abrdn plc Lowers Stock Holdings in Essential Utilities, Inc. (NYSE:WTRG)

abrdn plc trimmed its holdings in Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 72.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 99,630 shares of the company's stock after selling 261,771 shares during the period. abrdn plc's holdings in Essential Utilities were worth $3,822,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Essential Utilities by 24.7% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 152,120 shares of the company's stock valued at $5,636,000 after acquiring an additional 30,152 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Essential Utilities by 12.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 139,534 shares of the company's stock valued at $5,171,000 after purchasing an additional 15,009 shares in the last quarter. Epoch Investment Partners Inc. purchased a new position in Essential Utilities during the first quarter worth about $46,280,000. Boston Trust Walden Corp grew its position in Essential Utilities by 350.3% in the 2nd quarter. Boston Trust Walden Corp now owns 903,372 shares of the company's stock worth $33,723,000 after purchasing an additional 702,760 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its stake in Essential Utilities by 2.8% in the 1st quarter. Janney Montgomery Scott LLC now owns 140,782 shares of the company's stock valued at $5,216,000 after buying an additional 3,779 shares during the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Stock Performance

Essential Utilities stock traded up $0.39 during midday trading on Monday, reaching $38.63. The stock had a trading volume of 1,822,224 shares, compared to its average volume of 1,528,202. The firm has a market capitalization of $10.57 billion, a PE ratio of 18.65, a P/E/G ratio of 3.35 and a beta of 0.84. Essential Utilities, Inc. has a 12 month low of $33.28 and a 12 month high of $41.78. The company has a quick ratio of 0.44, a current ratio of 0.58 and a debt-to-equity ratio of 1.14. The firm's 50-day moving average price is $38.99 and its 200 day moving average price is $38.60.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings results on Monday, August 5th. The company reported $0.28 EPS for the quarter, missing analysts' consensus estimates of $0.30 by ($0.02). Essential Utilities had a net margin of 28.74% and a return on equity of 8.16%. The business had revenue of $434.40 million for the quarter, compared to analysts' expectations of $442.76 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. The business's quarterly revenue was down .5% compared to the same quarter last year. As a group, research analysts predict that Essential Utilities, Inc. 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 2nd. Stockholders of record on Tuesday, November 12th will be issued a $0.3255 dividend. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Tuesday, November 12th. Essential Utilities's payout ratio is currently 63.41%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on WTRG. Robert W. Baird boosted their target price on Essential Utilities from $43.00 to $45.00 and gave the stock an "outperform" rating in a research note on Wednesday, August 7th. Bank of America restated a "buy" rating and issued a $45.00 price objective on shares of Essential Utilities in a research note on Friday, September 20th. Wells Fargo & Company lifted their target price on Essential Utilities from $42.00 to $45.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 31st. Evercore ISI increased 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, Jefferies Financial Group started coverage on shares of Essential Utilities in a research report on Monday, October 7th. They issued a "buy" rating and a $44.00 price objective on the stock. One analyst has rated the stock with a sell rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Essential Utilities has an average rating of "Moderate Buy" and an average target price of $44.80.

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.