Flputnam Investment Management Co. Takes Position in Essential Utilities Inc. $WTRG

Key Points

• Flputnam Investment Management acquired 465,697 shares of Essential Utilities in the second quarter, worth approximately $17.8 million. Institutional investors and hedge funds collectively own 74.78% of the company.
• Essential Utilities exceeded quarterly earnings expectations, reporting $0.38 EPS versus the $0.37 consensus estimate, while revenue rose 3.1% year over year to $530.85 million.
• The company increased its quarterly dividend to $0.3606, representing an annualized payout of $1.44 and a 3.6% yield. Analysts hold a “Moderate Buy” consensus rating with an average price target of $43.00.

Flputnam Investment Management Co. acquired a new stake in Essential Utilities Inc. (NYSE:WTRG - Free Report) during the second quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 465,697 shares of the company's stock, valued at approximately $17,841,000. Flputnam Investment Management Co. owned approximately 0.16% of Essential Utilities as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Pekao Towarzystwo Funduszy Inwestycyjnych S.A. acquired a new position in Essential Utilities during the fourth quarter valued at approximately $3,547,000. Versor Investments LP acquired a new stake in shares of Essential Utilities in the fourth quarter worth $1,430,000. Brighton Jones LLC bought a new stake in shares of Essential Utilities during the 4th quarter worth $638,000. Pictet Asset Management Holding SA boosted its holdings in shares of Essential Utilities by 19.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 4,539,977 shares of the company's stock worth $174,163,000 after buying an additional 741,587 shares during the period. Finally, Gateway Investment Advisers LLC bought a new stake in shares of Essential Utilities during the 4th quarter worth $3,566,000. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Stock Up 0.0%

WTRG opened at $40.38 on Monday. The business has a 50 day moving average of $38.77 and a 200-day moving average of $38.91. The stock has a market capitalization of $11.46 billion, a price-to-earnings ratio of 20.60 and a beta of 0.64. The company has a current ratio of 0.78, a quick ratio of 0.62 and a debt-to-equity ratio of 1.20. Essential Utilities Inc. has a 1-year low of $36.10 and a 1-year high of $42.37.

Essential Utilities (NYSE:WTRG - Get Free Report) last announced its earnings results on Tuesday, August 4th. 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 net margin of 21.60% and a return on equity of 8.23%. The business had revenue of $530.85 million for the quarter, compared to analyst estimates of $538.90 million. During the same quarter in the previous year, the firm posted $0.38 earnings per share. Essential Utilities's revenue was up 3.1% compared to the same quarter last year. As a group, sell-side analysts anticipate that Essential Utilities Inc. will post 2.21 earnings per share for the current year.

Essential Utilities Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 11th will be given a $0.3606 dividend. The ex-dividend date is Tuesday, August 11th. This represents a $1.44 annualized dividend and a yield of 3.6%. This is a positive change from Essential Utilities's previous quarterly dividend of $0.34. Essential Utilities's dividend payout ratio (DPR) is 73.47%.

Insider Transactions at Essential Utilities

In other news, insider Colleen Arnold sold 2,855 shares of the business's stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $39.55, for a total transaction of $112,915.25. Following the transaction, the insider owned 17,347 shares in the company, valued at approximately $686,073.85. The trade was a 14.13% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.36% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

WTRG has been the topic of several recent analyst reports. Wall Street Zen upgraded shares of Essential Utilities to a "sell" rating in a report on Saturday, July 4th. Weiss Ratings restated a "hold (c+)" rating on shares of Essential Utilities in a report on Friday, May 22nd. Barclays raised their price target on Essential Utilities from $38.00 to $40.00 and gave the company an "underweight" rating in a research report on Wednesday, July 15th. Finally, UBS Group lifted their price objective 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 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 given a Sell rating to the stock. Based on data from MarketBeat, Essential Utilities presently has a consensus rating of "Moderate Buy" and a consensus target price of $43.00.

Essential Utilities Company 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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