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 research report sent to investors on Tuesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other equities analysts have also weighed in on the stock. Evercore ISI increased their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Robert W. Baird increased their price objective on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Jefferies Financial Group assumed coverage on shares of Essential Utilities in a research note on Monday, October 7th. They issued a “buy” rating and a $44.00 price target on the stock. Finally, Bank of America restated a “buy” rating and issued a $45.00 price target on shares of Essential Utilities in a research note on Friday, September 20th. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $44.40.

Essential Utilities Trading Up 3.9 %

WTRG opened at $40.13 on Tuesday. The company has a debt-to-equity ratio of 1.14, a current ratio of 0.58 and a quick ratio of 0.44. The company has a market cap of $10.98 billion, a price-to-earnings ratio of 19.58, a price-to-earnings-growth ratio of 3.32 and a beta of 0.84. The firm has a 50 day simple moving average of $39.01 and a 200 day simple moving average of $38.66. Essential Utilities has a fifty-two week low of $33.28 and a fifty-two week high of $41.78.

Essential Utilities (NYSE:WTRG) last issued its earnings results on Monday, November 4th. The company reported $0.25 EPS for the quarter, beating the consensus estimate 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 net margin of 28.74% and a return on equity of 8.16%. The business’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 earnings per share. On average, sell-side analysts anticipate that Essential Utilities will post 1.99 earnings per share for the current 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 issued a $0.3255 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.24%. The ex-dividend date of this dividend is Tuesday, November 12th. Essential Utilities’s dividend payout ratio (DPR) is currently 63.41%.

Institutional Investors Weigh In On Essential Utilities

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Friedenthal Financial bought a new position in shares of Essential Utilities in the third quarter worth approximately $25,000. Voisard Asset Management Group Inc. bought a new stake in Essential Utilities in the second quarter valued at $37,000. Farther Finance Advisors LLC boosted its holdings in Essential Utilities by 81.2% in the third quarter. Farther Finance Advisors LLC now owns 1,149 shares of the company’s stock valued at $44,000 after acquiring an additional 515 shares in the last quarter. Bfsg LLC boosted its holdings in Essential Utilities by 157.0% in the third quarter. Bfsg LLC now owns 1,190 shares of the company’s stock valued at $46,000 after acquiring an additional 727 shares in the last quarter. Finally, Sanctuary Wealth Management L.L.C. bought a new stake in Essential Utilities in the third quarter valued at $50,000. 74.78% of the stock is currently owned by institutional investors.

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.