Essential Utilities (NYSE:WTRG) Price Target Lowered to $43.00 at Wells Fargo & Company

Essential Utilities (NYSE:WTRG) had its price target decreased by Wells Fargo & Company from $45.00 to $43.00 in a research report sent to investors on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research analysts have also recently issued reports on WTRG. Robert W. Baird lifted their price objective 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. Evercore ISI lifted their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Jefferies Financial Group began coverage on shares of Essential Utilities in a research note on Monday, October 7th. They issued a “buy” rating and a $44.00 price objective on the stock. Finally, Bank of America reissued a “buy” rating and issued a $45.00 price objective on shares of Essential Utilities in a research note on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $44.00.

Essential Utilities Stock Up 1.5 %

Shares of WTRG opened at $39.67 on Tuesday. Essential Utilities has a 12 month low of $33.28 and a 12 month high of $41.78. The firm’s 50 day moving average is $39.06 and its 200-day moving average is $38.70. The stock has a market capitalization of $10.86 billion, a PE ratio of 19.84, a P/E/G ratio of 3.50 and a beta of 0.84. The company has a current ratio of 0.55, a quick ratio of 0.44 and a debt-to-equity ratio of 1.17.

Essential Utilities (NYSE:WTRG) last announced its earnings results on Monday, November 4th. The company reported $0.25 EPS for the quarter, topping the consensus estimate of $0.24 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The company had revenue of $435.30 million for the quarter, compared to analysts’ expectations of $416.95 million. During the same period last year, the firm earned $0.30 earnings per share. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities research analysts forecast that Essential Utilities will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.3255 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.28%. Essential Utilities’s payout ratio is presently 65.00%.

Institutional Trading of Essential Utilities

A number of hedge funds and other institutional investors have recently modified their holdings of WTRG. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Essential Utilities by 4.8% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 558,821 shares of the company’s stock worth $20,704,000 after buying an additional 25,812 shares during the last quarter. Norden Group LLC acquired a new position in shares of Essential Utilities during the first quarter worth $209,000. Sequoia Financial Advisors LLC lifted its holdings in shares of Essential Utilities by 38.0% during the first quarter. Sequoia Financial Advisors LLC now owns 8,524 shares of the company’s stock worth $316,000 after purchasing an additional 2,349 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Essential Utilities by 24.8% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,334 shares of the company’s stock worth $782,000 after purchasing an additional 3,843 shares during the period. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Essential Utilities by 2.8% during the first quarter. Janney Montgomery Scott LLC now owns 140,782 shares of the company’s stock worth $5,216,000 after purchasing an additional 3,779 shares during the period. Institutional investors own 74.78% of the company’s stock.

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.