Essential Utilities (NYSE:WTRG) Receives Buy Rating from Bank of America

Bank of America restated their buy rating on shares of Essential Utilities (NYSE:WTRG) in a research report released on Friday, Marketbeat.com reports. Bank of America currently has a $45.00 price target on the stock.

Several other research firms have also commented on WTRG. Evercore ISI boosted their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an outperform rating in a research report on Thursday, August 8th. Robert W. Baird boosted their price objective on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an outperform rating in a research report on Wednesday, August 7th. Finally, Wells Fargo & Company boosted their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an overweight rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Essential Utilities currently has a consensus rating of Moderate Buy and a consensus price target of $44.50.

Essential Utilities Stock Up 0.7 %

WTRG stock opened at $38.27 on Friday. The company’s 50 day moving average is $39.65 and its two-hundred day moving average is $37.97. The stock has a market cap of $10.47 billion, a P/E ratio of 18.14, a PEG ratio of 3.55 and a beta of 0.85. Essential Utilities has a twelve month low of $32.07 and a twelve month high of $41.78. 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 (NYSE:WTRG) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02). The firm had revenue of $434.40 million during the quarter, compared to analyst estimates of $442.76 million. Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The business’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.34 earnings per share. Research analysts expect that Essential Utilities will post 1.94 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were given a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Monday, August 12th. This is an increase from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s dividend payout ratio is 61.61%.

Insider Buying and Selling

In other Essential Utilities news, CAO Robert A. Rubin sold 2,342 shares of the company’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.43, for a total value of $87,661.06. Following the completion of the transaction, the chief accounting officer now owns 53,391 shares in the company, valued at approximately $1,998,425.13. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Essential Utilities

Several institutional investors and hedge funds have recently made changes to their positions in the business. Kingswood Wealth Advisors LLC raised its position in shares of Essential Utilities by 4.5% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 6,947 shares of the company’s stock valued at $259,000 after acquiring an additional 297 shares in the last quarter. Sanibel Captiva Trust Company Inc. raised its position in Essential Utilities by 5.4% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 6,491 shares of the company’s stock worth $240,000 after acquiring an additional 334 shares in the last quarter. Meeder Advisory Services Inc. raised its position in Essential Utilities by 5.5% in the first quarter. Meeder Advisory Services Inc. now owns 6,506 shares of the company’s stock worth $241,000 after acquiring an additional 339 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Essential Utilities by 8.7% in the second quarter. Allspring Global Investments Holdings LLC now owns 4,416 shares of the company’s stock worth $165,000 after acquiring an additional 352 shares in the last quarter. Finally, First Affirmative Financial Network raised its position in Essential Utilities by 5.1% in the first quarter. First Affirmative Financial Network now owns 7,910 shares of the company’s stock worth $293,000 after acquiring an additional 386 shares in the last quarter. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

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.