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

Essential Utilities (NYSE:WTRG) had its target price trimmed by Wells Fargo & Company from $45.00 to $43.00 in a research note published on Tuesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other equities research analysts have also weighed in on the company. Evercore ISI boosted their target price on Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. Robert W. Baird upped their price target on Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Jefferies Financial Group initiated coverage on Essential Utilities in a research report on Monday, October 7th. They set a “buy” rating and a $44.00 price target for the company. Finally, Bank of America reaffirmed a “buy” rating and set a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $44.00.

Essential Utilities Price Performance

WTRG opened at $39.12 on Tuesday. The stock has a 50-day moving average price of $39.03 and a 200-day moving average price of $38.67. Essential Utilities has a 12-month low of $33.28 and a 12-month high of $41.78. The company has a current ratio of 0.58, a quick ratio of 0.44 and a debt-to-equity ratio of 1.14. The stock has a market capitalization of $10.70 billion, a P/E ratio of 19.56, a PEG ratio of 3.35 and a beta of 0.84.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. Essential Utilities had a return on equity of 7.94% and a net margin of 27.84%. The firm had revenue of $435.30 million during the quarter, compared to analysts’ expectations of $416.95 million. During the same period in the prior year, the business earned $0.30 EPS. The company’s revenue for the quarter was up 5.8% compared to the same quarter last year. Equities analysts predict that Essential Utilities will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be paid a $0.3255 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.30 annualized dividend and a dividend yield of 3.33%. Essential Utilities’s payout ratio is currently 65.00%.

Institutional Trading of Essential Utilities

Several hedge funds and other institutional investors have recently made changes to their positions in WTRG. Friedenthal Financial purchased a new stake in shares of Essential Utilities in the 3rd quarter worth approximately $25,000. Voisard Asset Management Group Inc. purchased a new stake in Essential Utilities during the 2nd quarter valued at $37,000. Farther Finance Advisors LLC boosted its stake in Essential Utilities by 81.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,149 shares of the company’s stock valued at $44,000 after purchasing an additional 515 shares during the last quarter. Bfsg LLC boosted its stake in Essential Utilities by 157.0% during the 3rd quarter. Bfsg LLC now owns 1,190 shares of the company’s stock valued at $46,000 after purchasing an additional 727 shares during the last quarter. Finally, Sanctuary Wealth Management L.L.C. purchased a new stake in Essential Utilities during the 3rd quarter valued at $50,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

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.