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Essential Utilities Inc. (NYSE:WTRG) Short Interest Up 21,361.2% in July

Essential Utilities logo with Utilities background

Key Points

  • Essential Utilities Inc. experienced a dramatic increase in short interest of 21,361.2% in July, with a total of 4,700,000 shares shorted as of July 15th, compared to only 21,900 shares on June 30th.
  • The company reported a quarterly earnings per share of $0.38, exceeding expectations and reflecting an 18.5% year-over-year revenue growth.
  • Essential Utilities announced an increase in its quarterly dividend to $0.3426 per share, marking a dividend yield of 3.6% and a payout ratio of 58.30%.
  • MarketBeat previews the top five stocks to own by September 1st.

Essential Utilities Inc. (NYSE:WTRG - Get Free Report) saw a significant growth in short interest in July. As of July 15th, there was short interest totaling 4,700,000 shares, agrowthof21,361.2% from the June 30th total of 21,900 shares. Based on an average trading volume of 1,690,000 shares, the days-to-cover ratio is currently 2.8 days. Based on an average trading volume of 1,690,000 shares, the days-to-cover ratio is currently 2.8 days.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Geode Capital Management LLC raised its stake in Essential Utilities by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 4,317,312 shares of the company's stock valued at $156,526,000 after buying an additional 11,336 shares during the period. Invesco Ltd. boosted its holdings in shares of Essential Utilities by 6.8% during the 4th quarter. Invesco Ltd. now owns 3,690,116 shares of the company's stock valued at $134,025,000 after acquiring an additional 236,250 shares in the last quarter. Northern Trust Corp boosted its holdings in shares of Essential Utilities by 22.0% during the 4th quarter. Northern Trust Corp now owns 3,331,090 shares of the company's stock valued at $120,985,000 after acquiring an additional 601,026 shares in the last quarter. Boston Trust Walden Corp raised its position in Essential Utilities by 2.7% during the 2nd quarter. Boston Trust Walden Corp now owns 2,544,883 shares of the company's stock worth $94,517,000 after purchasing an additional 68,072 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Essential Utilities by 3.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 2,438,783 shares of the company's stock valued at $96,405,000 after purchasing an additional 92,112 shares during the period. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Stock Performance

Shares of WTRG stock traded up $1.42 during trading on Friday, reaching $38.22. The company had a trading volume of 2,419,483 shares, compared to its average volume of 1,696,544. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.57. The firm's 50 day simple moving average is $37.58 and its two-hundred day simple moving average is $37.87. The company has a market capitalization of $10.71 billion, a PE ratio of 17.14, a PEG ratio of 3.39 and a beta of 0.79. Essential Utilities has a one year low of $33.18 and a one year high of $41.78.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.29 by $0.09. The business had revenue of $514.91 million for the quarter, compared to analyst estimates of $462.70 million. Essential Utilities had a return on equity of 9.81% and a net margin of 27.17%. Essential Utilities's quarterly revenue was up 18.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.28 EPS. Sell-side analysts forecast that Essential Utilities will post 1.99 earnings per share for the current year.

Essential Utilities Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be given a dividend of $0.3426 per share. This is an increase from Essential Utilities's previous quarterly dividend of $0.33. This represents a $1.37 annualized dividend and a dividend yield of 3.6%. The ex-dividend date of this dividend is Tuesday, August 12th. Essential Utilities's payout ratio is currently 58.30%.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Wall Street Zen upgraded Essential Utilities from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Robert W. Baird lowered their target price on Essential Utilities from $47.00 to $46.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $43.50.

Get Our Latest Stock Report on WTRG

Essential Utilities Company Profile

(Get Free Report)

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.

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