Bank of America Reaffirms Buy Rating for Essential Utilities (NYSE:WTRG)

Essential Utilities (NYSE:WTRG)‘s stock had its “buy” rating reiterated by research analysts at Bank of America in a report issued on Friday, Benzinga reports. They presently have a $45.00 price target on the stock. Bank of America‘s price target points to a potential upside of 17.49% from the stock’s previous close.

Other research analysts also recently issued research reports about the stock. Robert W. Baird boosted their price target on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. Wells Fargo & Company increased their price target on Essential Utilities from $42.00 to $45.00 and gave the stock an “overweight” rating in a report on Wednesday, July 31st. Finally, Evercore ISI upped their target price on Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $44.50.

Essential Utilities Trading Down 1.1 %

WTRG opened at $38.30 on Friday. The company has a quick ratio of 0.44, a current ratio of 0.58 and a debt-to-equity ratio of 1.14. Essential Utilities has a twelve month low of $32.07 and a twelve month high of $41.78. The stock has a market capitalization of $10.48 billion, a price-to-earnings ratio of 18.15, a P/E/G ratio of 3.46 and a beta of 0.85. The company has a 50-day simple moving average of $39.72 and a 200 day simple moving average of $37.88.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). The company 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 company’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. Analysts predict that Essential Utilities will post 1.94 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CAO Robert A. Rubin sold 2,342 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The stock was sold at an average price of $37.43, for a total value of $87,661.06. Following the transaction, the chief accounting officer now owns 53,391 shares in the company, valued at $1,998,425.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Essential Utilities

Hedge funds have recently modified their holdings of the company. Tradewinds Capital Management LLC grew its position in Essential Utilities by 857.5% during the first quarter. Tradewinds Capital Management LLC now owns 699 shares of the company’s stock valued at $26,000 after buying an additional 626 shares during the period. Quest Partners LLC bought a new stake in shares of Essential Utilities in the 4th quarter worth approximately $36,000. Tradition Wealth Management LLC lifted its stake in Essential Utilities by 246.0% in the fourth quarter. Tradition Wealth Management LLC now owns 955 shares of the company’s stock valued at $36,000 after purchasing an additional 679 shares during the last quarter. Voisard Asset Management Group Inc. bought a new position in Essential Utilities during the second quarter valued at $37,000. Finally, Webster Bank N. A. purchased a new stake in Essential Utilities in the first quarter worth $41,000. Institutional investors 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.