HBK Sorce Advisory LLC Increases Holdings in Essential Utilities, Inc. (NYSE:WTRG)

HBK Sorce Advisory LLC lifted its position in Essential Utilities, Inc. (NYSE:WTRG) by 5.4% in the fourth quarter, Holdings Channel reports. The firm owned 7,945 shares of the company’s stock after buying an additional 409 shares during the period. HBK Sorce Advisory LLC’s holdings in Essential Utilities were worth $289,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of WTRG. Nordea Investment Management AB boosted its holdings in shares of Essential Utilities by 16.7% in 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 during the period. Point72 Asset Management L.P. purchased a new stake in shares of Essential Utilities in the third quarter valued at approximately $30,842,000. Allianz Asset Management GmbH boosted its holdings in shares of Essential Utilities by 51.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,935,818 shares of the company’s stock valued at $70,309,000 after purchasing an additional 656,136 shares during the period. Cbre Investment Management Listed Real Assets LLC lifted its holdings in Essential Utilities by 42.6% during the fourth quarter. Cbre Investment Management Listed Real Assets LLC now owns 2,043,011 shares of the company’s stock worth $74,202,000 after buying an additional 609,915 shares during the period. Finally, JPMorgan Chase & Co. lifted its holdings in Essential Utilities by 33.1% during the third quarter. JPMorgan Chase & Co. now owns 953,984 shares of the company’s stock worth $36,795,000 after buying an additional 237,096 shares during the period. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Performance

Shares of WTRG stock opened at $39.54 on Friday. The business’s fifty day simple moving average is $36.18 and its 200-day simple moving average is $37.83. The company has a market cap of $10.87 billion, a PE ratio of 19.77, a PEG ratio of 2.57 and a beta of 0.79. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17. Essential Utilities, Inc. has a 12-month low of $33.18 and a 12-month high of $41.78.

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

Essential Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be given a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.29%. The ex-dividend date is Tuesday, May 13th. Essential Utilities’s payout ratio is 59.91%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Evercore ISI upped their target price on Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, March 5th. Jefferies Financial Group upgraded 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. Wells Fargo & Company upped their target price on Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, February 27th. Finally, UBS Group lowered their target price on Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a report on Tuesday, January 14th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, Essential Utilities currently has an average rating of “Moderate Buy” and a consensus price target of $43.50.

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.