Essential Utilities (NYSE:WTRG) Given New $43.00 Price Target at Wells Fargo & Company

Essential Utilities (NYSE:WTRG) had its price target cut by Wells Fargo & Company from $45.00 to $43.00 in a report issued on Tuesday, Benzinga reports. They currently have an overweight rating on the stock.

A number of other equities analysts also recently issued reports on the company. Bank of America reissued a “buy” rating and set a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. Evercore ISI upped their price objective on Essential Utilities from $42.00 to $45.00 and gave the stock an “outperform” rating in a research note on Thursday, August 8th. Robert W. Baird increased their price target on Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Jefferies Financial Group began coverage on Essential Utilities in a research note on Monday, October 7th. They issued a “buy” rating and a $44.00 price target for the company. One analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. According to MarketBeat, Essential Utilities currently has an average rating of “Moderate Buy” and an average price target of $44.40.

Essential Utilities Stock Up 3.9 %

NYSE WTRG opened at $40.13 on Tuesday. The stock has a market cap of $10.98 billion, a PE ratio of 19.58, a P/E/G ratio of 3.32 and a beta of 0.84. Essential Utilities has a 12 month low of $33.28 and a 12 month high of $41.78. The stock’s 50 day moving average is $39.01 and its 200 day moving average is $38.66. The company has a current ratio of 0.58, a quick ratio of 0.44 and a debt-to-equity ratio of 1.14.

Essential Utilities (NYSE:WTRG) last issued 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 8.16% and a net margin of 28.74%. The business had revenue of $435.30 million for the quarter, compared to analysts’ expectations of $416.95 million. During the same period in the prior year, the firm earned $0.30 EPS. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. Research analysts predict that Essential Utilities will post 1.99 EPS for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be issued a $0.3255 dividend. This represents a $1.30 annualized dividend and a yield of 3.24%. The ex-dividend date of this dividend is Tuesday, November 12th. Essential Utilities’s payout ratio is currently 63.41%.

Institutional Trading of Essential Utilities

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its stake in shares of Essential Utilities by 0.4% in the second quarter. Bank of New York Mellon Corp now owns 2,754,099 shares of the company’s stock worth $102,811,000 after acquiring an additional 9,822 shares during the last quarter. Tandem Investment Advisors Inc. raised its position in Essential Utilities by 0.5% in the third quarter. Tandem Investment Advisors Inc. now owns 2,034,497 shares of the company’s stock valued at $78,471,000 after purchasing an additional 10,560 shares during the period. Boston Trust Walden Corp raised its position in Essential Utilities by 117.3% in the third quarter. Boston Trust Walden Corp now owns 1,962,692 shares of the company’s stock valued at $75,701,000 after purchasing an additional 1,059,320 shares during the period. Empower Advisory Group LLC grew its stake in shares of Essential Utilities by 5.6% in the third quarter. Empower Advisory Group LLC now owns 1,585,475 shares of the company’s stock valued at $61,152,000 after buying an additional 84,596 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Essential Utilities by 18.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,500,150 shares of the company’s stock valued at $56,002,000 after buying an additional 234,857 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.