Essential Utilities (NYSE:WTRG) Releases Earnings Results, Beats Expectations By $0.01 EPS

Essential Utilities (NYSE:WTRG) issued its quarterly earnings results on Tuesday. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01, Zacks reports. Essential Utilities had a net margin of 21.82% and a return on equity of 8.34%.

Essential Utilities Stock Up 2.2%

NYSE WTRG traded up $0.85 on Tuesday, reaching $39.63. The stock had a trading volume of 3,087,538 shares, compared to its average volume of 2,243,507. The company has a current ratio of 0.95, a quick ratio of 0.84 and a debt-to-equity ratio of 1.21. Essential Utilities has a 1 year low of $36.10 and a 1 year high of $42.37. The business has a 50 day moving average price of $38.22 and a 200 day moving average price of $38.88. The company has a market capitalization of $11.24 billion, a price-to-earnings ratio of 20.12 and a beta of 0.64.

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be paid a $0.3606 dividend. This represents a $1.44 dividend on an annualized basis and a yield of 3.6%. This is an increase from Essential Utilities’s previous quarterly dividend of $0.34. The ex-dividend date is Tuesday, August 11th. Essential Utilities’s dividend payout ratio is presently 69.54%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on WTRG. Wall Street Zen raised shares of Essential Utilities to a “sell” rating in a research note on Saturday, July 4th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Essential Utilities in a research report on Friday, May 22nd. Barclays raised their price objective on Essential Utilities from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 15th. Finally, UBS Group lifted their target price on Essential Utilities from $43.00 to $46.00 and gave the stock a “buy” rating in a report on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $43.00.

Institutional Investors Weigh In On Essential Utilities

Several institutional investors have recently made changes to their positions in WTRG. Compound Planning Inc. raised its position in Essential Utilities by 7.4% during the fourth quarter. Compound Planning Inc. now owns 11,613 shares of the company’s stock valued at $445,000 after acquiring an additional 803 shares in the last quarter. Invesco Ltd. increased its stake in shares of Essential Utilities by 0.8% during the 4th quarter. Invesco Ltd. now owns 3,962,841 shares of the company’s stock worth $152,015,000 after purchasing an additional 33,292 shares during the last quarter. Corient Private Wealth LLC lifted its stake in shares of Essential Utilities by 23.4% in the 4th quarter. Corient Private Wealth LLC now owns 50,792 shares of the company’s stock valued at $1,935,000 after purchasing an additional 9,626 shares during the last quarter. Alpine Woods Capital Investors LLC raised its stake in shares of Essential Utilities by 9.4% in the 4th quarter. Alpine Woods Capital Investors LLC now owns 82,933 shares of the company’s stock valued at $3,181,000 after acquiring an additional 7,119 shares in the last quarter. Finally, Mercer Global Advisors Inc. ADV boosted its position in Essential Utilities by 7.5% during the fourth quarter. Mercer Global Advisors Inc. ADV now owns 54,880 shares of the company’s stock worth $2,105,000 after purchasing an additional 3,845 shares during the period. 74.78% of the stock is currently owned by institutional investors and hedge funds.

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.