Blume Capital Management Inc. Cuts Stock Position in Essential Utilities, Inc. (NYSE:WTRG)

Blume Capital Management Inc. lessened its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 5.6% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 5,055 shares of the company’s stock after selling 300 shares during the period. Blume Capital Management Inc.’s holdings in Essential Utilities were worth $189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also made changes to their positions in WTRG. Charles Schwab Investment Management Inc. raised its stake in Essential Utilities by 9.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,931,118 shares of the company’s stock worth $72,127,000 after purchasing an additional 162,556 shares during the period. Machina Capital S.A.S. acquired a new position in Essential Utilities in the fourth quarter valued at approximately $262,000. Maryland State Retirement & Pension System grew its position in Essential Utilities by 4.3% in the fourth quarter. Maryland State Retirement & Pension System now owns 229,622 shares of the company’s stock worth $8,576,000 after acquiring an additional 9,507 shares during the period. W.H. Cornerstone Investments Inc. increased its stake in Essential Utilities by 10.4% during the fourth quarter. W.H. Cornerstone Investments Inc. now owns 10,347 shares of the company’s stock worth $386,000 after acquiring an additional 977 shares during the last quarter. Finally, Axxcess Wealth Management LLC purchased a new stake in Essential Utilities in the fourth quarter valued at $912,000. Institutional investors and hedge funds own 74.78% of the company’s stock.

Insider Buying and Selling

In related news, CAO Robert A. Rubin sold 2,023 shares of Essential Utilities stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $36.56, for a total value of $73,960.88. Following the sale, the chief accounting officer now directly owns 13,358 shares in the company, valued at $488,368.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CAO Robert A. Rubin sold 5,565 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $37.21, for a total value of $207,073.65. Following the completion of the transaction, the chief accounting officer now directly owns 57,756 shares of the company’s stock, valued at approximately $2,149,100.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Robert A. Rubin sold 2,023 shares of Essential Utilities stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $36.56, for a total value of $73,960.88. Following the transaction, the chief accounting officer now directly owns 13,358 shares of the company’s stock, valued at $488,368.48. The disclosure for this sale can be found here. 0.21% of the stock is currently owned by corporate insiders.

Essential Utilities Stock Up 1.2 %

Shares of WTRG traded up $0.47 during midday trading on Thursday, reaching $38.85. The stock had a trading volume of 283,017 shares, compared to its average volume of 1,769,973. The company has a market cap of $10.63 billion, a price-to-earnings ratio of 18.34, a PEG ratio of 3.29 and a beta of 0.80. The company’s fifty day simple moving average is $36.02 and its two-hundred day simple moving average is $35.97. Essential Utilities, Inc. has a 1-year low of $32.07 and a 1-year high of $43.26. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.62 and a quick ratio of 0.48.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Friday, February 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.01. The company had revenue of $479.40 million for the quarter, compared to analyst estimates of $708.50 million. Essential Utilities had a return on equity of 8.62% and a net margin of 29.52%. The business’s quarterly revenue was down 32.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.44 earnings per share. Equities research analysts expect that Essential Utilities, Inc. will post 2 earnings per share for the current year.

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a $0.3071 dividend. This is an increase from Essential Utilities’s previous quarterly dividend of $0.31. The ex-dividend date is Thursday, May 9th. This represents a $1.23 annualized dividend and a dividend yield of 3.16%. Essential Utilities’s payout ratio is presently 58.29%.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Evercore ISI reduced their price objective on shares of Essential Utilities from $51.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, March 4th. Robert W. Baird dropped their price objective on shares of Essential Utilities from $44.00 to $43.00 and set an “outperform” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

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.