Unitil (NYSE:UTL) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Unitil (NYSE:UTL) issued its quarterly earnings results on Monday. The utilities provider reported $0.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.26 by $0.03, Zacks reports. Unitil had a return on equity of 9.64% and a net margin of 9.49%.The firm had revenue of $113.19 million during the quarter, compared to the consensus estimate of $113.19 million.

Unitil Stock Performance

Shares of Unitil stock opened at $53.77 on Wednesday. The company has a current ratio of 0.57, a quick ratio of 0.53 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $967.32 million, a P/E ratio of 17.02 and a beta of 0.31. The business has a fifty day simple moving average of $52.65 and a two-hundred day simple moving average of $52.15. Unitil has a 12 month low of $44.61 and a 12 month high of $57.26.

Unitil Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 31st. Shareholders 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 yield of 3.5%. Unitil’s dividend payout ratio is 60.13%.

Institutional Trading of Unitil

Hedge funds and other institutional investors have recently modified their holdings of the business. Wellington Management Group LLP lifted its position in Unitil by 94.0% during the 4th quarter. Wellington Management Group LLP now owns 601,260 shares of the utilities provider’s stock valued at $29,125,000 after acquiring an additional 291,325 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Unitil by 17.8% in the second quarter. The Manufacturers Life Insurance Company now owns 717,423 shares of the utilities provider’s stock worth $37,414,000 after purchasing an additional 108,254 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Unitil by 98.6% during the fourth quarter. Goldman Sachs Group Inc. now owns 146,984 shares of the utilities provider’s stock valued at $7,120,000 after purchasing an additional 72,959 shares in the last quarter. Alyeska Investment Group L.P. bought a new position in shares of Unitil during the third quarter valued at approximately $2,872,000. Finally, Charles Schwab Investment Management Inc. lifted its holdings in shares of Unitil by 21.1% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 268,215 shares of the utilities provider’s stock valued at $12,992,000 after purchasing an additional 46,797 shares during the last quarter. 76.76% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on UTL. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Unitil in a research note on Monday, June 29th. Scotiabank initiated coverage on shares of Unitil in a report on Friday, April 10th. They set a “sector perform” rating and a $57.00 target price for the company. Wall Street Zen cut Unitil from a “buy” rating to a “hold” rating in a report on Monday, April 13th. Wells Fargo & Company assumed coverage on Unitil in a research note on Monday, May 11th. They set an “equal weight” rating and a $56.00 target price on the stock. Finally, Zacks Research raised Unitil to a “hold” rating in a research note on Monday, April 13th. Five analysts have rated the stock with a Hold rating, According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $56.50.

Unitil Company Profile

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.