Essential Utilities Inc. (NYSE:WTRG) Shares Acquired by Costello Asset Management INC

Key Points

• Costello Asset Management INC increased its stake in Essential Utilities Inc. by 10.8% to $4.13 million, making it the firm's 16th largest position.
• Essential Utilities recently reported earnings, surpassing estimates with $0.38 EPS and revenue of $514.91 million, reflecting an 18.5% increase from the previous year.
• The company has announced a quarterly dividend increase to $0.3426 per share, representing a 3.6% dividend yield for shareholders.

Costello Asset Management INC boosted its holdings in Essential Utilities Inc. (NYSE:WTRG - Free Report) by 10.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 104,386 shares of the company's stock after buying an additional 10,186 shares during the quarter. Essential Utilities makes up about 1.7% of Costello Asset Management INC's holdings, making the stock its 16th largest position. Costello Asset Management INC's holdings in Essential Utilities were worth $4,126,000 at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of WTRG. New Age Alpha Advisors LLC boosted its stake in Essential Utilities by 24.7% in the first quarter. New Age Alpha Advisors LLC now owns 1,531 shares of the company's stock valued at $61,000 after acquiring an additional 303 shares in the last quarter. Wills Financial Group LLC acquired a new position in Essential Utilities in the first quarter valued at $6,139,000. Allianz SE acquired a new position in Essential Utilities in the first quarter valued at $440,000. Manchester Capital Management LLC boosted its stake in shares of Essential Utilities by 87.8% during the first quarter. Manchester Capital Management LLC now owns 20,037 shares of the company's stock worth $792,000 after buying an additional 9,369 shares during the period. Finally, Bank of Nova Scotia boosted its stake in shares of Essential Utilities by 8.5% during the first quarter. Bank of Nova Scotia now owns 9,914 shares of the company's stock worth $392,000 after buying an additional 773 shares during the period. Hedge funds and other institutional investors own 74.78% of the company's stock.

Wall Street Analyst Weigh In

WTRG has been the subject of a number of recent analyst reports. Wall Street Zen upgraded shares of Essential Utilities from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Robert W. Baird increased their target price on shares of Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a report on Monday, August 4th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $43.67.

Essential Utilities Trading Up 1.0%

WTRG stock traded up $0.38 during midday trading on Friday, hitting $38.81. The stock had a trading volume of 2,461,354 shares, compared to its average volume of 1,859,846. The firm has a market cap of $10.88 billion, a PE ratio of 16.65, a price-to-earnings-growth ratio of 3.53 and a beta of 0.78. The company has a debt-to-equity ratio of 1.13, a current ratio of 0.73 and a quick ratio of 0.57. Essential Utilities Inc. has a 12-month low of $33.18 and a 12-month high of $41.65. The company's 50-day moving average price is $37.54 and its 200 day moving average price is $38.02.

Essential Utilities (NYSE:WTRG - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.29 by $0.09. The firm had revenue of $514.91 million during the quarter, compared to analysts' expectations of $462.70 million. Essential Utilities had a net margin of 27.62% and a return on equity of 10.10%. Essential Utilities's revenue for the quarter was up 18.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.28 EPS. On average, equities research analysts predict that Essential Utilities Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th will be issued a $0.3426 dividend. This is a boost from Essential Utilities's previous quarterly dividend of $0.33. The ex-dividend date is Tuesday, August 12th. This represents a $1.37 dividend on an annualized basis and a dividend yield of 3.5%. Essential Utilities's dividend payout ratio (DPR) is 55.79%.

Essential Utilities 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.