Essential Utilities (NYSE:WTRG) Hits New 12-Month Low – Here’s What Happened

Essential Utilities, Inc. (NYSE:WTRG)’s share price hit a new 52-week low during mid-day trading on Monday . The stock traded as low as $33.38 and last traded at $33.51, with a volume of 268341 shares traded. The stock had previously closed at $34.08.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. UBS Group dropped their price objective on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday. Bank of America restated a “buy” rating and issued a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. Jefferies Financial Group downgraded Essential Utilities from a “buy” rating to a “hold” rating and reduced their price objective for the company from $44.00 to $41.00 in a research note on Thursday, November 7th. Wells Fargo & Company downgraded Essential Utilities from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $43.00 to $39.00 in a research note on Tuesday, January 7th. Finally, Robert W. Baird upped their price target on Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $43.00.

Essential Utilities Price Performance

The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. The company has a 50-day simple moving average of $37.85 and a 200-day simple moving average of $38.75. The company has a market cap of $9.39 billion, a price-to-earnings ratio of 17.09, a PEG ratio of 3.06 and a beta of 0.86.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The company had revenue of $435.30 million during the quarter, compared to the consensus estimate of $416.95 million. During the same period last year, the firm earned $0.30 EPS. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. As a group, research analysts predict that Essential Utilities, Inc. will post 2.01 earnings per share for the current year.

Essential Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 10th will be given a $0.3255 dividend. The ex-dividend date of this dividend is Monday, February 10th. This represents a $1.30 annualized dividend and a dividend yield of 3.81%. Essential Utilities’s dividend payout ratio is presently 65.00%.

Hedge Funds Weigh In On Essential Utilities

Several hedge funds have recently bought and sold shares of the stock. Nordea Investment Management AB grew its holdings in shares of Essential Utilities by 16.7% during the fourth quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company’s stock worth $247,134,000 after buying an additional 972,803 shares in the last quarter. Geode Capital Management LLC raised its holdings in Essential Utilities by 2.0% in the third quarter. Geode Capital Management LLC now owns 4,305,976 shares of the company’s stock valued at $165,701,000 after buying an additional 82,456 shares during the period. Duff & Phelps Investment Management Co. raised its stake in shares of Essential Utilities by 4.2% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 2,531,297 shares of the company’s stock valued at $97,632,000 after acquiring an additional 100,990 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Essential Utilities by 7.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,154,215 shares of the company’s stock worth $83,088,000 after purchasing an additional 145,767 shares in the last quarter. Finally, Tandem Investment Advisors Inc. lifted its position in Essential Utilities by 0.5% during the 3rd quarter. Tandem Investment Advisors Inc. now owns 2,034,497 shares of the company’s stock worth $78,471,000 after acquiring an additional 10,560 shares in the last quarter. Hedge funds and other institutional investors own 74.78% of the company’s stock.

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.