Avantax Advisory Services Inc. Raises Stake in Essential Utilities, Inc. (NYSE:WTRG)

Avantax Advisory Services Inc. increased its stake in Essential Utilities, Inc. (NYSE:WTRG) by 6.8% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 143,452 shares of the company’s stock after acquiring an additional 9,116 shares during the period. Avantax Advisory Services Inc. owned approximately 0.05% of Essential Utilities worth $5,210,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of WTRG. Brooklyn Investment Group acquired a new stake in shares of Essential Utilities in the third quarter worth approximately $26,000. Darwin Wealth Management LLC acquired a new stake in shares of Essential Utilities in the third quarter worth approximately $28,000. First Horizon Advisors Inc. boosted its position in shares of Essential Utilities by 61.4% in the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after acquiring an additional 294 shares during the last quarter. IFP Advisors Inc boosted its position in shares of Essential Utilities by 75.0% in the fourth quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock worth $40,000 after acquiring an additional 473 shares during the last quarter. Finally, Truvestments Capital LLC acquired a new stake in shares of Essential Utilities in the third quarter worth approximately $42,000. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Trading Up 1.0 %

Shares of WTRG stock opened at $39.54 on Friday. The firm’s 50 day moving average price is $36.18 and its two-hundred day moving average price is $37.83. Essential Utilities, Inc. has a fifty-two week low of $33.18 and a fifty-two week high of $41.78. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. The stock has a market cap of $10.87 billion, a price-to-earnings ratio of 19.77, a price-to-earnings-growth ratio of 2.57 and a beta of 0.79.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Wednesday, February 26th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The business had revenue of $604.38 million for the quarter, compared to analysts’ expectations of $698.77 million. On average, analysts anticipate that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be given a dividend of $0.3255 per share. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.29%. Essential Utilities’s payout ratio is currently 59.91%.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on WTRG. Wells Fargo & Company raised their target price on shares of Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 27th. Jefferies Financial Group raised shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price target on the stock in a research report on Tuesday, January 28th. Evercore ISI lifted their price target on shares of Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, March 5th. Finally, UBS Group reduced their price target on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, Essential Utilities has an average rating of “Moderate Buy” and an average price target of $43.50.

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.