Benedict Financial Advisors Inc. Raises Stock Position in Essential Utilities, Inc. (NYSE:WTRG)

by · The Cerbat Gem

Benedict Financial Advisors Inc. grew its holdings in shares of Essential Utilities, Inc. (NYSE:WTRG – Free Report) by 6.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 76,798 shares of the company’s stock after buying an additional 4,448 shares during the quarter. Benedict Financial Advisors Inc.’s holdings in Essential Utilities were worth $2,962,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Nordea Investment Management AB boosted its stake in shares of Essential Utilities by 17,553.7% during the 1st quarter. Nordea Investment Management AB now owns 3,425,350 shares of the company’s stock worth $126,156,000 after purchasing an additional 3,405,947 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Essential Utilities by 0.4% during the second quarter. Bank of New York Mellon Corp now owns 2,754,099 shares of the company’s stock valued at $102,811,000 after buying an additional 9,822 shares during the period. Tandem Investment Advisors Inc. grew its stake in shares of Essential Utilities by 0.7% during the second quarter. Tandem Investment Advisors Inc. now owns 2,023,937 shares of the company’s stock valued at $75,554,000 after buying an additional 13,557 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Essential Utilities by 18.6% in the second quarter. Dimensional Fund Advisors LP now owns 1,500,150 shares of the company’s stock worth $56,002,000 after buying an additional 234,857 shares during the period. Finally, Pathway Financial Advisers LLC lifted its stake in shares of Essential Utilities by 4,309.4% during the 3rd quarter. Pathway Financial Advisers LLC now owns 1,255,483 shares of the company’s stock worth $48,424,000 after acquiring an additional 1,227,010 shares during the last quarter. Institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Down 1.5 %

Shares of WTRG traded down $0.59 during mid-day trading on Friday, hitting $38.84. The company’s stock had a trading volume of 1,143,465 shares, compared to its average volume of 1,526,408. The firm has a market capitalization of $10.62 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 3.52 and a beta of 0.84. The company’s 50-day moving average is $39.07 and its 200-day moving average is $38.42. The company has a current ratio of 0.58, a quick ratio of 0.44 and a debt-to-equity ratio of 1.14. Essential Utilities, Inc. has a 52-week low of $32.95 and a 52-week high of $41.78.

Essential Utilities (NYSE:WTRG – Get Free Report) last posted its earnings results on Monday, August 5th. The company reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). Essential Utilities had a return on equity of 8.16% and a net margin of 28.74%. The company had revenue of $434.40 million for the quarter, compared to analysts’ expectations of $442.76 million. During the same quarter in the prior year, the company earned $0.34 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. On average, equities research analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th were issued a $0.3255 dividend. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.35%. The ex-dividend date was Monday, August 12th. Essential Utilities’s dividend payout ratio (DPR) is currently 61.61%.

Analyst Upgrades and Downgrades

Several equities analysts have commented on WTRG shares. Robert W. Baird upped their price objective on Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. Bank of America reiterated a “buy” rating and set a $45.00 price objective on shares of Essential Utilities in a report on Friday, September 20th. Jefferies Financial Group started coverage on shares of Essential Utilities in a research note on Monday, October 7th. They issued a “buy” rating and a $44.00 target price on the stock. 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 note on Thursday, August 8th. Finally, Wells Fargo & Company increased their price objective on Essential Utilities from $42.00 to $45.00 and gave the stock an “overweight” rating in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating and six have assigned a buy rating to the company. According to data from MarketBeat, Essential Utilities currently has an average rating of “Moderate Buy” and a consensus price target of $44.80.

View Our Latest Stock Analysis on WTRG

About Essential Utilities

(Free Report)

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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