Essential Utilities (NYSE:WTRG) Cut to Hold at Northcoast Research

Northcoast Research cut shares of Essential Utilities (NYSE:WTRG) from a strong-buy rating to a hold rating in a report released on Monday morning,Zacks.com reports.

WTRG has been the topic of a number of other reports. UBS Group reaffirmed a “neutral” rating and set a $45.00 target price (down from $46.00) on shares of Essential Utilities in a report on Tuesday. Janney Montgomery Scott cut shares of Essential Utilities from a “buy” rating to a “neutral” rating in a research note on Monday. Weiss Ratings reiterated a “hold (c)” rating on shares of Essential Utilities in a report on Wednesday, October 8th. Barclays raised their target price on shares of Essential Utilities from $42.00 to $43.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Finally, Robert W. Baird upped their price target on Essential Utilities from $46.00 to $47.00 and gave the company an “outperform” rating in a report on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and seven have issued a Hold rating to the company. According to MarketBeat.com, Essential Utilities presently has an average rating of “Hold” and an average price target of $44.57.

Essential Utilities Stock Down 3.6%

WTRG stock opened at $39.10 on Monday. The firm’s 50-day moving average is $39.35 and its two-hundred day moving average is $38.79. The company has a market capitalization of $10.97 billion, a price-to-earnings ratio of 16.78, a price-to-earnings-growth ratio of 3.22 and a beta of 0.82. Essential Utilities has a 52 week low of $33.18 and a 52 week high of $42.37. The company has a current ratio of 0.73, a quick ratio of 0.58 and a debt-to-equity ratio of 1.13.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings data on Thursday, July 31st. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.09. The business had revenue of $514.91 million for the quarter, compared to analyst estimates of $462.70 million. Essential Utilities had a net margin of 27.62% and a return on equity of 10.10%. The business’s revenue for the quarter was up 18.5% on a year-over-year basis. During the same quarter last year, the business earned $0.28 earnings per share. On average, analysts forecast that Essential Utilities will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Investors of record on Wednesday, November 12th will be issued a dividend of $0.3426 per share. This represents a $1.37 annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, November 12th. Essential Utilities’s dividend payout ratio (DPR) is currently 58.80%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in WTRG. Norges Bank acquired a new stake in shares of Essential Utilities during the 2nd quarter valued at $102,347,000. Maple Brown Abbott Ltd purchased a new stake in shares of Essential Utilities during the first quarter worth $94,251,000. Nordea Investment Management AB boosted its position in Essential Utilities by 25.5% during the third quarter. Nordea Investment Management AB now owns 8,972,565 shares of the company’s stock valued at $354,057,000 after purchasing an additional 1,822,306 shares during the last quarter. Balyasny Asset Management L.P. boosted its position in Essential Utilities by 1,572.4% during the second quarter. Balyasny Asset Management L.P. now owns 1,271,201 shares of the company’s stock valued at $47,212,000 after purchasing an additional 1,195,189 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Essential Utilities by 2.3% in the second quarter. Vanguard Group Inc. now owns 30,407,634 shares of the company’s stock valued at $1,129,340,000 after purchasing an additional 693,988 shares in the last quarter. Institutional investors and hedge funds own 74.78% of the company’s stock.

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.