Unitil (NYSE:UTL) Sets New 52-Week High After Dividend Announcement

Unitil Corporation (NYSE:UTL)’s share price reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The company traded as high as $57.26 and last traded at $56.1430, with a volume of 96205 shares. The stock had previously closed at $55.54.

The newly announced dividend which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be issued a $0.475 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.5%. Unitil’s dividend payout ratio is currently 60.13%.

Analysts Set New Price Targets

Several research firms have weighed in on UTL. Zacks Research upgraded shares of Unitil to a “hold” rating in a research note on Monday, April 13th. Weiss Ratings reissued a “hold (c+)” rating on shares of Unitil in a research note on Monday, June 29th. Wells Fargo & Company started coverage on shares of Unitil in a report on Monday, May 11th. They set an “equal weight” rating and a $56.00 price target on the stock. Wall Street Zen downgraded shares of Unitil from a “buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, Freedom Capital lowered Unitil from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $56.50.

Unitil Price Performance

The stock’s 50 day moving average price is $52.52 and its two-hundred day moving average price is $52.06. The company has a debt-to-equity ratio of 0.99, a current ratio of 0.57 and a quick ratio of 0.53. The firm has a market capitalization of $980.76 million, a price-to-earnings ratio of 17.25 and a beta of 0.31.

Unitil (NYSE:UTL) last issued its quarterly earnings results on Monday, May 4th. The utilities provider reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.02. The company had revenue of $216.90 million for the quarter, compared to the consensus estimate of $179.13 million. Unitil had a return on equity of 9.89% and a net margin of 9.60%. On average, equities research analysts anticipate that Unitil Corporation will post 3.31 EPS for the current year.

Institutional Investors Weigh In On Unitil

Hedge funds and other institutional investors have recently modified their holdings of the stock. International Assets Investment Management LLC bought a new position in Unitil during the fourth quarter worth $26,000. Larson Financial Group LLC bought a new stake in Unitil in the 4th quarter valued at $29,000. Caitong International Asset Management Co. Ltd bought a new stake in Unitil in the 3rd quarter valued at $29,000. Bessemer Group Inc. grew its position in Unitil by 196.1% in the 1st quarter. Bessemer Group Inc. now owns 610 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 404 shares during the last quarter. Finally, Quarry LP acquired a new stake in Unitil in the 3rd quarter worth $32,000. Institutional investors and hedge funds own 76.76% of the company’s stock.

About Unitil

Unitil Corporation (NYSE: UTL) is a publicly traded energy delivery company that provides regulated electric and natural gas distribution services. The company delivers energy to residential, commercial and industrial customers through a network of distribution systems, offering safe and reliable service across its service areas. Unitil’s operations include system maintenance, emergency response, meter reading and customer support functions, all governed by state regulatory commissions.

Headquartered in Hampton, New Hampshire, Unitil serves communities in New Hampshire, Massachusetts and Maine.