80,780 Shares in Essential Utilities Inc. $WTRG Purchased by Polar Asset Management Partners Inc.

Key Points

• Polar Asset Management Partners initiated a position in Essential Utilities by purchasing 80,780 shares valued at approximately $3.1 million. Institutional investors collectively own 74.78% of the company.
• Essential Utilities reported quarterly EPS of $0.38, slightly above the $0.37 analyst consensus, while revenue rose 3.1% year over year to $530.85 million but came in below estimates.
• The company increased its quarterly dividend to $0.3606, equivalent to an annualized $1.44 payout and a 3.5% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $43.00.

Polar Asset Management Partners Inc. purchased a new position in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 80,780 shares of the company's stock, valued at approximately $3,095,000.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Fideuram Asset Management Ireland dac bought a new position in shares of Essential Utilities during the 4th quarter worth approximately $27,000. Evolution Wealth Management Inc. acquired a new position in Essential Utilities in the 1st quarter valued at about $27,000. Caitong International Asset Management Co. Ltd acquired a new position in Essential Utilities in the 4th quarter valued at about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Essential Utilities in the 2nd quarter valued at about $33,000. Finally, Motiv8 Investments LLC acquired a new stake in Essential Utilities during the fourth quarter worth approximately $35,000. Institutional investors own 74.78% of the company's stock.

Essential Utilities Price Performance

WTRG stock opened at $40.74 on Wednesday. The company's 50-day moving average price is $39.21 and its two-hundred day moving average price is $39.02. The firm has a market cap of $11.56 billion, a P/E ratio of 20.79 and a beta of 0.64. The company has a quick ratio of 0.62, a current ratio of 0.78 and a debt-to-equity ratio of 1.20. Essential Utilities Inc. has a 12 month low of $36.10 and a 12 month high of $42.37.

Essential Utilities (NYSE:WTRG - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. The company had revenue of $530.85 million during the quarter, compared to the consensus estimate of $538.90 million. Essential Utilities had a net margin of 21.60% and a return on equity of 8.23%. The firm's quarterly revenue was up 3.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 EPS. On average, analysts anticipate that Essential Utilities Inc. will post 2.21 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be issued a $0.3606 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.5%. This is a boost from Essential Utilities's previous quarterly dividend of $0.34. Essential Utilities's dividend payout ratio (DPR) is 73.47%.

Analyst Ratings Changes

WTRG has been the subject of a number of research analyst reports. UBS Group boosted their price objective on Essential Utilities from $43.00 to $46.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. Barclays increased their target price on Essential Utilities from $38.00 to $40.00 and gave the stock an "underweight" rating in a research note on Wednesday, July 15th. Wall Street Zen upgraded Essential Utilities to a "sell" rating in a research note on Saturday, July 4th. Finally, Weiss Ratings reaffirmed a "hold (c+)" rating on shares of Essential Utilities in a report on Wednesday, August 19th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $43.00.

Insider Activity

In other news, insider Colleen Arnold sold 2,855 shares of Essential Utilities stock in a transaction on Friday, August 7th. The stock was sold at an average price of $39.55, for a total value of $112,915.25. Following the transaction, the insider owned 17,347 shares in the company, valued at approximately $686,073.85. This trade represents a 14.13% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.36% of the company's stock.

Essential Utilities Profile

Essential Utilities, Inc, formerly known as Aqua America, is a publicly traded water and natural gas utility holding company. Through its regulated water and wastewater subsidiaries, the company provides essential water services to residential, commercial and industrial customers. In addition, Essential Utilities delivers natural gas distribution services in Pennsylvania through its Peoples Gas subsidiary, offering integrated utility solutions under a unified corporate framework.

The company traces its roots to the Philadelphia Suburban Water Company, founded in 1886 to serve growing communities outside Philadelphia.

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