Essential Utilities (NYSE:WTRG) Stock Price Target Lowered at UBS Group

Essential Utilities (NYSE:WTRG) had its price objective reduced by investment analysts at UBS Group from $49.00 to $47.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. UBS Group’s target price would suggest a potential upside of 15.48% from the stock’s current price.

Other equities analysts have also recently issued reports about the stock. Weiss Ratings upgraded shares of Essential Utilities from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, September 2nd. Barclays raised their price target on shares of Essential Utilities from $38.00 to $40.00 and gave the stock an “underweight” rating in a research report on Wednesday, July 15th. Finally, Wall Street Zen upgraded shares of Essential Utilities to a “sell” rating in a report on Saturday, July 4th. Two research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Essential Utilities currently has an average rating of “Moderate Buy” and an average price target of $43.25.

Essential Utilities Stock Up 1.0%

Shares of Essential Utilities stock traded up $0.41 during trading on Friday, hitting $40.70. 691,951 shares of the stock traded hands, compared to its average volume of 2,259,551. The stock has a market cap of $11.55 billion, a P/E ratio of 20.77, a PEG ratio of 3.00 and a beta of 0.63. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.62 and a current ratio of 0.78. Essential Utilities has a twelve month low of $36.10 and a twelve month high of $42.51. The company has a fifty day moving average price of $40.36 and a two-hundred day moving average price of $39.20.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Wednesday, August 5th. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Essential Utilities had a net margin of 21.60% and a return on equity of 8.23%. The firm had revenue of $530.85 million for the quarter, compared to the consensus estimate of $538.90 million. During the same period in the prior year, the business posted $0.38 earnings per share. The business’s quarterly revenue was up 3.1% on a year-over-year basis. Equities research analysts predict that Essential Utilities will post 2.21 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Colleen Arnold sold 2,855 shares of the firm’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $39.55, for a total value of $112,915.25. Following the completion of the sale, the insider directly owned 17,347 shares in the company, valued at approximately $686,073.85. This trade represents a 14.13% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 0.36% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Essential Utilities

Several large investors have recently made changes to their positions in WTRG. AdvisorNet Financial Inc grew its stake in shares of Essential Utilities by 1.9% during the third quarter. AdvisorNet Financial Inc now owns 237,193 shares of the company’s stock worth $9,452,000 after purchasing an additional 4,497 shares during the period. Assenagon Asset Management S.A. increased its holdings in Essential Utilities by 1,224.0% in the third quarter. Assenagon Asset Management S.A. now owns 3,233,682 shares of the company’s stock valued at $126,728,000 after purchasing an additional 2,989,455 shares during the last quarter. Fortitude Family Office LLC lifted its stake in Essential Utilities by 1,235.3% in the third quarter. Fortitude Family Office LLC now owns 2,310 shares of the company’s stock valued at $91,000 after buying an additional 2,137 shares during the period. First Citizens Bank & Trust Co. lifted its stake in Essential Utilities by 108.2% in the third quarter. First Citizens Bank & Trust Co. now owns 29,056 shares of the company’s stock valued at $1,139,000 after buying an additional 15,099 shares during the period. Finally, RTD Financial Advisors Inc. boosted its holdings in Essential Utilities by 30.1% during the third quarter. RTD Financial Advisors Inc. now owns 9,238 shares of the company’s stock worth $362,000 after buying an additional 2,135 shares during the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

Essential Utilities Company Profile

Essential Utilities, Inc is a regulated utility company that provides essential water, wastewater and natural gas services to residential, commercial, industrial and municipal customers. Its water operations include the treatment, distribution and supply of drinking water, while its wastewater business manages the collection and treatment of sewage. The company also distributes natural gas through regulated utility operations.

The company serves customers across several U.S. states, including Pennsylvania, Ohio, Illinois, Texas, North Carolina, New Jersey, Indiana, Virginia, Georgia and West Virginia.