Essential Utilities (NYSE:WTRG) Cut to Hold at Jefferies Financial Group

Jefferies Financial Group cut shares of Essential Utilities (NYSE:WTRG) from a buy rating to a hold rating in a report issued on Thursday, Marketbeat Ratings reports. The firm currently has $41.00 price objective on the stock, down from their previous price objective of $44.00.

A number of other research analysts also recently commented on the stock. Wells Fargo & Company lowered their price objective on shares of Essential Utilities from $45.00 to $43.00 and set an “overweight” rating on the stock in a research report on Tuesday, November 5th. Robert W. Baird upped their price target on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday. Evercore ISI lifted their price objective on Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, Bank of America reaffirmed a “buy” rating and issued a $45.00 target price on shares of Essential Utilities in a research report 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 assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $44.00.

Essential Utilities Price Performance

Shares of NYSE:WTRG opened at $39.67 on Thursday. The company has a market cap of $10.86 billion, a P/E ratio of 19.84, a price-to-earnings-growth ratio of 3.50 and a beta of 0.84. The company’s fifty day moving average is $39.06 and its two-hundred day moving average is $38.70. The company has a quick ratio of 0.44, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. Essential Utilities has a 12-month low of $33.28 and a 12-month high of $41.78.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The firm had revenue of $435.30 million during the quarter, compared to the consensus estimate of $416.95 million. During the same period in the prior year, the business earned $0.30 EPS. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. Equities analysts expect that Essential Utilities will post 1.99 earnings per share for the current fiscal 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 issued a dividend of $0.3255 per share. The ex-dividend date is Tuesday, November 12th. This represents a $1.30 annualized dividend and a yield of 3.28%. Essential Utilities’s dividend payout ratio (DPR) is currently 65.00%.

Institutional Trading of Essential Utilities

Several large investors have recently made changes to their positions in WTRG. CIBC Asset Management Inc lifted its holdings in Essential Utilities by 1.8% in the 3rd quarter. CIBC Asset Management Inc now owns 14,243 shares of the company’s stock worth $549,000 after purchasing an additional 250 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Essential Utilities by 61.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after buying an additional 294 shares during the period. Kingswood Wealth Advisors LLC grew its stake in Essential Utilities by 4.5% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 6,947 shares of the company’s stock valued at $259,000 after buying an additional 297 shares during the last quarter. Tompkins Financial Corp raised its holdings in Essential Utilities by 21.7% in the 3rd quarter. Tompkins Financial Corp now owns 1,685 shares of the company’s stock worth $65,000 after acquiring an additional 300 shares during the period. Finally, V Square Quantitative Management LLC lifted its position in Essential Utilities by 10.6% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,477 shares of the company’s stock worth $134,000 after acquiring an additional 333 shares during the last quarter. 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.