Analysts Set Expectations for WTRG FY2024 Earnings

Essential Utilities, Inc. (NYSE:WTRG - Free Report) - Equities researchers at Seaport Res Ptn issued their FY2024 earnings estimates for Essential Utilities in a research report issued to clients and investors on Monday, January 6th. Seaport Res Ptn analyst A. Storozynski expects that the company will post earnings per share of $1.92 for the year. The consensus estimate for Essential Utilities' current full-year earnings is $2.01 per share.

Several other research firms have also commented on WTRG. Robert W. Baird upped their price target on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 6th. Bank of America restated a "buy" rating and issued a $45.00 target price on shares of Essential Utilities in a research report on Friday, September 20th. Wells Fargo & Company cut Essential Utilities from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $43.00 to $39.00 in a report on Tuesday. Finally, Jefferies Financial Group lowered Essential Utilities from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $44.00 to $41.00 in a report on Thursday, November 7th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $43.20.

Essential Utilities Stock Performance

WTRG traded down $0.27 during trading on Thursday, reaching $35.00. 1,577,220 shares of the company were exchanged, compared to its average volume of 1,185,958. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17. The stock has a market cap of $9.61 billion, a P/E ratio of 17.50, a PEG ratio of 3.06 and a beta of 0.86. Essential Utilities has a 52 week low of $33.57 and a 52 week high of $41.78. The firm has a 50 day moving average of $38.15 and a 200 day moving average of $38.81.

Essential Utilities (NYSE:WTRG - Get Free Report) last issued its earnings results on Monday, November 4th. The company reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.24 by $0.01. The company had revenue of $435.30 million during the quarter, compared to the consensus estimate of $416.95 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. Essential Utilities's quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.30 earnings per share.

Institutional Trading of Essential Utilities

Institutional investors have recently modified their holdings of the company. Nordea Investment Management AB grew its position in Essential Utilities by 16.7% in the fourth quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company's stock worth $247,134,000 after buying an additional 972,803 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Essential Utilities by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 4,305,976 shares of the company's stock worth $165,701,000 after acquiring an additional 82,456 shares in the last quarter. Duff & Phelps Investment Management Co. grew its holdings in shares of Essential Utilities by 4.2% in the 3rd quarter. Duff & Phelps Investment Management Co. now owns 2,531,297 shares of the company's stock worth $97,632,000 after acquiring an additional 100,990 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Essential Utilities by 7.3% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,154,215 shares of the company's stock worth $83,088,000 after purchasing an additional 145,767 shares during the period. Finally, Tandem Investment Advisors Inc. lifted its holdings in shares of Essential Utilities by 0.5% during the third quarter. Tandem Investment Advisors Inc. now owns 2,034,497 shares of the company's stock valued at $78,471,000 after purchasing an additional 10,560 shares during the last quarter. Institutional investors and hedge funds own 74.78% of the company's stock.

Essential Utilities Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 10th will be issued a $0.3255 dividend. This represents a $1.30 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Monday, February 10th. Essential Utilities's dividend payout ratio (DPR) is presently 65.00%.

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.