abrdn plc Has $14.98 Million Stake in Essential Utilities, Inc. (NYSE:WTRG)

abrdn plc reduced its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 0.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 400,996 shares of the company’s stock after selling 568 shares during the period. abrdn plc’s holdings in Essential Utilities were worth $14,977,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in WTRG. Massmutual Trust Co. FSB ADV increased its position in shares of Essential Utilities by 604.0% in the fourth quarter. Massmutual Trust Co. FSB ADV now owns 711 shares of the company’s stock valued at $27,000 after acquiring an additional 610 shares during the last quarter. Valley National Advisers Inc. grew its stake in Essential Utilities by 4,210.0% in the fourth quarter. Valley National Advisers Inc. now owns 862 shares of the company’s stock valued at $32,000 after purchasing an additional 842 shares in the last quarter. Resources Management Corp CT ADV increased its position in shares of Essential Utilities by 250.0% during the 3rd quarter. Resources Management Corp CT ADV now owns 1,050 shares of the company’s stock worth $36,000 after purchasing an additional 750 shares during the last quarter. Orion Capital Management LLC bought a new stake in shares of Essential Utilities during the 3rd quarter worth approximately $39,000. Finally, Larson Financial Group LLC acquired a new stake in shares of Essential Utilities in the 3rd quarter valued at approximately $41,000. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Essential Utilities

In other news, CAO Robert A. Rubin sold 5,565 shares of the business’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 sale, 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 at this hyperlink. Insiders own 0.21% of the company’s stock.

Essential Utilities Stock Performance

WTRG opened at $36.54 on Thursday. The company has a quick ratio of 0.48, a current ratio of 0.62 and a debt-to-equity ratio of 1.16. The stock has a market cap of $9.99 billion, a price-to-earnings ratio of 19.65, a PEG ratio of 3.15 and a beta of 0.82. Essential Utilities, Inc. has a 12-month low of $32.07 and a 12-month high of $44.05. The business has a 50 day moving average of $35.74 and a 200-day moving average of $35.72.

Essential Utilities (NYSE:WTRG) last announced its quarterly earnings results on Friday, February 23rd. The company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.49 by $0.01. Essential Utilities had a return on equity of 8.68% and a net margin of 24.26%. The business had revenue of $479.40 million during the quarter, compared to the consensus estimate of $708.50 million. During the same quarter last year, the firm posted $0.44 EPS. The company’s quarterly revenue was down 32.0% on a year-over-year basis. On average, equities research analysts expect that Essential Utilities, Inc. will post 2 earnings per share for the current year.

Essential Utilities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be paid a $0.3071 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This represents a $1.23 dividend on an annualized basis and a yield of 3.36%. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s dividend payout ratio is 66.13%.

Analysts Set New Price Targets

Separately, Evercore ISI decreased their target price on shares of 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 investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $43.00.

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.