worth $244,296,000 after acquiring an additional 1,597,672 shares during the period. Cohen & Steers Inc. purchased a new position in shares of Essential Utilities in the 4th quarter valued at approximately $52,355,000. Finally, Nordea Investment Management AB increased its holdings in shares of Essential Utilities by 16.7% in the fourth quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company’s stock valued at $247,134,000 after purchasing an additional 972,803 shares during the period. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

Essential Utilities Company Profile

Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. It offers water services through operating and maintenance contract with municipal authorities and other parties.