Essential Utilities, Inc. (NYSE:WTRG) Stake Reduced by Investment Management Corp of Ontario

Investment Management Corp of Ontario trimmed its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 16.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 7,221 shares of the company’s stock after selling 1,400 shares during the period. Investment Management Corp of Ontario’s holdings in Essential Utilities were worth $262,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Essential Utilities during the 4th quarter valued at $102,600,000. Vanguard Group Inc. lifted its position in shares of Essential Utilities by 8.1% during the 4th quarter. Vanguard Group Inc. now owns 30,061,135 shares of the company’s stock valued at $1,091,820,000 after acquiring an additional 2,245,256 shares during the last quarter. Pictet Asset Management Holding SA lifted its position in shares of Essential Utilities by 31.2% during the 4th quarter. Pictet Asset Management Holding SA now owns 6,726,215 shares of the company’s stock valued at $244,296,000 after acquiring an additional 1,597,672 shares during the last quarter. Cohen & Steers Inc. acquired a new stake in shares of Essential Utilities during the 4th quarter valued at $52,355,000. Finally, Ensign Peak Advisors Inc lifted its position in shares of Essential Utilities by 74.6% during the 4th quarter. Ensign Peak Advisors Inc now owns 1,593,053 shares of the company’s stock valued at $57,860,000 after acquiring an additional 680,760 shares during the last quarter. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Price Performance

WTRG opened at $37.39 on Wednesday. The stock has a fifty day moving average of $39.59 and a 200-day moving average of $38.01. The firm has a market capitalization of $10.30 billion, a P/E ratio of 18.70, a PEG ratio of 2.57 and a beta of 0.85. Essential Utilities, Inc. has a 12-month low of $33.18 and a 12-month high of $41.78. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17.

Essential Utilities (NYSE:WTRG) last released its earnings results on Monday, May 12th. The company reported $1.03 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.80 by $0.23. The company had revenue of $783.63 million during the quarter, compared to analyst estimates of $713.80 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The company’s revenue for the quarter was up 28.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 earnings per share. Equities analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be paid a $0.3255 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Tuesday, May 13th. Essential Utilities’s dividend payout ratio (DPR) is presently 59.91%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on WTRG shares. StockNews.com upgraded Essential Utilities from a “sell” rating to a “hold” rating in a research report on Sunday, April 20th. Evercore ISI increased their price objective on Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, March 5th. Robert W. Baird reduced their target price on Essential Utilities from $47.00 to $46.00 and set an “outperform” rating for the company in a report on Tuesday. UBS Group reduced their target price on Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. Finally, Wells Fargo & Company increased their target price on Essential Utilities from $39.00 to $41.00 and gave the company an “equal weight” rating in a report on Thursday, February 27th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Essential Utilities has an average rating of “Moderate Buy” and an average price target of $43.50.

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.