Essential Utilities (NYSE:WTRG) Shares Gap Down - Here's What Happened

Essential Utilities, Inc. (NYSE:WTRG - Get Free Report) gapped down prior to trading on Wednesday . The stock had previously closed at $38.45, but opened at $37.44. Essential Utilities shares last traded at $37.52, with a volume of 537,640 shares trading hands.

Analysts Set New Price Targets

WTRG has been the topic of a number of recent analyst reports. Robert W. Baird lowered their target price on shares of Essential Utilities from $47.00 to $46.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Evercore ISI upped their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the company an "outperform" rating in a report on Wednesday, March 5th. Wells Fargo & Company upped their target price on shares of Essential Utilities from $39.00 to $41.00 and gave the company an "equal weight" rating in a report on Thursday, February 27th. Finally, Wall Street Zen raised shares of Essential Utilities from a "sell" rating to a "hold" rating in a report on Sunday, April 20th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $43.50.

Essential Utilities Price Performance

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 business has a 50-day moving average of $39.39 and a 200 day moving average of $37.96. The firm has a market capitalization of $10.55 billion, a PE ratio of 18.81, a price-to-earnings-growth ratio of 2.57 and a beta of 0.81.

Essential Utilities (NYSE:WTRG - Get Free Report) last released its earnings results on Monday, May 12th. The company reported $1.03 earnings per share for the quarter, beating analysts' consensus estimates of $0.80 by $0.23. The firm had revenue of $783.63 million for the quarter, compared to analysts' expectations of $713.80 million. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The company's quarterly revenue was up 28.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.97 earnings per share. As a group, research analysts anticipate that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Institutional Investors Weigh In On Essential Utilities

A number of hedge funds have recently made changes to their positions in the business. VSM Wealth Advisory LLC bought a new stake in shares of Essential Utilities in the fourth quarter worth about $26,000. Headlands Technologies LLC purchased a new stake in Essential Utilities in the 1st quarter worth approximately $31,000. Valley National Advisers Inc. bought a new stake in shares of Essential Utilities in the 1st quarter worth approximately $33,000. American National Bank & Trust bought a new stake in shares of Essential Utilities in the 1st quarter worth approximately $35,000. Finally, National Pension Service grew its position in shares of Essential Utilities by 75.0% in the 1st quarter. National Pension Service now owns 950 shares of the company's stock worth $38,000 after buying an additional 407 shares during the last quarter. 74.78% of the stock is currently owned by institutional investors.

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.