Essential Utilities (NYSE:WTRG) Price Target Raised to $41.00 at Wells Fargo & Company

Essential Utilities (NYSE:WTRG) had its target price upped by Wells Fargo & Company from $39.00 to $41.00 in a research note published on Thursday,Benzinga reports. They currently have an equal weight rating on the stock.

A number of other research firms also recently commented on WTRG. UBS Group decreased their target price on Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Robert W. Baird increased their price objective on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Jefferies Financial Group raised shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Tuesday, January 28th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.33.

Essential Utilities Price Performance

NYSE WTRG opened at $37.65 on Thursday. The firm’s fifty day simple moving average is $35.57 and its two-hundred day simple moving average is $37.86. The firm has a market capitalization of $10.34 billion, a P/E ratio of 18.83, a P/E/G ratio of 2.57 and a beta of 0.87. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17. Essential Utilities has a 12-month low of $33.18 and a 12-month high of $41.78.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.66 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The business had revenue of $604.38 million during the quarter, compared to the consensus estimate of $698.77 million. Analysts forecast that Essential Utilities will post 1.99 EPS for the current fiscal year.

Essential Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.46%. The ex-dividend date of this dividend is Tuesday, May 13th. Essential Utilities’s dividend payout ratio is currently 65.00%.

Institutional Trading of Essential Utilities

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brooklyn Investment Group purchased a new stake in shares of Essential Utilities during the 3rd quarter worth about $26,000. VSM Wealth Advisory LLC acquired a new stake in Essential Utilities in the fourth quarter valued at approximately $26,000. Darwin Wealth Management LLC purchased a new stake in shares of Essential Utilities in the third quarter valued at approximately $28,000. First Horizon Advisors Inc. raised its stake in shares of Essential Utilities by 61.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after buying an additional 294 shares during the period. Finally, IFP Advisors Inc lifted its position in shares of Essential Utilities by 75.0% during the 4th quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock valued at $40,000 after buying an additional 473 shares in the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Company Profile

Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. The company operates through Regulated Water and Regulated Natural Gas segments. It offers water services through operating and maintenance contract with municipal authorities and other parties.