Essential Utilities (NYSE:WTRG) Stock Rating Upgraded by Argus

Essential Utilities (NYSE:WTRG) was upgraded by research analysts at Argus to a “strong-buy” rating in a note issued to investors on Monday,Zacks.com reports.

Several other research analysts have also commented on WTRG. Weiss Ratings reissued a “hold (c+)” rating on shares of Essential Utilities in a research report on Monday, December 29th. Barclays set a $38.00 price objective on shares of Essential Utilities and gave the stock an “underweight” rating in a report on Wednesday, December 17th. Finally, Northcoast Research upgraded Essential Utilities from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a report on Wednesday, December 3rd. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Essential Utilities has an average rating of “Hold” and an average target price of $43.20.

Essential Utilities Stock Up 0.1%

Shares of NYSE:WTRG opened at $39.97 on Monday. The company has a quick ratio of 0.65, a current ratio of 0.80 and a debt-to-equity ratio of 1.18. The company has a market cap of $11.32 billion, a price-to-earnings ratio of 18.08 and a beta of 0.82. Essential Utilities has a fifty-two week low of $36.32 and a fifty-two week high of $42.37. The firm’s 50-day simple moving average is $39.41 and its 200-day simple moving average is $39.14.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Thursday, February 26th. The company reported $0.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.11. Essential Utilities had a return on equity of 9.18% and a net margin of 24.91%.The firm had revenue of $699.11 million during the quarter, compared to analysts’ expectations of $611.60 million. During the same period in the previous year, the firm posted $0.67 earnings per share. Essential Utilities’s revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts predict that Essential Utilities will post 1.99 earnings per share for the current year.

Institutional Trading of Essential Utilities

Institutional investors have recently added to or reduced their stakes in the business. Synergy Asset Management LLC increased its stake in shares of Essential Utilities by 351.4% in the 3rd quarter. Synergy Asset Management LLC now owns 234,179 shares of the company’s stock valued at $9,057,000 after purchasing an additional 182,301 shares during the last quarter. Nordea Investment Management AB raised its holdings in Essential Utilities by 25.5% in the 3rd quarter. Nordea Investment Management AB now owns 8,972,565 shares of the company’s stock valued at $354,057,000 after buying an additional 1,822,306 shares during the last quarter. Citigroup Inc. lifted its holdings in shares of Essential Utilities by 39.8% during the third quarter. Citigroup Inc. now owns 99,453 shares of the company’s stock worth $3,968,000 after purchasing an additional 28,329 shares during the period. ProShare Advisors LLC lifted its holdings in Essential Utilities by 16.4% during the 3rd quarter. ProShare Advisors LLC now owns 966,685 shares of the company’s stock worth $38,571,000 after buying an additional 135,899 shares during the period. Finally, Bank of New York Mellon Corp boosted its holdings in Essential Utilities by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 2,709,048 shares of the company’s stock valued at $108,091,000 after acquiring an additional 29,904 shares during the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Company Profile

Essential Utilities, Inc, formerly known as Aqua America, is a publicly traded water and natural gas utility holding company. Through its regulated water and wastewater subsidiaries, the company provides essential water services to residential, commercial and industrial customers. In addition, Essential Utilities delivers natural gas distribution services in Pennsylvania through its Peoples Gas subsidiary, offering integrated utility solutions under a unified corporate framework.

The company traces its roots to the Philadelphia Suburban Water Company, founded in 1886 to serve growing communities outside Philadelphia.