Synergy Asset Management LLC Decreases Holdings in Essential Utilities Inc. $WTRG

Key Points

• Synergy Asset Management LLC decreased its holdings in Essential Utilities Inc. by 59.7%, now owning 51,878 shares after selling 76,844 shares in the second quarter.
• Essential Utilities reported a quarterly earnings per share (EPS) of $0.38, exceeding estimates of $0.29, with a revenue increase of 18.5% year-over-year.
• The company recently increased its quarterly dividend to $0.3426, representing a 3.6% yield, showing a positive shift from its previous dividend of $0.33.

Synergy Asset Management LLC trimmed its position in shares of Essential Utilities Inc. (NYSE:WTRG - Free Report) by 59.7% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,878 shares of the company's stock after selling 76,844 shares during the period. Synergy Asset Management LLC's holdings in Essential Utilities were worth $1,927,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Headlands Technologies LLC purchased a new position in shares of Essential Utilities during the 1st quarter valued at about $31,000. Kennebec Savings Bank purchased a new position in shares of Essential Utilities during the 2nd quarter valued at about $31,000. Valley National Advisers Inc. purchased a new position in shares of Essential Utilities during the 1st quarter valued at about $33,000. National Pension Service raised its holdings in shares of Essential Utilities by 75.0% during the 1st quarter. National Pension Service now owns 950 shares of the company's stock valued at $38,000 after buying an additional 407 shares in the last quarter. Finally, CX Institutional bought a new position in Essential Utilities during the 1st quarter worth approximately $42,000. 74.78% of the stock is owned by hedge funds and other institutional investors.

Essential Utilities Trading Down 0.6%

NYSE WTRG opened at $38.59 on Friday. The company has a quick ratio of 0.58, a current ratio of 0.73 and a debt-to-equity ratio of 1.13. Essential Utilities Inc. has a twelve month low of $33.18 and a twelve month high of $41.65. The firm has a market capitalization of $10.82 billion, a PE ratio of 16.56, a P/E/G ratio of 3.56 and a beta of 0.82. The stock's 50 day moving average is $38.42 and its 200 day moving average is $38.53.

Essential Utilities (NYSE:WTRG - Get Free Report) last released its earnings results on Thursday, July 31st. The company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.29 by $0.09. Essential Utilities had a return on equity of 10.10% and a net margin of 27.62%.The business had revenue of $514.91 million for the quarter, compared to the consensus estimate of $462.70 million. During the same period in the previous year, the company posted $0.28 earnings per share. The company's revenue for the quarter was up 18.5% compared to the same quarter last year. Essential Utilities has set its FY 2025 guidance at 2.070-2.110 EPS. Research analysts forecast that Essential Utilities Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 12th were issued a $0.3426 dividend. This represents a $1.37 annualized dividend and a yield of 3.6%. This is a positive change from Essential Utilities's previous quarterly dividend of $0.33. The ex-dividend date of this dividend was Tuesday, August 12th. Essential Utilities's dividend payout ratio is presently 58.80%.

Analyst Upgrades and Downgrades

WTRG has been the topic of several recent research reports. Zacks Research lowered Essential Utilities from a "strong-buy" rating to a "hold" rating in a research report on Monday, August 25th. Wall Street Zen upgraded Essential Utilities from a "sell" rating to a "hold" rating in a research report on Sunday, August 31st. Robert W. Baird raised their price target on Essential Utilities from $46.00 to $47.00 and gave the stock an "outperform" rating in a research report on Monday, August 4th. UBS Group raised their price target on Essential Utilities from $42.00 to $47.00 and gave the stock a "buy" rating in a research report on Friday, August 15th. Finally, Barclays initiated coverage on Essential Utilities in a research report on Thursday. They set an "overweight" rating and a $42.00 price target on the stock. Five investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $44.00.

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.

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