Essential Utilities, Inc. (NYSE:WTRG) Stake Lessened by New York State Common Retirement Fund

New York State Common Retirement Fund reduced its stake in Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 3.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 544,850 shares of the company's stock after selling 19,908 shares during the quarter. New York State Common Retirement Fund owned 0.20% of Essential Utilities worth $21,015,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. Kingswood Wealth Advisors LLC grew its stake in shares of Essential Utilities by 4.5% in the second quarter. Kingswood Wealth Advisors LLC now owns 6,947 shares of the company's stock valued at $259,000 after buying an additional 297 shares in the last quarter. V Square Quantitative Management LLC lifted its position in shares of Essential Utilities by 10.6% during the third quarter. V Square Quantitative Management LLC now owns 3,477 shares of the company's stock worth $134,000 after purchasing an additional 333 shares in the last quarter. Sanibel Captiva Trust Company Inc. boosted its stake in shares of Essential Utilities by 5.4% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 6,491 shares of the company's stock valued at $240,000 after purchasing an additional 334 shares during the period. First Trust Direct Indexing L.P. grew its holdings in shares of Essential Utilities by 4.4% in the third quarter. First Trust Direct Indexing L.P. now owns 8,024 shares of the company's stock valued at $309,000 after purchasing an additional 337 shares in the last quarter. Finally, Meeder Advisory Services Inc. increased its stake in Essential Utilities by 5.5% during the 1st quarter. Meeder Advisory Services Inc. now owns 6,506 shares of the company's stock worth $241,000 after buying an additional 339 shares during the period. Hedge funds and other institutional investors own 74.78% of the company's stock.

Essential Utilities Trading Up 3.9 %

Essential Utilities stock traded up $1.49 during midday trading on Tuesday, reaching $40.12. The stock had a trading volume of 1,710,269 shares, compared to its average volume of 1,529,059. The stock's 50-day simple moving average is $38.98 and its 200 day simple moving average is $38.63. Essential Utilities, Inc. has a twelve month low of $33.28 and a twelve month high of $41.78. The company has a debt-to-equity ratio of 1.14, a quick ratio of 0.44 and a current ratio of 0.58. The stock has a market capitalization of $10.98 billion, a PE ratio of 19.27, a price-to-earnings-growth ratio of 3.32 and a beta of 0.84.

Essential Utilities (NYSE:WTRG - Get Free Report) last posted its earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.24 by $0.01. The business had revenue of $435.30 million during the quarter, compared to analyst estimates of $416.95 million. Essential Utilities had a return on equity of 8.16% and a net margin of 28.74%. The company's revenue for the quarter was up 5.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.30 earnings per share. Analysts expect that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Tuesday, November 12th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Tuesday, November 12th. Essential Utilities's dividend payout ratio (DPR) is 63.41%.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on WTRG shares. Evercore ISI increased their price objective on Essential Utilities from $42.00 to $45.00 and gave the company an "outperform" rating in a research note on Thursday, August 8th. Wells Fargo & Company cut their target price on Essential Utilities from $45.00 to $43.00 and set an "overweight" rating on the stock in a research report on Tuesday. Bank of America reissued a "buy" rating and issued a $45.00 target price on shares of Essential Utilities in a report on Friday, September 20th. 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 note on Wednesday, August 7th. Finally, Jefferies Financial Group began coverage on Essential Utilities in a research note on Monday, October 7th. They set a "buy" rating and a $44.00 price target for the company. One research analyst has rated the stock with a sell rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Essential Utilities has a consensus rating of "Moderate Buy" and an average 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.