Essential Utilities (NYSE:WTRG) Earns Buy Rating from Analysts at Jefferies Financial Group

Jefferies Financial Group started coverage on shares of Essential Utilities (NYSE:WTRG) in a research note released on Monday morning, MarketBeat.com reports. The firm issued a buy rating and a $44.00 price objective on the stock.

A number of other brokerages also recently commented on WTRG. Evercore ISI lifted their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an outperform rating in a report on Thursday, August 8th. Wells Fargo & Company lifted their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an overweight rating in a report on Wednesday, July 31st. Robert W. Baird lifted their price target on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an outperform rating in a report on Wednesday, August 7th. Finally, Bank of America reiterated a buy rating and set a $45.00 price target on shares of Essential Utilities in a report on Friday, September 20th. One analyst has rated the stock with a sell rating and six have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $44.80.

Essential Utilities Stock Down 0.4 %

WTRG stock opened at $38.45 on Monday. The company’s 50 day simple moving average is $39.08 and its 200-day simple moving average is $38.14. The firm has a market capitalization of $10.52 billion, a PE ratio of 18.76, a P/E/G ratio of 3.35 and a beta of 0.84. Essential Utilities has a 12 month low of $32.42 and a 12 month high of $41.78. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings results on Monday, August 5th. The company reported $0.28 EPS for the quarter, missing the consensus estimate of $0.30 by ($0.02). The business had revenue of $434.40 million during the quarter, compared to analyst estimates of $442.76 million. Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The firm’s revenue for the quarter was down .5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.34 earnings per share. Equities analysts expect that Essential Utilities will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Monday, August 12th were given a $0.3255 dividend. The ex-dividend date was Monday, August 12th. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.30 annualized dividend and a dividend yield of 3.39%. Essential Utilities’s dividend payout ratio (DPR) is currently 63.41%.

Institutional Investors Weigh In On Essential Utilities

Several hedge funds have recently modified their holdings of WTRG. Exchange Traded Concepts LLC lifted its position in Essential Utilities by 2.1% during the third quarter. Exchange Traded Concepts LLC now owns 67,784 shares of the company’s stock valued at $2,614,000 after buying an additional 1,412 shares in the last quarter. Inspire Investing LLC acquired a new position in Essential Utilities during the third quarter valued at approximately $293,000. Gateway Investment Advisers LLC lifted its position in Essential Utilities by 5.3% during the third quarter. Gateway Investment Advisers LLC now owns 7,674 shares of the company’s stock valued at $296,000 after buying an additional 388 shares in the last quarter. Code Waechter LLC acquired a new position in Essential Utilities during the third quarter valued at approximately $423,000. Finally, Covea Finance lifted its position in Essential Utilities by 36.4% during the third quarter. Covea Finance now owns 90,000 shares of the company’s stock valued at $3,471,000 after buying an additional 24,000 shares in the last quarter. 74.78% of the stock is owned by institutional investors and hedge funds.

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.