Essential Utilities (NYSE:WTRG) Updates FY24 Earnings Guidance

Essential Utilities (NYSE:WTRG) updated its FY24 earnings guidance on Monday. The company provided earnings per share guidance of $1.96-2.00 for the period, compared to the consensus earnings per share estimate of $1.94. Essential Utilities also updated its FY 2024 guidance to 1.960-2.000 EPS.

Essential Utilities Price Performance

Shares of WTRG stock traded up $0.39 during trading hours on Monday, reaching $38.63. The stock had a trading volume of 1,823,627 shares, compared to its average volume of 1,528,208. The stock’s fifty day simple moving average is $38.98 and its 200 day simple moving average is $38.63. The company has a current ratio of 0.58, a quick ratio of 0.44 and a debt-to-equity ratio of 1.14. Essential Utilities has a 12 month low of $33.28 and a 12 month high of $41.78. The firm has a market capitalization of $10.57 billion, a PE ratio of 18.84, a PEG ratio of 3.35 and a beta of 0.84.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings data on Monday, August 5th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The firm had revenue of $434.40 million during the quarter, compared to the consensus estimate of $442.76 million. During the same quarter last year, the business posted $0.34 earnings per share. Essential Utilities’s revenue was down .5% compared to the same quarter last year. On average, equities research analysts predict that Essential Utilities will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be given a $0.3255 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.37%. Essential Utilities’s dividend payout ratio (DPR) is currently 63.41%.

Wall Street Analysts Forecast Growth

WTRG has been the subject of a number of analyst reports. Jefferies Financial Group initiated coverage on shares of Essential Utilities in a research report on Monday, October 7th. They issued a “buy” rating and a $44.00 price objective for the company. Robert W. Baird raised their target price on shares of Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Evercore ISI raised their target price on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Bank of America reaffirmed a “buy” rating and issued a $45.00 target price on shares of Essential Utilities in a research note on Friday, September 20th. Finally, Wells Fargo & Company raised their target price on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.80.

About Essential Utilities

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.