Connor Clark & Lunn Investment Management Ltd. Takes $2.66 Million Position in Essential Utilities Inc. (NYSE:WTRG)

Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Essential Utilities Inc. (NYSE:WTRG) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 67,219 shares of the company’s stock, valued at approximately $2,657,000.

A number of other institutional investors have also modified their holdings of WTRG. Brighton Jones LLC acquired a new position in shares of Essential Utilities in the fourth quarter valued at approximately $638,000. Raymond James Financial Inc. purchased a new position in Essential Utilities during the fourth quarter worth approximately $7,383,000. Bessemer Group Inc. raised its stake in Essential Utilities by 98.9% during the fourth quarter. Bessemer Group Inc. now owns 1,565 shares of the company’s stock worth $56,000 after purchasing an additional 778 shares during the period. Sterling Capital Management LLC raised its stake in Essential Utilities by 55.5% during the fourth quarter. Sterling Capital Management LLC now owns 14,924 shares of the company’s stock worth $542,000 after purchasing an additional 5,324 shares during the period. Finally, Rockefeller Capital Management L.P. raised its stake in Essential Utilities by 5.9% during the fourth quarter. Rockefeller Capital Management L.P. now owns 11,028 shares of the company’s stock worth $401,000 after purchasing an additional 617 shares during the period. Institutional investors and hedge funds own 74.78% of the company’s stock.

Analyst Upgrades and Downgrades

WTRG has been the topic of a number of recent analyst reports. Robert W. Baird increased their price target on shares of Essential Utilities from $46.00 to $47.00 and gave the stock an “outperform” rating in a research note on Monday, August 4th. Wall Street Zen raised shares of Essential Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, July 26th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $43.67.

Essential Utilities Price Performance

Essential Utilities stock opened at $39.07 on Friday. Essential Utilities Inc. has a 52-week low of $33.18 and a 52-week high of $41.65. The firm has a fifty day moving average of $37.62 and a 200-day moving average of $38.15. The firm has a market capitalization of $10.96 billion, a P/E ratio of 16.77, a PEG ratio of 3.59 and a beta of 0.78. The company has a quick ratio of 0.58, a current ratio of 0.73 and a debt-to-equity ratio of 1.13.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings data on Thursday, July 31st. The company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.09. Essential Utilities had a net margin of 27.62% and a return on equity of 10.10%. The company had revenue of $514.91 million during the quarter, compared to analyst estimates of $462.70 million. During the same quarter in the prior year, the business earned $0.28 earnings per share. The business’s quarterly revenue was up 18.5% compared to the same quarter last year. As a group, analysts predict that Essential Utilities Inc. will post 1.99 EPS for the current year.

Essential Utilities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th will be issued a dividend of $0.3426 per share. This represents a $1.37 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, August 12th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.33. Essential Utilities’s dividend payout ratio (DPR) is 58.80%.

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.