Maple Brown Abbott Ltd Acquires New Stake in Essential Utilities Inc. (NYSE:WTRG)

Key Points

• Maple Brown Abbott Ltd acquired a new stake in Essential Utilities Inc., purchasing 2,384,087 shares valued at approximately $94.25 million, making it the company's 8th largest position.
• Essential Utilities announced a quarterly dividend increase to $0.3426 per share, representing a 3.5% yield, following a successful earnings report that beat consensus estimates.
• The stock currently has an average rating of "Moderate Buy" from analysts, with a raised price target of $47.00 by Robert W. Baird, indicating positive market sentiment.

Maple Brown Abbott Ltd acquired a new stake in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,384,087 shares of the company's stock, valued at approximately $94,251,000. Essential Utilities accounts for approximately 6.4% of Maple Brown Abbott Ltd's holdings, making the stock its 8th largest position. Maple Brown Abbott Ltd owned approximately 0.87% of Essential Utilities as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Bfsg LLC lifted its stake in Essential Utilities by 22.1% during the first quarter. Bfsg LLC now owns 1,453 shares of the company's stock worth $57,000 after purchasing an additional 263 shares during the last quarter. New Age Alpha Advisors LLC lifted its stake in Essential Utilities by 24.7% during the first quarter. New Age Alpha Advisors LLC now owns 1,531 shares of the company's stock worth $61,000 after purchasing an additional 303 shares during the last quarter. Community Bank N.A. lifted its stake in Essential Utilities by 1.3% during the first quarter. Community Bank N.A. now owns 23,928 shares of the company's stock worth $946,000 after purchasing an additional 304 shares during the last quarter. Wealthspire Advisors LLC lifted its stake in Essential Utilities by 2.0% during the first quarter. Wealthspire Advisors LLC now owns 16,322 shares of the company's stock worth $645,000 after purchasing an additional 327 shares during the last quarter. Finally, Apella Capital LLC lifted its stake in Essential Utilities by 4.4% during the first quarter. Apella Capital LLC now owns 7,914 shares of the company's stock worth $299,000 after purchasing an additional 334 shares during the last quarter. Institutional investors own 74.78% of the company's stock.

Analyst Ratings Changes

WTRG has been the subject of several research analyst reports. Robert W. Baird lifted their price target on Essential Utilities from $46.00 to $47.00 and gave the stock an "outperform" rating in a research note on Monday, August 4th. Wall Street Zen raised Essential Utilities from a "sell" rating to a "hold" rating in a research note on Saturday, July 26th. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $43.67.

Essential Utilities Stock Performance

Essential Utilities stock opened at $38.78 on Wednesday. The company has a quick ratio of 0.58, a current ratio of 0.73 and a debt-to-equity ratio of 1.13. The company has a market capitalization of $10.88 billion, a P/E ratio of 16.64, a PEG ratio of 3.58 and a beta of 0.78. The stock's 50 day moving average is $37.55 and its 200 day moving average is $38.12. 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 released its quarterly earnings data on Thursday, July 31st. The company reported $0.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.09. The business had revenue of $514.91 million for the quarter, compared to analysts' expectations of $462.70 million. Essential Utilities had a return on equity of 10.10% and a net margin of 27.62%. The firm's quarterly revenue was up 18.5% on a year-over-year basis. During the same period in the prior year, the firm posted $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 company also recently declared a quarterly dividend, which will be paid on Tuesday, September 2nd. Stockholders of record on Tuesday, August 12th will be issued a dividend of $0.3426 per share. This represents a $1.37 annualized dividend and a dividend yield of 3.5%. The ex-dividend date of this dividend is Tuesday, August 12th. This is a positive change from Essential Utilities's previous quarterly dividend of $0.33. Essential Utilities's payout ratio is currently 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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