LPL Financial LLC Raises Holdings in Essential Utilities Inc. (NYSE:WTRG)

Key Points

• LPL Financial LLC has increased its stake in Essential Utilities Inc. by 2.4% during the first quarter, owning 295,308 shares valued at approximately $11.67 million.
• Essential Utilities recently reported earnings of $0.38 EPS for the quarter, exceeding analysts' expectations, and announced a quarterly dividend increase to $0.3426 per share, reflecting an annualized yield of 3.6%.
• Analysts have set a new average target price of $43.67 for Essential Utilities, with the stock currently rated as a "Moderate Buy" by most, following recent updates from Robert W. Baird.

LPL Financial LLC grew its stake in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 295,308 shares of the company's stock after purchasing an additional 6,839 shares during the quarter. LPL Financial LLC owned 0.11% of Essential Utilities worth $11,674,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of WTRG. Bfsg LLC grew its stake in Essential Utilities by 22.1% in the first quarter. Bfsg LLC now owns 1,453 shares of the company's stock worth $57,000 after purchasing an additional 263 shares in the last quarter. Community Bank N.A. grew its position in Essential Utilities by 1.3% in the first quarter. Community Bank N.A. now owns 23,928 shares of the company's stock worth $946,000 after buying an additional 304 shares during the last quarter. Apella Capital LLC grew its position in Essential Utilities by 4.4% during the 1st quarter. Apella Capital LLC now owns 7,914 shares of the company's stock worth $299,000 after purchasing an additional 334 shares in the last quarter. HM Payson & Co. grew its position in Essential Utilities by 0.3% during the 1st quarter. HM Payson & Co. now owns 115,963 shares of the company's stock worth $4,584,000 after purchasing an additional 334 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of Essential Utilities by 17.4% during the 1st quarter. Principal Securities Inc. now owns 2,471 shares of the company's stock valued at $90,000 after acquiring an additional 366 shares in the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

WTRG has been the subject of a number of recent research reports. Robert W. Baird upped their price objective on shares of Essential Utilities from $46.00 to $47.00 and gave the stock an "outperform" rating in a report on Monday. Wall Street Zen raised shares of Essential Utilities from a "sell" rating to a "hold" rating in a research report on Saturday, July 26th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to data from MarketBeat.com, Essential Utilities currently has an average rating of "Moderate Buy" and an average target price of $43.67.

Essential Utilities Price Performance

Shares of WTRG stock opened at $38.38 on Friday. Essential Utilities Inc. has a 52-week low of $33.18 and a 52-week high of $41.65. The stock has a market cap of $10.76 billion, a PE ratio of 16.47, a PEG ratio of 3.48 and a beta of 0.78. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.57 and a current ratio of 0.73. The firm's 50 day moving average price is $37.53 and its two-hundred day moving average price is $37.99.

Essential Utilities (NYSE:WTRG - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The company reported $0.38 EPS for the quarter, topping analysts' consensus estimates of $0.29 by $0.09. Essential Utilities had a net margin of 27.62% and a return on equity of 10.10%. The business had revenue of $514.91 million for the quarter, compared to analyst estimates of $462.70 million. During the same period last year, the business posted $0.28 earnings per share. The firm's quarterly revenue was up 18.5% on a year-over-year basis. As a group, analysts forecast that Essential Utilities Inc. will post 1.99 EPS for the current year.

Essential Utilities Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 12th will be given a $0.3426 dividend. This represents a $1.37 dividend on an annualized basis and a yield of 3.6%. This is an increase from Essential Utilities's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Tuesday, August 12th. Essential Utilities's payout ratio is 55.79%.

Essential Utilities Company 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.

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