Essential Utilities, Inc. (NYSE:WTRG) Shares Sold by Investment Management Corp of Ontario

Investment Management Corp of Ontario lessened its stake in shares of Essential Utilities, Inc. (NYSE:WTRG) by 16.2% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,221 shares of the company’s stock after selling 1,400 shares during the quarter. Investment Management Corp of Ontario’s holdings in Essential Utilities were worth $262,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of WTRG. VSM Wealth Advisory LLC acquired a new position in shares of Essential Utilities in the fourth quarter worth about $26,000. IFP Advisors Inc lifted its stake in shares of Essential Utilities by 75.0% in the fourth quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock worth $40,000 after acquiring an additional 473 shares in the last quarter. New Age Alpha Advisors LLC acquired a new position in shares of Essential Utilities in the fourth quarter worth about $45,000. Bessemer Group Inc. lifted its stake in shares of Essential Utilities by 98.9% in the fourth quarter. Bessemer Group Inc. now owns 1,565 shares of the company’s stock worth $56,000 after acquiring an additional 778 shares in the last quarter. Finally, Stonebridge Financial Group LLC bought a new stake in Essential Utilities in the fourth quarter valued at about $60,000. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Stock Down 4.4%

NYSE:WTRG opened at $37.39 on Wednesday. The firm has a market capitalization of $10.30 billion, a PE ratio of 18.70, a price-to-earnings-growth ratio of 2.57 and a beta of 0.85. The stock has a 50 day moving average of $39.59 and a 200-day moving average of $38.01. Essential Utilities, Inc. has a 52 week low of $33.18 and a 52 week high of $41.78. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Monday, May 12th. The company reported $1.03 EPS for the quarter, beating the consensus estimate of $0.80 by $0.23. The company had revenue of $783.63 million during the quarter, compared to analyst estimates of $713.80 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The business’s revenue was up 28.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 earnings per share. Analysts predict that Essential Utilities, Inc. will post 1.99 EPS for the current 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 dividend of $0.3255 per share. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.30 annualized dividend and a dividend yield of 3.48%. Essential Utilities’s dividend payout ratio is presently 59.91%.

Analyst Upgrades and Downgrades

WTRG has been the subject of several research analyst reports. StockNews.com raised Essential Utilities from a “sell” rating to a “hold” rating in a report on Sunday, April 20th. Jefferies Financial Group raised Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a report on Tuesday, January 28th. Robert W. Baird lowered their price objective on Essential Utilities from $47.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday. Evercore ISI boosted 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. Finally, Wells Fargo & Company boosted 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. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

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.