MBB Public Markets I LLC Takes Position in Essential Utilities, Inc. (NYSE:WTRG)

MBB Public Markets I LLC purchased a new position in Essential Utilities, Inc. (NYSE:WTRG) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 18,964 shares of the company’s stock, valued at approximately $708,000.

Other hedge funds also recently added to or reduced their stakes in the company. US Bancorp DE grew its stake in shares of Essential Utilities by 11.1% during the 4th quarter. US Bancorp DE now owns 21,113 shares of the company’s stock worth $789,000 after purchasing an additional 2,107 shares during the period. Hsbc Holdings PLC boosted its stake in shares of Essential Utilities by 654.7% during the 4th quarter. Hsbc Holdings PLC now owns 163,342 shares of the company’s stock worth $6,104,000 after acquiring an additional 141,699 shares in the last quarter. Parallel Advisors LLC grew its position in shares of Essential Utilities by 30.0% during the 4th quarter. Parallel Advisors LLC now owns 2,410 shares of the company’s stock valued at $90,000 after acquiring an additional 556 shares during the period. Allianz Asset Management GmbH increased its stake in shares of Essential Utilities by 261.5% in the 4th quarter. Allianz Asset Management GmbH now owns 274,213 shares of the company’s stock valued at $10,242,000 after purchasing an additional 198,350 shares in the last quarter. Finally, Treasurer of the State of North Carolina raised its holdings in Essential Utilities by 1.0% in the 4th quarter. Treasurer of the State of North Carolina now owns 107,688 shares of the company’s stock worth $4,022,000 after purchasing an additional 1,050 shares during the period. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Trading Down 0.7 %

WTRG opened at $38.31 on Wednesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44. The company’s 50 day simple moving average is $39.35 and its two-hundred day simple moving average is $38.06. The firm has a market capitalization of $10.48 billion, a price-to-earnings ratio of 18.16, a price-to-earnings-growth ratio of 3.37 and a beta of 0.85. Essential Utilities, Inc. has a 1-year low of $32.07 and a 1-year high of $41.78.

Essential Utilities (NYSE:WTRG) last issued its earnings results on Monday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02). Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The company had revenue of $434.40 million during the quarter, compared to analysts’ expectations of $442.76 million. During the same quarter in the previous year, the company earned $0.34 earnings per share. The firm’s quarterly revenue was down .5% compared to the same quarter last year. Analysts expect that Essential Utilities, Inc. will post 1.95 EPS for the current fiscal year.

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 12th were paid a dividend of $0.3255 per share. The ex-dividend date of this dividend was Monday, August 12th. This is an increase from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.30 dividend on an annualized basis and a yield of 3.40%. Essential Utilities’s payout ratio is 61.61%.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on WTRG shares. Bank of America reiterated a “buy” rating and set a $45.00 target price on shares of Essential Utilities in a research report on Friday, September 20th. Robert W. Baird boosted their target price on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Wells Fargo & Company raised their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Finally, Evercore ISI boosted their price objective on Essential Utilities from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. Based on data from MarketBeat, Essential Utilities currently has an average rating of “Moderate Buy” and an average target price of $45.00.

Essential Utilities 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.