Argus Issues Positive Forecast for Essential Utilities (NYSE:WTRG) Stock Price

Essential Utilities (NYSE:WTRG) had its price target hoisted by Argus from $45.00 to $50.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts also recently weighed in on the stock. Barclays upped their price target on shares of Essential Utilities from $38.00 to $40.00 and gave the stock an “underweight” rating in a report on Wednesday, July 15th. UBS Group decreased their price objective on shares of Essential Utilities from $49.00 to $47.00 and set a “buy” rating on the stock in a research note on Friday, October 16th. Finally, Weiss Ratings upgraded shares of Essential Utilities from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 22nd. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Essential Utilities has an average rating of “Moderate Buy” and an average target price of $44.75.

Essential Utilities Stock Down 0.5%

Shares of NYSE WTRG opened at $44.93 on Wednesday. The stock has a market capitalization of $12.87 billion, a P/E ratio of 22.58, a PEG ratio of 3.40 and a beta of 0.62. The stock’s fifty day moving average is $41.42 and its 200 day moving average is $39.65. Essential Utilities has a 52 week low of $36.10 and a 52 week high of $46.36. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.30 and a current ratio of 0.40.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.33 by $0.05. The business had revenue of $508.26 million during the quarter, compared to analysts’ expectations of $450.44 million. Essential Utilities had a net margin of 21.79% and a return on equity of 8.36%. Essential Utilities’s revenue was up 6.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.33 earnings per share. Sell-side analysts forecast that Essential Utilities will post 2.21 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Investors of record on Tuesday, November 10th will be paid a $0.3606 dividend. The ex-dividend date of this dividend is Tuesday, November 10th. This represents a $1.44 annualized dividend and a yield of 3.2%. Essential Utilities’s dividend payout ratio (DPR) is 72.36%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Advisors Asset Management Inc. bought a new position in shares of Essential Utilities in the third quarter worth about $1,229,000. Private Wealth Asset Management LLC acquired a new stake in shares of Essential Utilities in the 3rd quarter valued at approximately $397,000. Private Advisor Group LLC grew its holdings in shares of Essential Utilities by 45.1% during the 3rd quarter. Private Advisor Group LLC now owns 54,012 shares of the company’s stock valued at $2,117,000 after purchasing an additional 16,787 shares during the last quarter. Taylor Hoffman Capital Management LLC bought a new stake in shares of Essential Utilities during the 3rd quarter valued at approximately $263,000. Finally, Focus Advisor Solutions LLC grew its holdings in shares of Essential Utilities by 13.4% during the 3rd quarter. Focus Advisor Solutions LLC now owns 10,821 shares of the company’s stock valued at $424,000 after purchasing an additional 1,278 shares during the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

About Essential Utilities

Essential Utilities, Inc. is a regulated utility company that provides water and wastewater services through its Aqua operations and natural gas distribution through Peoples Natural Gas. Its services include treating and delivering drinking water, collecting and treating wastewater, and supplying natural gas to homes and businesses. The company traces its water utility roots to the Springfield Water Company, founded in Pennsylvania in 1886. It adopted the Essential Utilities name in 2020, following its acquisition of Peoples Natural Gas and the expansion of its business beyond water and wastewater services.