Essential Utilities (NYSE:WTRG) Posts Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Essential Utilities (NYSE:WTRG) released its quarterly earnings data on Tuesday. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01, Zacks reports. Essential Utilities had a net margin of 21.82% and a return on equity of 8.34%.

Essential Utilities Stock Up 2.2%

Shares of WTRG stock traded up $0.85 during mid-day trading on Tuesday, reaching $39.63. 3,087,538 shares of the company were exchanged, compared to its average volume of 2,243,507. Essential Utilities has a fifty-two week low of $36.10 and a fifty-two week high of $42.37. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.84 and a current ratio of 0.95. The company has a market capitalization of $11.24 billion, a P/E ratio of 20.12 and a beta of 0.64. The business’s 50 day simple moving average is $38.22 and its 200 day simple moving average is $38.88.

Essential Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 11th will be paid a dividend of $0.3606 per share. This is an increase from Essential Utilities’s previous quarterly dividend of $0.34. The ex-dividend date is Tuesday, August 11th. This represents a $1.44 annualized dividend and a dividend yield of 3.6%. Essential Utilities’s dividend payout ratio (DPR) is currently 69.54%.

Analysts Set New Price Targets

Several research firms recently weighed in on WTRG. Weiss Ratings restated a “hold (c+)” rating on shares of Essential Utilities in a report on Friday, May 22nd. UBS Group increased their price target on Essential Utilities from $43.00 to $46.00 and gave the company a “buy” rating in a report on Thursday, July 2nd. Wall Street Zen raised Essential Utilities to a “sell” rating in a research report on Saturday, July 4th. Finally, Barclays boosted their price objective on Essential Utilities from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 15th. Two research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Institutional Trading of Essential Utilities

Several institutional investors have recently added to or reduced their stakes in WTRG. Brighton Jones LLC bought a new stake in Essential Utilities in the fourth quarter valued at about $638,000. Vident Advisory LLC lifted its holdings in Essential Utilities by 19.5% during the 4th quarter. Vident Advisory LLC now owns 6,657 shares of the company’s stock worth $255,000 after buying an additional 1,085 shares during the last quarter. UMB Bank n.a. lifted its holdings in Essential Utilities by 16.9% during the 4th quarter. UMB Bank n.a. now owns 4,362 shares of the company’s stock worth $167,000 after buying an additional 632 shares during the last quarter. Virtue Capital Management LLC acquired a new position in shares of Essential Utilities in the 4th quarter worth approximately $212,000. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of Essential Utilities in the 3rd quarter worth approximately $288,000. 74.78% of the stock is owned by institutional investors and hedge funds.

About Essential Utilities

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.