Norges Bank Purchases New Stake in Essential Utilities, Inc. (NYSE:WTRG)

Norges Bank bought a new stake in Essential Utilities, Inc. (NYSE:WTRG - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,824,903 shares of the company's stock, valued at approximately $102,600,000. Norges Bank owned approximately 1.03% of Essential Utilities as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. VSM Wealth Advisory LLC acquired a new stake in Essential Utilities during the fourth quarter worth $26,000. IFP Advisors Inc increased its position in shares of Essential Utilities by 75.0% during the 4th quarter. IFP Advisors Inc now owns 1,104 shares of the company's stock worth $40,000 after purchasing an additional 473 shares during the last quarter. Stonebridge Financial Group LLC purchased a new stake in Essential Utilities in the 4th quarter valued at about $60,000. Crews Bank & Trust acquired a new position in Essential Utilities in the fourth quarter valued at about $90,000. Finally, Quarry LP purchased a new position in Essential Utilities during the third quarter worth about $150,000. Hedge funds and other institutional investors own 74.78% of the company's stock.

Essential Utilities Stock Down 2.5 %

Essential Utilities stock traded down $1.02 during mid-day trading on Friday, hitting $39.62. The company had a trading volume of 3,697,626 shares, compared to its average volume of 1,467,566. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. Essential Utilities, Inc. has a 1 year low of $33.18 and a 1 year high of $41.78. The business has a fifty day moving average of $37.56 and a 200 day moving average of $37.83. The stock has a market cap of $10.92 billion, a price-to-earnings ratio of 19.81, a PEG ratio of 2.57 and a beta of 0.80.

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Essential Utilities (NYSE:WTRG - Get Free Report) last released its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share (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 firm had revenue of $604.38 million for the quarter, compared to the consensus estimate of $698.77 million. On average, sell-side analysts expect that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 2nd. Shareholders of record on Tuesday, May 13th will be paid a dividend of $0.3255 per share. This represents a $1.30 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Tuesday, May 13th. Essential Utilities's dividend payout ratio is presently 59.91%.

Analyst Upgrades and Downgrades

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

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.