abrdn plc Has $3.82 Million Position in Essential Utilities, Inc. (NYSE:WTRG)

abrdn plc trimmed its holdings in shares of Essential Utilities, Inc. (NYSE:WTRG) by 72.4% in the third quarter, according to its most recent filing with the SEC. The firm owned 99,630 shares of the company’s stock after selling 261,771 shares during the period. abrdn plc’s holdings in Essential Utilities were worth $3,822,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in the business. Friedenthal Financial bought a new position in Essential Utilities during the third quarter worth about $25,000. Voisard Asset Management Group Inc. bought a new position in shares of Essential Utilities during the 2nd quarter worth approximately $37,000. Bfsg LLC boosted its stake in Essential Utilities by 157.0% in the 3rd quarter. Bfsg LLC now owns 1,190 shares of the company’s stock valued at $46,000 after buying an additional 727 shares in the last quarter. Mascoma Wealth Management LLC bought a new stake in Essential Utilities in the second quarter valued at $66,000. Finally, Cultivar Capital Inc. acquired a new position in Essential Utilities during the second quarter worth $70,000. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on WTRG shares. Jefferies Financial Group started coverage on shares of Essential Utilities in a report on Monday, October 7th. They issued a “buy” rating and a $44.00 target price on the stock. Robert W. Baird lifted their target price 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 boosted their target price on Essential Utilities from $42.00 to $45.00 and gave the stock an “outperform” rating in a report on Thursday, August 8th. Bank of America reaffirmed a “buy” rating and set a $45.00 price target on shares of Essential Utilities in a report on Friday, September 20th. Finally, Wells Fargo & Company boosted their price objective on Essential Utilities from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. One research analyst has rated the stock with a sell rating and five have given a buy rating to the company. According to MarketBeat, Essential Utilities has a consensus rating of “Moderate Buy” and an average price target of $44.80.

Essential Utilities Stock Down 0.9 %

Shares of WTRG opened at $38.24 on Monday. The business’s fifty day moving average price is $38.99 and its two-hundred day moving average price is $38.60. The firm has a market capitalization of $10.47 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 3.35 and a beta of 0.84. Essential Utilities, Inc. has a 52 week low of $33.28 and a 52 week high of $41.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.44 and a current ratio of 0.58.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.28 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.30 by ($0.02). The firm had revenue of $434.40 million during the quarter, compared to the consensus estimate of $442.76 million. Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. Essential Utilities’s revenue was down .5% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.34 EPS. On average, analysts predict that Essential Utilities, Inc. will post 1.99 earnings per share for the current year.

Essential Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th will be given a dividend of $0.3255 per share. This represents a $1.30 annualized dividend and a dividend yield of 3.40%. The ex-dividend date of this dividend is Tuesday, November 12th. Essential Utilities’s dividend payout ratio is 63.41%.

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.