First Allied Advisory Services Inc. acquired a new stake in Essential Utilities Inc (NASDAQ:WTRG) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 19,257 shares of the company’s stock, valued at approximately $784,000.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. CWM LLC acquired a new position in Essential Utilities in the first quarter worth $25,000. First PREMIER Bank bought a new position in shares of Essential Utilities in the 1st quarter worth about $26,000. First Command Bank acquired a new position in shares of Essential Utilities in the 1st quarter valued at about $27,000. Princeton Global Asset Management LLC bought a new stake in shares of Essential Utilities during the 1st quarter valued at about $27,000. Finally, Capital Square LLC acquired a new stake in Essential Utilities during the first quarter worth about $27,000.
Several equities analysts have recently commented on the company. Wells Fargo & Co upped their target price on Essential Utilities from $45.00 to $48.00 and gave the company an “equal weight” rating in a report on Wednesday, March 11th. Goldman Sachs Group started coverage on Essential Utilities in a research note on Wednesday, April 15th. They set a “neutral” rating and a $45.00 price objective for the company. Robert W. Baird raised their target price on Essential Utilities from $44.00 to $50.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Royal Bank of Canada reissued a “buy” rating and set a $49.00 price target on shares of Essential Utilities in a report on Wednesday, May 13th. Finally, Seaport Global Securities initiated coverage on shares of Essential Utilities in a report on Wednesday. They issued a “neutral” rating on the stock. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $48.00.
Essential Utilities (NASDAQ:WTRG) last released its quarterly earnings results on Wednesday, May 6th. The company reported $0.60 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.57 by $0.03. The business had revenue of $225.60 million during the quarter, compared to the consensus estimate of $228.19 million. Essential Utilities’s revenue for the quarter was up 12.2% compared to the same quarter last year.
The business also recently announced a quarterly dividend, which will be paid on Monday, June 1st. Investors of record on Friday, May 15th will be given a $0.2343 dividend. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $0.94 dividend on an annualized basis and a yield of 2.28%.
Essential Utilities Company Profile
Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water or wastewater services in the United States. It offers water services through operating and maintenance contracts with municipal authorities and other parties. The company also provides non-utility raw water supply services for firms in the natural gas drilling industry; and water and sewer line protection solutions, and repair services to households through third-party.
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