Costello Asset Management INC Sells 7,165 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Costello Asset Management INC cut its stake in Essential Utilities, Inc. (NYSE:WTRG) by 7.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 94,200 shares of the company’s stock after selling 7,165 shares during the period. Essential Utilities makes up about 2.3% of Costello Asset Management INC’s portfolio, making the stock its 15th biggest holding. Costello Asset Management INC’s holdings in Essential Utilities were worth $3,421,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of the stock. Friedenthal Financial bought a new position in Essential Utilities in the third quarter valued at about $25,000. Brooklyn Investment Group acquired a new stake in shares of Essential Utilities during the 3rd quarter valued at $26,000. Darwin Wealth Management LLC bought a new position in shares of Essential Utilities during the third quarter valued at $28,000. First Horizon Advisors Inc. boosted its holdings in Essential Utilities by 61.4% in the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock valued at $30,000 after acquiring an additional 294 shares during the last quarter. Finally, Truvestments Capital LLC bought a new stake in Essential Utilities during the third quarter valued at $42,000. Institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Down 0.0 %

WTRG stock opened at $35.46 on Friday. The firm has a market capitalization of $9.74 billion, a PE ratio of 17.73, a P/E/G ratio of 2.52 and a beta of 0.86. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. Essential Utilities, Inc. has a twelve month low of $33.18 and a twelve month high of $41.78. The stock’s 50 day moving average is $36.72 and its 200-day moving average is $38.46.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The firm had revenue of $435.30 million during the quarter, compared to analyst estimates of $416.95 million. During the same quarter in the prior year, the business posted $0.30 EPS. The business’s revenue was up 5.8% compared to the same quarter last year. Sell-side analysts expect that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 10th will be given a $0.3255 dividend. The ex-dividend date is Monday, February 10th. This represents a $1.30 annualized dividend and a yield of 3.67%. Essential Utilities’s dividend payout ratio is currently 65.00%.

Wall Street Analysts Forecast Growth

WTRG has been the subject of a number of research reports. Wells Fargo & Company cut shares of Essential Utilities from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $43.00 to $39.00 in a report on Tuesday, January 7th. Robert W. Baird increased their price target on Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. UBS Group decreased their price objective on Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Jefferies Financial Group upgraded Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a report on Tuesday. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $43.00.

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.