Wells Fargo & Company Cuts Essential Utilities (NYSE:WTRG) Price Target to $43.00

Essential Utilities (NYSE:WTRG) had its target price decreased by Wells Fargo & Company from $45.00 to $43.00 in a research report released on Tuesday morning,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other research analysts have also weighed in on WTRG. Bank of America reissued a “buy” rating and set a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. Jefferies Financial Group started coverage on shares of Essential Utilities in a research report on Monday, October 7th. They set a “buy” rating and a $44.00 price target on the stock. Evercore ISI raised their price target on shares of Essential Utilities from $42.00 to $45.00 and gave the company an “outperform” rating in a research report on Thursday, August 8th. Finally, Robert W. Baird lifted their price objective on shares of Essential Utilities from $43.00 to $45.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.00.

Essential Utilities Stock Down 3.1 %

Essential Utilities stock opened at $39.12 on Tuesday. Essential Utilities has a 1-year low of $33.28 and a 1-year high of $41.78. The firm has a market capitalization of $10.70 billion, a price-to-earnings ratio of 19.56, a price-to-earnings-growth ratio of 3.35 and a beta of 0.84. The firm’s fifty day moving average price is $39.03 and its two-hundred day moving average price is $38.67. The company has a current ratio of 0.58, a quick ratio of 0.44 and a debt-to-equity ratio of 1.14.

Essential Utilities (NYSE:WTRG) last released its quarterly earnings data on Monday, November 4th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.94%. The firm had revenue of $435.30 million for the quarter, compared to analyst estimates of $416.95 million. During the same period last year, the firm earned $0.30 earnings per share. The business’s quarterly revenue was up 5.8% compared to the same quarter last year. On average, equities research analysts predict that Essential Utilities will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be paid a $0.3255 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $1.30 annualized dividend and a dividend yield of 3.33%. Essential Utilities’s payout ratio is presently 65.00%.

Institutional Trading of Essential Utilities

Several hedge funds have recently made changes to their positions in the company. Friedenthal Financial bought a new stake in shares of Essential Utilities during the 3rd quarter valued at $25,000. Voisard Asset Management Group Inc. bought a new stake in shares of Essential Utilities during the 2nd quarter valued at $37,000. Farther Finance Advisors LLC raised its stake in shares of Essential Utilities by 81.2% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,149 shares of the company’s stock valued at $44,000 after purchasing an additional 515 shares during the period. Bfsg LLC raised its stake in shares of Essential Utilities by 157.0% during the 3rd quarter. Bfsg LLC now owns 1,190 shares of the company’s stock valued at $46,000 after purchasing an additional 727 shares during the period. Finally, Sanctuary Wealth Management L.L.C. bought a new stake in shares of Essential Utilities during the 3rd quarter valued at $50,000. 74.78% of the stock is currently owned by institutional investors.

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.