Essential Utilities, Inc. (NYSE:WTRG) to Post FY2024 Earnings of $2.01 Per Share, Zacks Research Forecasts

Essential Utilities, Inc. (NYSE:WTRG) – Stock analysts at Zacks Research upped their FY2024 earnings per share (EPS) estimates for Essential Utilities in a research report issued on Monday, April 1st. Zacks Research analyst R. Department now expects that the company will post earnings of $2.01 per share for the year, up from their previous estimate of $1.99. The consensus estimate for Essential Utilities’ current full-year earnings is $2.00 per share. Zacks Research also issued estimates for Essential Utilities’ FY2025 earnings at $2.10 EPS.

Essential Utilities (NYSE:WTRG) last issued its earnings results on Friday, February 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.01. The business had revenue of $479.40 million during the quarter, compared to analyst estimates of $708.50 million. Essential Utilities had a return on equity of 8.68% and a net margin of 24.26%. Essential Utilities’s revenue for the quarter was down 32.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.44 earnings per share.

Separately, Evercore ISI cut their target price on Essential Utilities from $51.00 to $42.00 and set an “outperform” rating for the company in a research note on Monday, March 4th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Essential Utilities Stock Down 1.8 %

Shares of WTRG opened at $35.84 on Thursday. The firm has a market cap of $9.80 billion, a P/E ratio of 19.27, a P/E/G ratio of 3.13 and a beta of 0.82. The stock has a 50 day simple moving average of $35.85 and a two-hundred day simple moving average of $35.66. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.62 and a quick ratio of 0.48. Essential Utilities has a 1 year low of $32.07 and a 1 year high of $45.29.

Essential Utilities Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Saturday, June 1st. Stockholders of record on Friday, May 10th will be paid a dividend of $0.3071 per share. This represents a $1.23 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date is Thursday, May 9th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s dividend payout ratio is 66.13%.

Insider Activity at Essential Utilities

In related news, CAO Robert A. Rubin sold 5,565 shares of the company’s stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $37.21, for a total transaction of $207,073.65. Following the completion of the transaction, the chief accounting officer now owns 57,756 shares in the company, valued at $2,149,100.76. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 0.21% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Essential Utilities

Institutional investors have recently added to or reduced their stakes in the company. LPL Financial LLC raised its holdings in Essential Utilities by 14.2% in the third quarter. LPL Financial LLC now owns 235,841 shares of the company’s stock worth $8,096,000 after purchasing an additional 29,372 shares in the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Essential Utilities by 94.0% during the third quarter. Teachers Retirement System of The State of Kentucky now owns 81,799 shares of the company’s stock valued at $2,808,000 after acquiring an additional 39,643 shares in the last quarter. Mariner LLC increased its holdings in shares of Essential Utilities by 9.9% during the third quarter. Mariner LLC now owns 34,360 shares of the company’s stock valued at $1,180,000 after acquiring an additional 3,104 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Essential Utilities by 0.4% during the third quarter. Vanguard Group Inc. now owns 27,168,585 shares of the company’s stock valued at $932,698,000 after acquiring an additional 99,560 shares in the last quarter. Finally, Secure Asset Management LLC bought a new position in shares of Essential Utilities during the fourth quarter valued at $1,305,000. Institutional investors own 74.78% of the company’s stock.

About Essential Utilities

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.