Code Waechter LLC Sells 879 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Code Waechter LLC trimmed its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 8.0% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 10,089 shares of the company’s stock after selling 879 shares during the quarter. Code Waechter LLC’s holdings in Essential Utilities were worth $366,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. Friedenthal Financial bought a new position in Essential Utilities in the third quarter valued at about $25,000. Brooklyn Investment Group bought a new position in shares of Essential Utilities in the 3rd quarter worth approximately $26,000. Darwin Wealth Management LLC purchased a new position in shares of Essential Utilities in the third quarter worth approximately $28,000. First Horizon Advisors Inc. grew its position in Essential Utilities by 61.4% during the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock valued at $30,000 after buying an additional 294 shares during the period. Finally, Truvestments Capital LLC purchased a new stake in Essential Utilities during the third quarter valued at approximately $42,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Price Performance

WTRG opened at $33.72 on Tuesday. The company has a market capitalization of $9.26 billion, a price-to-earnings ratio of 16.86, a PEG ratio of 3.06 and a beta of 0.86. 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. The business’s fifty day simple moving average is $37.97 and its 200-day simple moving average is $38.78.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 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 $435.30 million for the quarter, compared to the consensus estimate of $416.95 million. During the same period last year, the business posted $0.30 EPS. The business’s revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts anticipate that Essential Utilities, Inc. will post 2.01 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 10th will be given a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.86%. The ex-dividend date of this dividend is Monday, February 10th. Essential Utilities’s payout ratio is presently 65.00%.

Wall Street Analyst Weigh In

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

Essential Utilities 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.