What is Seaport Res Ptn’s Forecast for WTRG FY2024 Earnings?

Essential Utilities, Inc. (NYSE:WTRG) – Stock analysts at Seaport Res Ptn issued their FY2024 earnings per share estimates for shares of Essential Utilities in a research note issued to investors on Monday, January 6th. Seaport Res Ptn analyst A. Storozynski expects that the company will post earnings per share of $1.92 for the year. The consensus estimate for Essential Utilities’ current full-year earnings is $2.01 per share.

Several other analysts also recently issued reports on the company. Jefferies Financial Group downgraded Essential Utilities from a “buy” rating to a “hold” rating and lowered their price target for the company from $44.00 to $41.00 in a report on Thursday, November 7th. Bank of America reiterated a “buy” rating and issued a $45.00 target price on shares of Essential Utilities in a research note on Friday, September 20th. Robert W. Baird boosted their price target on Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company cut Essential Utilities from an “overweight” rating to an “equal weight” rating and decreased their price target for the stock from $43.00 to $39.00 in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $43.20.

Essential Utilities Stock Performance

Shares of WTRG stock opened at $35.00 on Thursday. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17. The company has a market cap of $9.61 billion, a PE ratio of 17.50, a P/E/G ratio of 3.06 and a beta of 0.86. The company’s fifty day simple moving average is $38.15 and its 200-day simple moving average is $38.81. Essential Utilities has a 52 week low of $33.57 and a 52 week high of $41.78.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The firm had revenue of $435.30 million during the quarter, compared to the consensus estimate of $416.95 million. During the same quarter in the prior year, the company earned $0.30 EPS. The company’s revenue was up 5.8% on a year-over-year basis.

Hedge Funds Weigh In On Essential Utilities

Several institutional investors and hedge funds have recently made changes to their positions in WTRG. CIBC Asset Management Inc increased its holdings in shares of Essential Utilities by 1.8% in the 3rd quarter. CIBC Asset Management Inc now owns 14,243 shares of the company’s stock valued at $549,000 after acquiring an additional 250 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in Essential Utilities by 61.4% in the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after purchasing an additional 294 shares during the period. Tompkins Financial Corp increased its stake in Essential Utilities by 21.7% during the third quarter. Tompkins Financial Corp now owns 1,685 shares of the company’s stock valued at $65,000 after purchasing an additional 300 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Essential Utilities by 7.2% during the fourth quarter. GAMMA Investing LLC now owns 4,946 shares of the company’s stock worth $180,000 after purchasing an additional 332 shares during the period. Finally, V Square Quantitative Management LLC lifted its position in shares of Essential Utilities by 10.6% in the 3rd quarter. V Square Quantitative Management LLC now owns 3,477 shares of the company’s stock worth $134,000 after buying an additional 333 shares during the last quarter. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

Essential Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 10th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.72%. The ex-dividend date is Monday, February 10th. Essential Utilities’s dividend payout ratio (DPR) is 65.00%.

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.