Manchester Capital Management LLC Raises Stake in Essential Utilities Inc. (NYSE:WTRG)

Manchester Capital Management LLC grew its holdings in Essential Utilities Inc. (NYSE:WTRG) by 87.8% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 20,037 shares of the company’s stock after buying an additional 9,369 shares during the period. Manchester Capital Management LLC’s holdings in Essential Utilities were worth $792,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Valley National Advisers Inc. acquired a new position in Essential Utilities in the 1st quarter valued at about $33,000. American National Bank & Trust purchased a new position in shares of Essential Utilities in the 1st quarter valued at approximately $35,000. Orion Capital Management LLC acquired a new position in shares of Essential Utilities in the fourth quarter valued at approximately $41,000. CX Institutional acquired a new position in shares of Essential Utilities in the first quarter valued at approximately $42,000. Finally, Siemens Fonds Invest GmbH purchased a new position in Essential Utilities in the 4th quarter valued at $49,000. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Stock Performance

Shares of WTRG opened at $38.22 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.16. The company has a 50-day simple moving average of $37.57 and a 200-day simple moving average of $37.93. Essential Utilities Inc. has a 52-week low of $33.18 and a 52-week high of $41.78. The company has a market capitalization of $10.71 billion, a PE ratio of 16.40, a P/E/G ratio of 3.51 and a beta of 0.78.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Thursday, July 31st. The company reported $0.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.29 by $0.09. The company had revenue of $514.91 million during the quarter, compared to the consensus estimate of $462.70 million. Essential Utilities had a net margin of 27.62% and a return on equity of 10.28%. The company’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same period last year, the firm earned $0.28 EPS. Equities research analysts predict that Essential Utilities Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th will be given a dividend of $0.3426 per share. The ex-dividend date is Tuesday, August 12th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.33. This represents a $1.37 dividend on an annualized basis and a yield of 3.6%. Essential Utilities’s dividend payout ratio (DPR) is presently 58.30%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. Wall Street Zen upgraded shares of Essential Utilities from a “sell” rating to a “hold” rating in a research report on Saturday, July 26th. Robert W. Baird dropped their target price on Essential Utilities from $47.00 to $46.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 13th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.50.

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.