Weiss Asset Management LP bought a new stake in Essential Utilities, Inc. (NYSE:WTRG - Free Report) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 189,286 shares of the company's stock, valued at approximately $7,301,000. Weiss Asset Management LP owned approximately 0.07% of Essential Utilities as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Friedenthal Financial purchased a new position in Essential Utilities in the 3rd quarter valued at about $25,000. Brooklyn Investment Group bought a new stake in shares of Essential Utilities during the third quarter valued at approximately $26,000. Darwin Wealth Management LLC bought a new position in shares of Essential Utilities in the third quarter worth $28,000. First Horizon Advisors Inc. boosted its holdings 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 valued at $30,000 after acquiring an additional 294 shares in the last quarter. Finally, Voisard Asset Management Group Inc. acquired a new position in Essential Utilities during the second quarter worth about $37,000. Hedge funds and other institutional investors own 74.78% of the company's stock.
Shares of WTRG opened at $39.31 on Friday. The stock's fifty day simple moving average is $39.29 and its 200-day simple moving average is $38.89. 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 firm has a market capitalization of $10.79 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 3.14 and a beta of 0.85. Essential Utilities, Inc. has a 12-month low of $33.57 and a 12-month high of $41.78.
Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.24 by $0.01. The business had revenue of $435.30 million for the quarter, compared to analyst estimates of $416.95 million. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. Essential Utilities's revenue was up 5.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.30 earnings per share. As a group, research analysts predict that Essential Utilities, Inc. will post 2.01 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Tuesday, November 12th were given a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend was Tuesday, November 12th. Essential Utilities's dividend payout ratio is currently 65.00%.
Several research analysts have recently weighed in on WTRG shares. Wells Fargo & Company dropped their target price on shares of Essential Utilities from $45.00 to $43.00 and set an "overweight" rating on the stock in a research report on Tuesday, November 5th. Evercore ISI lifted their price target 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 lifted their price target on Essential Utilities from $45.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Bank of America reiterated a "buy" rating and issued a $45.00 target price on shares of Essential Utilities in a research note on Friday, September 20th. Finally, Jefferies Financial Group cut shares of Essential Utilities from a "buy" rating to a "hold" rating and dropped their price objective for the company from $44.00 to $41.00 in a research note on Thursday, November 7th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $44.00.
Check Out Our Latest Analysis on WTRG
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.
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