Proficio Capital Partners LLC Takes $1.62 Million Position in Essential Utilities, Inc. (NYSE:WTRG)

Proficio Capital Partners LLC acquired a new position in shares of Essential Utilities, Inc. (NYSE:WTRG) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 44,637 shares of the company’s stock, valued at approximately $1,621,000.

A number of other hedge funds have also recently added to or reduced their stakes in WTRG. Glenmede Trust Co. NA boosted its position in Essential Utilities by 1.6% during the third quarter. Glenmede Trust Co. NA now owns 51,881 shares of the company’s stock worth $2,001,000 after purchasing an additional 803 shares during the period. Synergy Asset Management LLC grew its stake in Essential Utilities by 92.8% during the fourth quarter. Synergy Asset Management LLC now owns 148,009 shares of the company’s stock worth $5,529,000 after buying an additional 71,222 shares during the last quarter. Nordea Investment Management AB increased its stake in shares of Essential Utilities by 16.7% in the fourth quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company’s stock valued at $247,134,000 after buying an additional 972,803 shares in the last quarter. Brighton Jones LLC acquired a new position in Essential Utilities during the 4th quarter worth $638,000. Finally, Charles Schwab Investment Management Inc. lifted its position in Essential Utilities by 8.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,871,932 shares of the company’s stock valued at $72,200,000 after purchasing an additional 149,162 shares during the period. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Price Performance

Shares of WTRG stock opened at $39.14 on Thursday. The business has a fifty day simple moving average of $36.44 and a 200 day simple moving average of $37.84. The company has a market cap of $10.76 billion, a P/E ratio of 19.57, a P/E/G ratio of 2.57 and a beta of 0.79. Essential Utilities, Inc. has a twelve month low of $33.18 and a twelve month high of $41.78. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Wednesday, February 26th. The company reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $604.38 million for the quarter, compared to the consensus estimate of $698.77 million. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. On average, sell-side analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be given a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.33%. The ex-dividend date of this dividend is Tuesday, May 13th. Essential Utilities’s dividend payout ratio (DPR) is presently 59.91%.

Analyst Upgrades and Downgrades

WTRG has been the topic of a number of analyst reports. UBS Group cut their price target on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Evercore ISI increased their price objective on Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a report on Wednesday, March 5th. Jefferies Financial Group upgraded Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research note on Tuesday, January 28th. Finally, Wells Fargo & Company upped their price objective on Essential Utilities from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Thursday, February 27th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Essential Utilities presently has an average rating of “Moderate Buy” and an average price target of $43.50.

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.