Essential Utilities Inc. (NYSE:WTRG) Short Interest Up 14.6% in February

Essential Utilities Inc. (NYSE:WTRG) was the recipient of a significant increase in short interest in the month of February. As of February 27th, there was short interest totaling 7,835,006 shares, an increase of 14.6% from the February 12th total of 6,837,681 shares. Approximately 2.8% of the shares of the company are short sold. Based on an average daily trading volume, of 5,198,083 shares, the days-to-cover ratio is currently 1.5 days. Based on an average daily trading volume, of 5,198,083 shares, the days-to-cover ratio is currently 1.5 days. Approximately 2.8% of the shares of the company are short sold.

Analyst Upgrades and Downgrades

WTRG has been the subject of several research reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Essential Utilities in a research note on Monday, December 29th. Barclays set a $38.00 price objective on Essential Utilities and gave the company an “underweight” rating in a research note on Wednesday, December 17th. Finally, Northcoast Research raised shares of Essential Utilities from a “neutral” rating to a “buy” rating and set a $42.00 price objective on the stock in a report on Wednesday, December 3rd. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $43.20.

Essential Utilities Trading Down 0.4%

Shares of Essential Utilities stock opened at $40.65 on Thursday. The company’s 50-day moving average price is $39.32 and its 200-day moving average price is $39.12. The company has a current ratio of 0.80, a quick ratio of 0.65 and a debt-to-equity ratio of 1.18. Essential Utilities has a 12-month low of $36.32 and a 12-month high of $42.37. The company has a market cap of $11.51 billion, a price-to-earnings ratio of 18.39 and a beta of 0.82.

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

Essential Utilities Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 1st. Stockholders of record on Tuesday, May 12th will be given a dividend of $0.3426 per share. This represents a $1.37 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date is Tuesday, May 12th. Essential Utilities’s payout ratio is 61.99%.

Institutional Investors Weigh In On Essential Utilities

A number of institutional investors and hedge funds have recently made changes to their positions in the business. GoalVest Advisory LLC purchased a new position in Essential Utilities during the fourth quarter worth about $25,000. American National Bank & Trust purchased a new stake in shares of Essential Utilities in the 3rd quarter valued at about $27,000. Fideuram Asset Management Ireland dac purchased a new stake in shares of Essential Utilities in the 4th quarter valued at about $27,000. Atlantic Union Bankshares Corp boosted its position in shares of Essential Utilities by 1,163.8% during the 3rd quarter. Atlantic Union Bankshares Corp now owns 733 shares of the company’s stock valued at $29,000 after acquiring an additional 675 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd bought a new stake in shares of Essential Utilities during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

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.