Research Analysts Set Expectations for WTRG FY2024 Earnings

Essential Utilities, Inc. (NYSE:WTRG) – Seaport Res Ptn issued their FY2024 earnings per share (EPS) estimates for Essential Utilities in a research report issued on Monday, January 6th. Seaport Res Ptn analyst A. Storozynski expects that the company will post earnings per share of $1.92 for the year. The consensus estimate for Essential Utilities’ current full-year earnings is $2.01 per share.

A number of other equities research analysts also recently issued reports on WTRG. Bank of America reiterated a “buy” rating and set a $45.00 price objective on shares of Essential Utilities in a research note on Friday, September 20th. Wells Fargo & Company cut shares of Essential Utilities from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $43.00 to $39.00 in a research report on Tuesday. Jefferies Financial Group lowered shares of Essential Utilities from a “buy” rating to a “hold” rating and lowered their price objective for the company from $44.00 to $41.00 in a research note on Thursday, November 7th. Finally, Robert W. Baird lifted their price target on shares of Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $43.20.

Essential Utilities Price Performance

Essential Utilities stock opened at $35.00 on Thursday. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17. The company has a market capitalization of $9.61 billion, a price-to-earnings ratio of 17.50, a PEG ratio of 3.06 and a beta of 0.86. The stock’s 50 day moving average is $38.22 and its 200-day moving average is $38.83. Essential Utilities has a 12 month low of $33.57 and a 12 month high of $41.78.

Essential Utilities (NYSE:WTRG) last posted its earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $416.95 million. During the same quarter last year, the company posted $0.30 EPS. Essential Utilities’s quarterly revenue was up 5.8% compared to the same quarter last year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of WTRG. CIBC Asset Management Inc boosted its holdings in shares of Essential Utilities by 1.8% in the 3rd quarter. CIBC Asset Management Inc now owns 14,243 shares of the company’s stock worth $549,000 after buying an additional 250 shares during the last quarter. First Horizon Advisors Inc. increased its holdings in Essential Utilities by 61.4% in 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. Tompkins Financial Corp boosted its position in Essential Utilities by 21.7% during the third quarter. Tompkins Financial Corp now owns 1,685 shares of the company’s stock worth $65,000 after purchasing an additional 300 shares during the period. GAMMA Investing LLC raised its position in shares of Essential Utilities by 7.2% in the fourth quarter. GAMMA Investing LLC now owns 4,946 shares of the company’s stock valued at $180,000 after purchasing an additional 332 shares during the period. Finally, V Square Quantitative Management LLC raised its holdings in Essential Utilities by 10.6% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,477 shares of the company’s stock valued at $134,000 after acquiring an additional 333 shares during the period. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 10th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Monday, February 10th. Essential Utilities’s dividend payout ratio (DPR) is presently 65.00%.

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.