KLP Kapitalforvaltning AS Invests $8.14 Million in Essential Utilities, Inc. (NYSE:WTRG)

KLP Kapitalforvaltning AS acquired a new stake in Essential Utilities, Inc. (NYSE:WTRG) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 224,200 shares of the company’s stock, valued at approximately $8,143,000. KLP Kapitalforvaltning AS owned approximately 0.08% of Essential Utilities as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new position in shares of Essential Utilities in the third quarter valued at approximately $26,000. VSM Wealth Advisory LLC acquired a new position in Essential Utilities in the 4th quarter valued at $26,000. First Horizon Advisors Inc. raised its holdings in Essential Utilities by 61.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after acquiring an additional 294 shares during the period. Truvestments Capital LLC acquired a new position in Essential Utilities during the 3rd quarter worth $42,000. Finally, IFP Advisors Inc boosted its holdings in Essential Utilities by 75.0% during the fourth quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock valued at $40,000 after acquiring an additional 473 shares during the period. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Stock Performance

WTRG opened at $38.12 on Tuesday. The stock’s 50 day simple moving average is $36.69 and its 200-day simple moving average is $37.82. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17. The stock has a market cap of $10.48 billion, a PE ratio of 19.06, a P/E/G ratio of 2.57 and a beta of 0.79. Essential Utilities, Inc. 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 results on Wednesday, February 26th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.01. The firm had revenue of $604.38 million for the quarter, compared to analyst estimates of $698.77 million. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. Sell-side analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Tuesday, May 13th will be issued a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Tuesday, May 13th. Essential Utilities’s payout ratio is 59.91%.

Analysts Set New Price Targets

WTRG has been the topic of a number of recent analyst reports. Wells Fargo & Company lifted their price objective on Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 27th. Jefferies Financial Group upgraded Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target for the company in a report on Tuesday, January 28th. Evercore ISI raised their price objective on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, March 5th. Finally, UBS Group cut their target price on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $43.50.

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.