Amundi Has $244.60 Million Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Amundi cut its stake in Essential Utilities, Inc. (NYSE:WTRG) by 13.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 6,802,951 shares of the company’s stock after selling 1,028,507 shares during the quarter. Amundi’s holdings in Essential Utilities were worth $244,604,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Brooklyn Investment Group bought a new stake in Essential Utilities during the 3rd quarter worth approximately $26,000. Darwin Wealth Management LLC bought a new stake in Essential Utilities during the 3rd quarter worth approximately $28,000. First Horizon Advisors Inc. grew its position in Essential Utilities by 61.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after acquiring an additional 294 shares during the last quarter. Truvestments Capital LLC bought a new stake in Essential Utilities during the 3rd quarter worth approximately $42,000. Finally, IFP Advisors Inc grew its position in Essential Utilities by 75.0% during the 4th quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock worth $40,000 after acquiring an additional 473 shares during the last quarter. 74.78% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on WTRG. Wells Fargo & Company increased their price target on Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, February 27th. Evercore ISI increased their price objective on Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a research report on Wednesday, March 5th. Jefferies Financial Group upgraded Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a research report on Tuesday, January 28th. Finally, UBS Group decreased their price objective on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $43.50.

Essential Utilities Stock Performance

WTRG stock opened at $39.81 on Monday. The business’s fifty day moving average is $35.85 and its 200-day moving average is $37.80. 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 company has a market cap of $10.95 billion, a P/E ratio of 19.91, a price-to-earnings-growth ratio of 2.57 and a beta of 0.79. Essential Utilities, Inc. has a twelve month low of $33.18 and a twelve month high of $41.78.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. The company had revenue of $604.38 million for 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%. Equities research analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be paid a dividend of $0.3255 per share. This represents a $1.30 annualized dividend and a yield of 3.27%. The ex-dividend date is Tuesday, May 13th. Essential Utilities’s payout ratio is presently 59.91%.

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.