Manchester Capital Management LLC Grows Stake in Essential Utilities Inc. (NYSE:WTRG)

Key Points

• Manchester Capital Management LLC has increased its stake in Essential Utilities Inc. by 87.8%, owning 20,037 shares valued at approximately $792,000.
• Essential Utilities recently announced a quarterly dividend increase to $0.3426 per share, representing an annual yield of 3.6%.
• The company reported earnings per share (EPS) of $0.38 for the last quarter, surpassing analysts' expectations of $0.29, with revenue rising 18.5% year-over-year.

Manchester Capital Management LLC raised its holdings in Essential Utilities Inc. (NYSE:WTRG - Free Report) by 87.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 20,037 shares of the company's stock after purchasing an additional 9,369 shares during the period. Manchester Capital Management LLC's holdings in Essential Utilities were worth $792,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of WTRG. Geode Capital Management LLC boosted its stake in shares of Essential Utilities by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 4,317,312 shares of the company's stock worth $156,526,000 after acquiring an additional 11,336 shares during the last quarter. Invesco Ltd. grew its stake in shares of Essential Utilities by 6.8% in the fourth quarter. Invesco Ltd. now owns 3,690,116 shares of the company's stock valued at $134,025,000 after buying an additional 236,250 shares in the last quarter. Northern Trust Corp grew its stake in Essential Utilities by 22.0% during the 4th quarter. Northern Trust Corp now owns 3,331,090 shares of the company's stock worth $120,985,000 after purchasing an additional 601,026 shares in the last quarter. Boston Trust Walden Corp grew its stake in Essential Utilities by 16.5% during the 1st quarter. Boston Trust Walden Corp now owns 2,476,811 shares of the company's stock worth $97,908,000 after purchasing an additional 349,904 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Essential Utilities by 8.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 2,346,671 shares of the company's stock worth $85,231,000 after acquiring an additional 192,456 shares in the last quarter. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Price Performance

Shares of WTRG traded down $0.34 on Tuesday, reaching $37.99. The stock had a trading volume of 408,747 shares, compared to its average volume of 1,693,765. The firm has a market capitalization of $10.65 billion, a PE ratio of 16.33, a PEG ratio of 3.51 and a beta of 0.78. The company has a quick ratio of 0.57, a current ratio of 0.73 and a debt-to-equity ratio of 1.13. The firm has a 50-day moving average of $37.56 and a 200 day moving average of $37.97. Essential Utilities Inc. has a twelve month low of $33.18 and a twelve month high of $41.65.

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

Essential Utilities Increases Dividend

The company 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 is an increase from Essential Utilities's previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Tuesday, August 12th. This represents a $1.37 annualized dividend and a dividend yield of 3.6%. Essential Utilities's dividend payout ratio is 55.79%.

Wall Street Analyst Weigh In

Several analysts have commented on WTRG shares. Wall Street Zen raised Essential Utilities from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Robert W. Baird upped their price objective on Essential Utilities from $46.00 to $47.00 and gave the company an "outperform" rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $43.67.

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.