Essential Utilities, Inc. (NYSE:WTRG) Declares Dividend Increase – $0.33 Per Share

Essential Utilities, Inc. (NYSE:WTRG) announced a quarterly dividend on Thursday, August 1st, Wall Street Journal reports. Investors of record on Monday, August 12th will be paid a dividend of 0.3255 per share on Tuesday, September 3rd. This represents a $1.30 annualized dividend and a yield of 3.30%. The ex-dividend date is Monday, August 12th. This is a boost from Essential Utilities’s previous quarterly dividend of $0.31.

Essential Utilities has raised its dividend by an average of 7.0% per year over the last three years and has increased its dividend every year for the last 32 years. Essential Utilities has a dividend payout ratio of 61.0% meaning its dividend is sufficiently covered by earnings. Analysts expect Essential Utilities to earn $2.11 per share next year, which means the company should continue to be able to cover its $1.30 annual dividend with an expected future payout ratio of 61.6%.

Essential Utilities Trading Down 1.2 %

Shares of WTRG stock opened at $39.51 on Friday. The company has a current ratio of 0.58, a quick ratio of 0.52 and a debt-to-equity ratio of 1.14. Essential Utilities has a 12-month low of $32.07 and a 12-month high of $41.78. The stock has a market capitalization of $10.81 billion, a P/E ratio of 18.73, a P/E/G ratio of 3.50 and a beta of 0.83. The firm’s 50 day moving average is $38.68 and its 200 day moving average is $37.20.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings results on Monday, August 5th. The company reported $0.28 earnings per share for the quarter, missing the consensus estimate of $0.30 by ($0.02). Essential Utilities had a return on equity of 8.16% and a net margin of 28.74%. The business had revenue of $434.40 million during the quarter, compared to the consensus estimate of $442.76 million. During the same quarter in the previous year, the business posted $0.34 earnings per share. The firm’s revenue was down .5% on a year-over-year basis. Research analysts expect that Essential Utilities will post 1.96 earnings per share for the current year.

Insider Activity

In other Essential Utilities news, CAO Robert A. Rubin sold 2,342 shares of Essential Utilities 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 sale, the chief accounting officer now directly owns 53,391 shares in the company, valued at approximately $1,998,425.13. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on WTRG shares. Wells Fargo & Company increased their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the stock an “overweight” rating in a research report on Wednesday, July 31st. Robert W. Baird increased their price target on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday. Finally, Evercore ISI raised their price objective on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday. One analyst has rated the stock with a sell rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $44.40.

Essential Utilities Company 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.