Algert Global LLC Acquires New Stake in Essential Utilities Inc. $WTRG

Key Points

• Algert Global LLC acquired 321,500 shares of Essential Utilities in the second quarter, valued at approximately $12.3 million and representing about 0.11% of the company. Institutional investors and hedge funds collectively own 74.78% of WTRG.
• Analyst sentiment remains positive overall, with Essential Utilities carrying a “Moderate Buy” consensus rating and an average price target of $43.00, despite ratings ranging from Sell to Strong Buy.
• The company beat quarterly EPS expectations by $0.01 and raised its quarterly dividend to $0.3606, equivalent to a 3.5% annualized yield; shares opened at $40.74, near the consensus target.

Algert Global LLC bought a new position in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 321,500 shares of the company's stock, valued at approximately $12,317,000. Algert Global LLC owned about 0.11% of Essential Utilities as of its most recent SEC filing.

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

Analysts Set New Price Targets

WTRG has been the subject of a number of research analyst reports. Weiss Ratings reiterated a "hold (c+)" rating on shares of Essential Utilities in a report on Wednesday, August 19th. Wall Street Zen upgraded Essential Utilities to a "sell" rating in a report on Saturday, July 4th. Barclays raised their price objective on shares of Essential Utilities from $38.00 to $40.00 and gave the stock an "underweight" rating in a research report on Wednesday, July 15th. Finally, UBS Group lifted their price objective on shares of Essential Utilities from $43.00 to $46.00 and gave the company a "buy" rating in a research note on Thursday, July 2nd. Two equities 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 company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $43.00.

Insider Buying and Selling at Essential Utilities

In related news, insider Colleen Arnold sold 2,855 shares of the firm's stock in a transaction dated Friday, August 7th. The shares were 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 of the company's stock, valued at approximately $686,073.85. This trade represents a 14.13% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.36% of the company's stock.

Essential Utilities Trading Down 1.4%

NYSE WTRG opened at $40.74 on Wednesday. The company has a market cap of $11.56 billion, a price-to-earnings ratio of 20.79 and a beta of 0.64. Essential Utilities Inc. has a 52 week low of $36.10 and a 52 week high of $42.37. The business has a 50 day moving average price of $39.21 and a 200-day moving average price of $39.02. 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 (NYSE:WTRG - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. Essential Utilities had a return on equity of 8.23% and a net margin of 21.60%.The company had revenue of $530.85 million for the quarter, compared to analysts' expectations of $538.90 million. During the same period last year, the business earned $0.38 EPS. Essential Utilities's quarterly revenue was up 3.1% compared to the same quarter last year. As a group, equities analysts expect that Essential Utilities Inc. will post 2.21 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

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

About Essential Utilities

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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