AdvisorNet Financial Inc Sells 2,863 Shares of Essential Utilities, Inc. (NYSE:WTRG)

AdvisorNet Financial Inc lowered its stake in Essential Utilities, Inc. (NYSE:WTRG) by 2.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 100,632 shares of the company’s stock after selling 2,863 shares during the period. AdvisorNet Financial Inc’s holdings in Essential Utilities were worth $3,655,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Friedenthal Financial bought a new position in shares of Essential Utilities in the 3rd quarter valued at $25,000. Brooklyn Investment Group bought a new position in Essential Utilities in the third quarter valued at about $26,000. Darwin Wealth Management LLC acquired a new stake in shares of Essential Utilities during the third quarter valued at about $28,000. First Horizon Advisors Inc. boosted its stake in shares of Essential Utilities by 61.4% during the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock valued at $30,000 after purchasing an additional 294 shares in the last quarter. Finally, Truvestments Capital LLC bought a new stake in shares of Essential Utilities during the third quarter worth about $42,000. Institutional investors own 74.78% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on WTRG. Jefferies Financial Group downgraded shares of Essential Utilities from a “buy” rating to a “hold” rating and cut their target price for the stock from $44.00 to $41.00 in a research report on Thursday, November 7th. Robert W. Baird boosted their price objective on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Bank of America reaffirmed a “buy” rating and set a $45.00 target price on shares of Essential Utilities in a research report on Friday, September 20th. Finally, Wells Fargo & Company downgraded Essential Utilities from an “overweight” rating to an “equal weight” rating and cut their target price for the stock from $43.00 to $39.00 in a report on Tuesday, January 7th. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Essential Utilities presently has a consensus rating of “Moderate Buy” and an average target price of $43.20.

Essential Utilities Trading Down 1.1 %

WTRG opened at $33.72 on Tuesday. Essential Utilities, Inc. has a twelve month low of $33.18 and a twelve month high of $41.78. The company has a fifty day moving average of $37.97 and a 200-day moving average of $38.78. The stock has a market cap of $9.26 billion, a PE ratio of 16.86, a price-to-earnings-growth ratio of 3.06 and a beta of 0.86. 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 issued its quarterly earnings results on Monday, November 4th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The firm had revenue of $435.30 million during the quarter, compared to the consensus estimate of $416.95 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The business’s revenue was up 5.8% compared to the same quarter last year. During the same period last year, the business posted $0.30 EPS. On average, sell-side analysts predict that Essential Utilities, Inc. will post 2.01 EPS for the current year.

Essential Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Monday, February 10th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a yield of 3.86%. The ex-dividend date is Monday, February 10th. Essential Utilities’s dividend payout ratio (DPR) is presently 65.00%.

Essential Utilities 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.