EWG Elevate Inc. Takes Position in Essential Utilities, Inc. (NYSE:WTRG)

EWG Elevate Inc. bought a new stake in shares of Essential Utilities, Inc. (NYSE:WTRG) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 5,187 shares of the company’s stock, valued at approximately $200,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Bank of Nova Scotia grew its stake in shares of Essential Utilities by 82.5% during the fourth quarter. Bank of Nova Scotia now owns 13,606 shares of the company’s stock valued at $508,000 after buying an additional 6,149 shares during the last quarter. Vinva Investment Management Ltd bought a new stake in shares of Essential Utilities during the fourth quarter worth $210,000. Cullen Capital Management LLC boosted its stake in shares of Essential Utilities by 30.0% during the fourth quarter. Cullen Capital Management LLC now owns 13,411 shares of the company’s stock valued at $501,000 after purchasing an additional 3,093 shares during the period. Jacobi Capital Management LLC grew its holdings in shares of Essential Utilities by 5.1% in the fourth quarter. Jacobi Capital Management LLC now owns 62,071 shares of the company’s stock worth $2,318,000 after purchasing an additional 3,029 shares during the last quarter. Finally, Point72 Europe London LLP purchased a new position in Essential Utilities in the 4th quarter worth about $604,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Performance

NYSE:WTRG traded down $0.02 during trading hours on Monday, reaching $38.24. The company had a trading volume of 1,475,213 shares, compared to its average volume of 1,551,146. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44. Essential Utilities, Inc. has a 1-year low of $32.42 and a 1-year high of $41.78. The business’s 50 day moving average price is $39.21 and its 200-day moving average price is $38.12. The firm has a market cap of $10.46 billion, a PE ratio of 17.86, a price-to-earnings-growth ratio of 3.44 and a beta of 0.84.

Essential Utilities (NYSE:WTRG) last posted 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). The firm had revenue of $434.40 million during the quarter, compared to analyst estimates of $442.76 million. Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The business’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.34 earnings per share. Research analysts forecast that Essential Utilities, Inc. will post 1.95 EPS for the current year.

Essential Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.41%. The ex-dividend date of this dividend was Monday, August 12th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s dividend payout ratio is 61.61%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Robert W. Baird lifted their price target on shares of Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Bank of America reiterated a “buy” rating and issued a $45.00 target price on shares of Essential Utilities in a report on Friday, September 20th. Evercore ISI boosted their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Jefferies Financial Group initiated coverage on Essential Utilities in a research report on Monday. They set a “buy” rating and a $44.00 target price on the stock. Finally, Wells Fargo & Company increased their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat, Essential Utilities presently has an average rating of “Moderate Buy” and an average target price of $44.80.

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.