SeaCrest Wealth Management LLC Invests $295,000 in Essential Utilities, Inc. (NYSE:WTRG)

SeaCrest Wealth Management LLC bought a new position in shares of Essential Utilities, Inc. (NYSE:WTRG) during the 2nd quarter, Holdings Channel.com reports. The fund bought 7,906 shares of the company’s stock, valued at approximately $295,000.

Several other hedge funds also recently made changes to their positions in the business. First Pacific Financial increased its holdings in shares of Essential Utilities by 7.6% during the second quarter. First Pacific Financial now owns 16,164 shares of the company’s stock worth $603,000 after purchasing an additional 1,135 shares during the period. Raymond James & Associates increased its stake in Essential Utilities by 13.0% in the second quarter. Raymond James & Associates now owns 140,789 shares of the company’s stock valued at $5,256,000 after acquiring an additional 16,231 shares during the last quarter. Boston Trust Walden Corp increased its stake in Essential Utilities by 350.3% in the second quarter. Boston Trust Walden Corp now owns 903,372 shares of the company’s stock valued at $33,723,000 after acquiring an additional 702,760 shares during the last quarter. Clear Harbor Asset Management LLC increased its stake in Essential Utilities by 1.4% in the second quarter. Clear Harbor Asset Management LLC now owns 41,534 shares of the company’s stock valued at $1,550,000 after acquiring an additional 555 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its stake in Essential Utilities by 14.5% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 42,421 shares of the company’s stock valued at $1,584,000 after acquiring an additional 5,363 shares during the last quarter. 74.78% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on WTRG. Wells Fargo & Company lifted their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Wednesday, July 31st. Robert W. Baird lifted their price objective on shares of Essential Utilities from $43.00 to $45.00 and gave the company an “outperform” rating in a research note on Wednesday, August 7th. Finally, Evercore ISI lifted their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research note on Thursday, August 8th. One investment analyst has rated the stock with a sell rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Essential Utilities has a consensus rating of “Moderate Buy” and a consensus target price of $44.40.

Essential Utilities Price Performance

Shares of NYSE WTRG traded down $0.14 during midday trading on Tuesday, reaching $39.58. 439,375 shares of the company were exchanged, compared to its average volume of 1,565,505. The stock has a market cap of $10.83 billion, a P/E ratio of 18.82, a PEG ratio of 3.50 and a beta of 0.83. The stock’s 50-day moving average price is $38.91 and its 200-day moving average price is $37.34. The company has a quick ratio of 0.44, a current ratio of 0.58 and a debt-to-equity ratio of 1.14. Essential Utilities, Inc. has a one year low of $32.07 and a one year high of $41.78.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.30 by ($0.02). The business had revenue of $434.40 million for the quarter, compared to analyst estimates of $442.76 million. Essential Utilities had a return on equity of 8.16% and a net margin of 28.74%. Essential Utilities’s revenue for the quarter was down .5% on a year-over-year basis. During the same quarter last year, the firm posted $0.34 EPS. On average, sell-side analysts anticipate that Essential Utilities, Inc. will post 1.96 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 3rd. Stockholders of record on Monday, August 12th will be issued a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date of this dividend is Monday, August 12th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s payout ratio is 61.61%.

Insider Transactions at Essential Utilities

In related news, CAO Robert A. Rubin sold 2,342 shares of the business’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $37.43, for a total value of $87,661.06. Following the transaction, the chief accounting officer now owns 53,391 shares in the company, valued at $1,998,425.13. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.21% of the stock is owned by company insiders.

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.