Clear Harbor Asset Management LLC Reduces Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Clear Harbor Asset Management LLC lessened its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 38,819 shares of the company’s stock after selling 1,875 shares during the period. Clear Harbor Asset Management LLC’s holdings in Essential Utilities were worth $1,410,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of WTRG. Envestnet Asset Management Inc. increased its position in Essential Utilities by 4.4% during the second quarter. Envestnet Asset Management Inc. now owns 95,426 shares of the company’s stock worth $3,562,000 after buying an additional 3,987 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Essential Utilities by 18.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,500,150 shares of the company’s stock worth $56,002,000 after purchasing an additional 234,857 shares during the last quarter. Blair William & Co. IL purchased a new stake in shares of Essential Utilities during the second quarter worth about $947,000. Intech Investment Management LLC lifted its stake in shares of Essential Utilities by 156.2% during the second quarter. Intech Investment Management LLC now owns 45,942 shares of the company’s stock valued at $1,715,000 after buying an additional 28,010 shares during the period. Finally, AE Wealth Management LLC purchased a new position in shares of Essential Utilities during the second quarter valued at approximately $540,000. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on WTRG. Wells Fargo & Company lowered Essential Utilities from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $43.00 to $39.00 in a research note on Tuesday, January 7th. Jefferies Financial Group lowered Essential Utilities from a “buy” rating to a “hold” rating and decreased their price target for the stock from $44.00 to $41.00 in a research note on Thursday, November 7th. UBS Group dropped their price objective 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. Finally, Robert W. Baird increased their price objective on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, Essential Utilities currently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Essential Utilities Trading Down 0.2 %

NYSE WTRG opened at $35.07 on Tuesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. Essential Utilities, Inc. has a one year low of $33.18 and a one year high of $41.78. The company’s 50 day moving average price is $37.56 and its 200 day moving average price is $38.71. The firm has a market capitalization of $9.63 billion, a price-to-earnings ratio of 17.54, a PEG ratio of 2.51 and a beta of 0.86.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.01. The firm had revenue of $435.30 million during the quarter, compared to the consensus estimate of $416.95 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The firm’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.30 EPS. On average, sell-side analysts predict that Essential Utilities, Inc. 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, March 3rd. Stockholders of record on Monday, February 10th will be given a dividend of $0.3255 per share. The ex-dividend date is Monday, February 10th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.71%. Essential Utilities’s payout ratio is currently 65.00%.

Essential Utilities 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.