Seaport Res Ptn Equities Analysts Reduce Earnings Estimates for Essential Utilities, Inc. (NYSE:WTRG)

Essential Utilities, Inc. (NYSE:WTRG) – Analysts at Seaport Res Ptn dropped their FY2024 earnings per share estimates for Essential Utilities in a research note issued to investors on Wednesday, April 24th. Seaport Res Ptn analyst A. Storozynski now forecasts that the company will post earnings per share of $1.98 for the year, down from their prior estimate of $2.20. The consensus estimate for Essential Utilities’ current full-year earnings is $2.00 per share.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings data on Friday, February 23rd. The company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.49 by $0.01. The firm had revenue of $479.40 million during the quarter, compared to analyst estimates of $708.50 million. Essential Utilities had a net margin of 24.26% and a return on equity of 8.68%. Essential Utilities’s revenue was down 32.0% on a year-over-year basis. During the same period last year, the firm posted $0.44 EPS.

Separately, Evercore ISI dropped their price target on Essential Utilities from $51.00 to $42.00 and set an “outperform” rating on the stock in a research note on Monday, March 4th. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, Essential Utilities presently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

Essential Utilities Trading Up 0.3 %

NYSE WTRG opened at $36.58 on Monday. The stock has a market cap of $10.01 billion, a P/E ratio of 19.67, a P/E/G ratio of 3.15 and a beta of 0.82. The company has a current ratio of 0.62, a quick ratio of 0.48 and a debt-to-equity ratio of 1.16. Essential Utilities has a 12-month low of $32.07 and a 12-month high of $43.74. The company has a fifty day simple moving average of $35.76 and a two-hundred day simple moving average of $35.81.

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be issued a $0.3071 dividend. This represents a $1.23 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Thursday, May 9th. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s payout ratio is 66.13%.

Insider Transactions at Essential Utilities

In related news, CAO Robert A. Rubin sold 5,565 shares of Essential Utilities stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $37.21, for a total transaction of $207,073.65. Following the completion of the transaction, the chief accounting officer now directly owns 57,756 shares in the company, valued at $2,149,100.76. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Essential Utilities during the 4th quarter worth approximately $97,288,000. AEGON ASSET MANAGEMENT UK Plc acquired a new position in Essential Utilities during the fourth quarter worth $52,964,000. UBS Group AG lifted its holdings in Essential Utilities by 271.9% during the fourth quarter. UBS Group AG now owns 1,225,849 shares of the company’s stock valued at $45,785,000 after purchasing an additional 896,223 shares in the last quarter. Vanguard Group Inc. grew its position in shares of Essential Utilities by 3.0% in the fourth quarter. Vanguard Group Inc. now owns 27,992,080 shares of the company’s stock valued at $1,045,504,000 after purchasing an additional 823,495 shares during the period. Finally, Nuance Investments LLC purchased a new stake in shares of Essential Utilities during the third quarter worth about $21,570,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

About Essential Utilities

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.