Essential Utilities Inc. $WTRG Stock Holdings Trimmed by Candriam S.C.A.

Key Points

• Candriam S.C.A. cut its stake in Essential Utilities by 51.0% in the first quarter, leaving it with 155,805 shares valued at about $6.27 million.
• Institutional ownership remains high, with 74.78% of the stock held by institutions and hedge funds. Several smaller funds also initiated new positions in the company recently.
• Essential Utilities reported Q1 earnings of $0.83 per share, below estimates of $0.90, though revenue rose 10% year over year to $861.76 million. Analysts currently view the stock as a Moderate Buy with a consensus target price of $43.40.

Candriam S.C.A. decreased its holdings in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 51.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 155,805 shares of the company's stock after selling 162,229 shares during the period. Candriam S.C.A. owned about 0.05% of Essential Utilities worth $6,274,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. GoalVest Advisory LLC acquired a new stake in Essential Utilities in the fourth quarter worth $25,000. Fideuram Asset Management Ireland dac acquired a new position in shares of Essential Utilities during the fourth quarter valued at $27,000. Evolution Wealth Management Inc. acquired a new position in shares of Essential Utilities during the first quarter valued at $27,000. Caitong International Asset Management Co. Ltd bought a new position in shares of Essential Utilities during the fourth quarter worth about $32,000. Finally, Motiv8 Investments LLC bought a new position in shares of Essential Utilities during the fourth quarter worth about $35,000. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Stock Performance

Shares of WTRG opened at $38.61 on Tuesday. The company has a 50-day moving average of $37.59 and a two-hundred day moving average of $38.78. The stock has a market cap of $10.95 billion, a price-to-earnings ratio of 19.60 and a beta of 0.65. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.95 and a quick ratio of 0.84. Essential Utilities Inc. has a one year low of $36.10 and a one year high of $42.37.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The company reported $0.83 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.07). The business had revenue of $861.76 million during the quarter, compared to analysts' expectations of $782.90 million. Essential Utilities had a return on equity of 8.34% and a net margin of 21.82%.The firm's revenue was up 10.0% on a year-over-year basis. During the same period in the prior year, the company posted $1.03 earnings per share. On average, equities research analysts expect that Essential Utilities Inc. will post 2.21 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on WTRG shares. Wall Street Zen upgraded Essential Utilities to a "sell" rating in a research report on Saturday, July 4th. Weiss Ratings restated a "hold (c+)" rating on shares of Essential Utilities in a research report on Friday, May 22nd. Argus raised Essential Utilities to a "strong-buy" rating in a research note on Monday, March 23rd. Finally, UBS Group increased their price target on Essential Utilities from $43.00 to $46.00 and gave the stock a "buy" rating in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, Essential Utilities has a consensus rating of "Moderate Buy" and a consensus target price of $43.40.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.