Essential Utilities (NYSE:WTRG) Price Target Raised to $41.00 at Wells Fargo & Company

Essential Utilities (NYSE:WTRG) had its target price hoisted by research analysts at Wells Fargo & Company from $39.00 to $41.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “equal weight” rating on the stock. Wells Fargo & Company‘s price objective suggests a potential upside of 10.11% from the stock’s previous close.

Several other research analysts also recently issued reports on WTRG. Robert W. Baird upped their target price 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. UBS Group cut their target price on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group raised Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Tuesday, January 28th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $43.33.

Essential Utilities Stock Down 0.7 %

NYSE WTRG traded down $0.28 during trading hours on Thursday, reaching $37.24. 323,212 shares of the company’s stock traded hands, compared to its average volume of 1,462,676. Essential Utilities has a 52-week low of $33.18 and a 52-week high of $41.78. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.55 and a quick ratio of 0.39. The firm has a 50-day simple moving average of $35.54 and a 200 day simple moving average of $37.86. The firm has a market cap of $10.23 billion, a PE ratio of 18.64, a PEG ratio of 2.57 and a beta of 0.87.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. The firm had revenue of $604.38 million during the quarter, compared to the consensus estimate of $698.77 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. Sell-side analysts anticipate that Essential Utilities will post 1.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Essential Utilities

A number of hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in Essential Utilities in the 4th quarter worth approximately $102,600,000. Vanguard Group Inc. grew its holdings in shares of Essential Utilities by 8.1% in the fourth quarter. Vanguard Group Inc. now owns 30,061,135 shares of the company’s stock valued at $1,091,820,000 after purchasing an additional 2,245,256 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Essential Utilities by 31.2% in the fourth quarter. Pictet Asset Management Holding SA now owns 6,726,215 shares of the company’s stock valued at $244,296,000 after purchasing an additional 1,597,672 shares in the last quarter. Cohen & Steers Inc. bought a new stake in Essential Utilities in the fourth quarter worth $52,355,000. Finally, Nordea Investment Management AB raised its stake in Essential Utilities by 16.7% during the fourth quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company’s stock valued at $247,134,000 after purchasing an additional 972,803 shares in the last quarter. 74.78% of the stock is currently owned by hedge funds and other 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.