Verition Fund Management LLC Boosts Holdings in Essential Utilities, Inc. (NYSE:WTRG)

Verition Fund Management LLC raised its position in shares of Essential Utilities, Inc. (NYSE:WTRG - Free Report) by 53.6% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 237,320 shares of the company's stock after buying an additional 82,795 shares during the quarter. Verition Fund Management LLC owned about 0.09% of Essential Utilities worth $9,153,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Friedenthal Financial purchased a new position in Essential Utilities during the 3rd quarter worth $25,000. Brooklyn Investment Group purchased a new stake in shares of Essential Utilities during the third quarter worth about $26,000. Darwin Wealth Management LLC acquired a new position in shares of Essential Utilities during the third quarter valued at about $28,000. First Horizon Advisors Inc. raised its position in shares of Essential Utilities by 61.4% in the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company's stock valued at $30,000 after purchasing an additional 294 shares during the last quarter. Finally, Voisard Asset Management Group Inc. acquired a new stake in Essential Utilities in the 2nd quarter worth approximately $37,000. 74.78% of the stock is owned by hedge funds and other institutional investors.

Essential Utilities Stock Performance

Essential Utilities stock traded down $0.25 during midday trading on Friday, hitting $40.03. 638,545 shares of the company were exchanged, compared to its average volume of 1,487,950. The business has a fifty day simple moving average of $39.18 and a two-hundred day simple moving average of $38.88. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. The firm has a market capitalization of $10.99 billion, a PE ratio of 20.02, a price-to-earnings-growth ratio of 3.17 and a beta of 0.84. Essential Utilities, Inc. has a fifty-two week low of $33.57 and a fifty-two week high of $41.78.

Essential Utilities (NYSE:WTRG - Get Free Report) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.25 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The business had revenue of $435.30 million for the quarter, compared to analysts' expectations of $416.95 million. During the same quarter last year, the company earned $0.30 EPS. The business's revenue was up 5.8% on a year-over-year basis. On average, sell-side analysts forecast that Essential Utilities, Inc. will post 2.01 earnings per share for the current year.

Essential Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 2nd. Shareholders of record on Tuesday, November 12th will be given a $0.3255 dividend. The ex-dividend date is Tuesday, November 12th. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.25%. Essential Utilities's dividend payout ratio (DPR) is currently 65.00%.

Wall Street Analyst Weigh In

WTRG has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their price target on shares of Essential Utilities from $45.00 to $43.00 and set an "overweight" rating for the company in a report on Tuesday, November 5th. Jefferies Financial Group cut Essential Utilities from a "buy" rating to a "hold" rating and lowered their price target for the stock from $44.00 to $41.00 in a research report on Thursday, November 7th. Robert W. Baird increased their price objective on Essential Utilities from $45.00 to $46.00 and gave the company an "outperform" rating in a report on Wednesday, November 6th. Evercore ISI lifted their target price on Essential Utilities from $42.00 to $45.00 and gave the stock an "outperform" rating in a report on Thursday, August 8th. Finally, Bank of America reiterated a "buy" rating and issued a $45.00 price target on shares of Essential Utilities in a report on Friday, September 20th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Essential Utilities has an average rating of "Moderate Buy" and a consensus price target of $44.00.

About Essential Utilities

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.