Essential Utilities (NYSE:WTRG) Upgraded at Northcoast Research

Northcoast Research upgraded shares of Essential Utilities (NYSE:WTRG) from a neutral rating to a buy rating in a report released on Wednesday, Marketbeat.com reports. They currently have $42.00 price target on the stock.

Other analysts have also recently issued research reports about the company. Baird R W cut Essential Utilities from a “strong-buy” rating to a “hold” rating in a report on Monday, October 27th. Jefferies Financial Group downgraded shares of Essential Utilities from a “buy” rating to a “hold” rating and lowered their target price for the company from $47.00 to $44.00 in a research note on Tuesday, October 28th. Janney Montgomery Scott lowered shares of Essential Utilities from a “buy” rating to a “neutral” rating in a research report on Monday, October 27th. Wall Street Zen raised shares of Essential Utilities from a “sell” rating to a “hold” rating in a report on Saturday, October 11th. Finally, Barclays raised their price objective on shares of Essential Utilities from $42.00 to $43.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and six have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.00.

Essential Utilities Stock Up 0.3%

Shares of NYSE:WTRG opened at $38.01 on Wednesday. The firm has a fifty day moving average price of $39.74 and a two-hundred day moving average price of $38.63. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.60 and a quick ratio of 0.43. Essential Utilities has a one year low of $33.18 and a one year high of $42.37. The company has a market cap of $10.76 billion, a price-to-earnings ratio of 15.77 and a beta of 0.81.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings results on Wednesday, November 5th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.06. The firm had revenue of $476.97 million for the quarter, compared to analysts’ expectations of $472.40 million. Essential Utilities had a net margin of 28.09% and a return on equity of 10.20%. The business’s quarterly revenue was up 9.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.25 earnings per share. Analysts anticipate that Essential Utilities will post 1.99 EPS for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 1st. Shareholders of record on Wednesday, November 12th were given a dividend of $0.3426 per share. This represents a $1.37 annualized dividend and a yield of 3.6%. The ex-dividend date was Wednesday, November 12th. Essential Utilities’s dividend payout ratio is presently 56.85%.

Institutional Investors Weigh In On Essential Utilities

Hedge funds and other institutional investors have recently modified their holdings of the stock. SouthState Corp boosted its position in Essential Utilities by 834.7% during the 2nd quarter. SouthState Corp now owns 701 shares of the company’s stock worth $26,000 after acquiring an additional 626 shares during the period. American National Bank & Trust acquired a new position in Essential Utilities in the 3rd quarter worth about $27,000. Atlantic Union Bankshares Corp increased its position in Essential Utilities by 1,163.8% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 733 shares of the company’s stock worth $29,000 after purchasing an additional 675 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Essential Utilities during the 1st quarter worth about $31,000. Finally, Kennebec Savings Bank acquired a new stake in shares of Essential Utilities during the 2nd quarter valued at about $31,000. Institutional investors own 74.78% of the company’s stock.

Essential Utilities Company 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.