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

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

A number of other equities analysts also recently commented on WTRG. Robert W. Baird boosted their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. UBS Group reduced their target price on shares of 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 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 equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Essential Utilities presently has an average rating of “Moderate Buy” and a consensus price target of $43.33.

Essential Utilities Stock Performance

WTRG stock opened at $37.96 on Thursday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.55 and a quick ratio of 0.39. The business has a 50-day moving average price of $35.60 and a 200 day moving average price of $37.84. The company has a market capitalization of $10.42 billion, a P/E ratio of 18.98, a PEG ratio of 2.57 and a beta of 0.86. Essential Utilities has a 1-year low of $33.18 and a 1-year high of $41.78.

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

Essential Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be issued a dividend of $0.3255 per share. The ex-dividend date is Tuesday, May 13th. This represents a $1.30 annualized dividend and a dividend yield of 3.43%. Essential Utilities’s dividend payout ratio (DPR) is currently 59.91%.

Hedge Funds Weigh In On Essential Utilities

Several hedge funds have recently modified their holdings of the stock. CIBC Asset Management Inc increased its holdings in shares of Essential Utilities by 1.8% during the third quarter. CIBC Asset Management Inc now owns 14,243 shares of the company’s stock valued at $549,000 after acquiring an additional 250 shares in the last quarter. Blair William & Co. IL increased its holdings in shares of Essential Utilities by 1.2% during the fourth quarter. Blair William & Co. IL now owns 24,652 shares of the company’s stock valued at $895,000 after acquiring an additional 285 shares in the last quarter. Nations Financial Group Inc. IA ADV increased its holdings in shares of Essential Utilities by 4.8% during the fourth quarter. Nations Financial Group Inc. IA ADV now owns 6,342 shares of the company’s stock valued at $230,000 after acquiring an additional 289 shares in the last quarter. First Horizon Advisors Inc. increased its holdings in shares of Essential Utilities by 61.4% during 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 in the last quarter. Finally, Tompkins Financial Corp increased its holdings in shares of Essential Utilities by 21.7% during the third quarter. Tompkins Financial Corp now owns 1,685 shares of the company’s stock valued at $65,000 after acquiring an additional 300 shares in the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

About Essential Utilities

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.