Magellan Asset Management Ltd Reduces Stake in Essential Utilities, Inc. (NYSE:WTRG)

Magellan Asset Management Ltd decreased its holdings in Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 15.3% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 205,156 shares of the company's stock after selling 36,933 shares during the period. Magellan Asset Management Ltd owned approximately 0.07% of Essential Utilities worth $7,451,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in WTRG. Synergy Asset Management LLC grew its holdings in Essential Utilities by 92.8% in the 4th quarter. Synergy Asset Management LLC now owns 148,009 shares of the company's stock worth $5,529,000 after buying an additional 71,222 shares in the last quarter. Nordea Investment Management AB grew its position in Essential Utilities by 16.7% during the 4th quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company's stock worth $247,134,000 after purchasing an additional 972,803 shares in the last quarter. Brighton Jones LLC acquired a new stake in Essential Utilities during the 4th quarter worth about $638,000. JPMorgan Chase & Co. increased its stake in Essential Utilities by 33.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 953,984 shares of the company's stock valued at $36,795,000 after buying an additional 237,096 shares during the period. Finally, RWC Asset Management LLP acquired a new stake in Essential Utilities during the fourth quarter valued at $2,119,000. 74.78% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on WTRG shares. Jefferies Financial Group upgraded shares of Essential Utilities from a "hold" rating to a "buy" rating and set a $41.00 price objective for the company in a research note on Tuesday, January 28th. StockNews.com raised shares of Essential Utilities from a "sell" rating to a "hold" rating in a research note on Friday. Evercore ISI increased their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an "outperform" rating in a report on Wednesday, March 5th. Wells Fargo & Company raised their target price on shares of Essential Utilities from $39.00 to $41.00 and gave the stock an "equal weight" rating in a report on Thursday, February 27th. Finally, UBS Group reduced their price objective on Essential Utilities from $45.00 to $42.00 and set a "buy" rating for the company in a research report on Tuesday, January 14th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $43.50.

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Essential Utilities Price Performance

Shares of NYSE WTRG traded down $0.16 during midday trading on Tuesday, hitting $38.16. 1,179,152 shares of the company's stock were exchanged, compared to its average volume of 1,663,300. The business's fifty day moving average price is $37.62 and its two-hundred day moving average price is $37.83. The company has a market cap of $10.51 billion, a price-to-earnings ratio of 19.08, a PEG ratio of 2.57 and a beta of 0.80. Essential Utilities, Inc. has a 12-month low of $33.18 and a 12-month high of $41.78. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The company had revenue of $604.38 million during the quarter, compared to analyst estimates of $698.77 million. As a group, research analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Tuesday, May 13th will be paid a $0.3255 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.41%. Essential Utilities's dividend payout ratio (DPR) is currently 59.91%.

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.