Essential Utilities (NYSE:WTRG) Price Target Raised to $50.00

Key Points

• Argus raised Essential Utilities’ price target from $45 to $50 and maintained a Buy rating, implying 12.26% upside from the previous close.
• Essential Utilities reported quarterly EPS of $0.38, beating the $0.33 consensus, and revenue of $508.26 million versus expectations of $450.44 million; revenue grew 6.6% year over year.
• Analyst sentiment is “Moderate Buy” overall, with four Buy ratings and one Sell rating; the consensus price target is $44.75.

Essential Utilities (NYSE:WTRG - Get Free Report) had its price target hoisted by equities researchers at Argus from $45.00 to $50.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm presently has a "buy" rating on the stock. Argus's target price would indicate a potential upside of 12.26% from the company's previous close.

A number of other brokerages have also issued reports on WTRG. Weiss Ratings raised Essential Utilities from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday, October 22nd. UBS Group reduced their target price on Essential Utilities from $49.00 to $47.00 and set a "buy" rating for the company in a research note on Friday, October 16th. Finally, Barclays lifted their price target on shares of Essential Utilities from $38.00 to $40.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 15th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $44.75.

Essential Utilities Stock Performance

Essential Utilities stock opened at $44.54 on Wednesday. Essential Utilities has a 12-month low of $36.10 and a 12-month high of $46.36. The company has a market capitalization of $12.76 billion, a price-to-earnings ratio of 22.47, a price-to-earnings-growth ratio of 3.39 and a beta of 0.62. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.40 and a quick ratio of 0.30. The firm's fifty day moving average price is $41.34 and its 200 day moving average price is $39.62.

Essential Utilities (NYSE:WTRG - Get Free Report) last posted its quarterly earnings data on Tuesday, November 3rd. The company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.33 by $0.05. The company had revenue of $508.26 million during the quarter, compared to analysts' expectations of $450.44 million. Essential Utilities had a net margin of 21.79% and a return on equity of 8.36%. The firm's revenue for the quarter was up 6.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 EPS. On average, research analysts forecast that Essential Utilities will post 2.21 EPS for the current fiscal year.

Institutional Trading of Essential Utilities

Hedge funds and other institutional investors have recently bought and sold shares of the company. Private Wealth Asset Management LLC acquired a new stake in shares of Essential Utilities during the 3rd quarter valued at approximately $397,000. Private Advisor Group LLC boosted its holdings in Essential Utilities by 45.1% in the third quarter. Private Advisor Group LLC now owns 54,012 shares of the company's stock worth $2,117,000 after purchasing an additional 16,787 shares during the period. Taylor Hoffman Capital Management LLC acquired a new position in Essential Utilities in the third quarter worth $263,000. Focus Advisor Solutions LLC boosted its holdings in Essential Utilities by 13.4% in the third quarter. Focus Advisor Solutions LLC now owns 10,821 shares of the company's stock worth $424,000 after purchasing an additional 1,278 shares during the period. Finally, Independent Advisor Alliance increased its stake in Essential Utilities by 16.5% during the third quarter. Independent Advisor Alliance now owns 12,760 shares of the company's stock valued at $510,000 after purchasing an additional 1,804 shares during the last quarter. 74.78% of the stock is owned by institutional investors.

Essential Utilities Company Profile

Essential Utilities, Inc. is a regulated utility company that provides water and wastewater services through its Aqua operations and natural gas distribution through Peoples Natural Gas. Its services include treating and delivering drinking water, collecting and treating wastewater, and supplying natural gas to homes and businesses. The company traces its water utility roots to the Springfield Water Company, founded in Pennsylvania in 1886. It adopted the Essential Utilities name in 2020, following its acquisition of Peoples Natural Gas and the expansion of its business beyond water and wastewater services.

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