Phoenix Financial Ltd. Has $335,000 Position in Essential Utilities Inc. (NYSE:WTRG)

Key Points

• Phoenix Financial Ltd. sold 43,496 shares of Essential Utilities Inc., reducing its position by 83.8% to a total of 8,426 shares, valued at approximately $335,000.
• Essential Utilities reported a quarterly earnings per share (EPS) of $1.03, exceeding analysts' estimates of $0.80, and showing a 28.0% increase in revenue year-over-year.
• According to analysts, Essential Utilities has an average rating of "Moderate Buy" with a consensus price target of $43.50.

Phoenix Financial Ltd. decreased its position in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 83.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 8,426 shares of the company's stock after selling 43,496 shares during the quarter. Phoenix Financial Ltd.'s holdings in Essential Utilities were worth $335,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Cetera Investment Advisers raised its holdings in Essential Utilities by 6.6% during the 1st quarter. Cetera Investment Advisers now owns 47,737 shares of the company's stock worth $1,887,000 after buying an additional 2,965 shares during the period. Avantax Advisory Services Inc. increased its holdings in Essential Utilities by 4.5% during the first quarter. Avantax Advisory Services Inc. now owns 149,946 shares of the company's stock worth $5,927,000 after buying an additional 6,494 shares during the last quarter. Hamilton Point Investment Advisors LLC increased its holdings in Essential Utilities by 1.8% during the first quarter. Hamilton Point Investment Advisors LLC now owns 133,698 shares of the company's stock worth $5,285,000 after buying an additional 2,427 shares during the last quarter. Carnegie Investment Counsel boosted its position in Essential Utilities by 2.8% during the first quarter. Carnegie Investment Counsel now owns 21,997 shares of the company's stock worth $844,000 after purchasing an additional 600 shares during the period. Finally, Oak Thistle LLC bought a new position in Essential Utilities during the first quarter worth $1,128,000. Institutional investors own 74.78% of the company's stock.

Essential Utilities Price Performance

WTRG stock traded down $0.08 during midday trading on Wednesday, reaching $37.12. The company had a trading volume of 392,473 shares, compared to its average volume of 1,674,563. The company has a market capitalization of $10.41 billion, a price-to-earnings ratio of 16.67, a price-to-earnings-growth ratio of 3.38 and a beta of 0.79. The stock has a 50 day moving average price of $37.65 and a 200-day moving average price of $37.86. Essential Utilities Inc. has a 1-year low of $33.18 and a 1-year high of $41.78. The company has a debt-to-equity ratio of 1.16, a current ratio of 0.65 and a quick ratio of 0.57.

Essential Utilities (NYSE:WTRG - Get Free Report) last posted its quarterly earnings results on Monday, May 12th. The company reported $1.03 EPS for the quarter, beating analysts' consensus estimates of $0.80 by $0.23. The business had revenue of $783.63 million during the quarter, compared to the consensus estimate of $713.80 million. Essential Utilities had a return on equity of 9.81% and a net margin of 27.17%. Essential Utilities's revenue for the quarter was up 28.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.97 earnings per share. Equities research analysts expect that Essential Utilities Inc. will post 1.99 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen raised shares of Essential Utilities from a "sell" rating to a "hold" rating in a research report on Saturday. Robert W. Baird reduced their target price on shares of Essential Utilities from $47.00 to $46.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $43.50.

Essential Utilities 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.