Wedge Capital Management L L P NC Grows Stock Holdings in Unitil Corporation $UTL

Key Points

• Wedge Capital Management increased its Unitil stake by 87.1% in the second quarter, bringing its holdings to 51,839 shares valued at approximately $2.7 million. Institutional investors collectively own 76.76% of Unitil.
• Unitil reported quarterly earnings of $0.29 per share, exceeding analysts’ $0.26 estimate, while revenue reached $113.19 million. Analysts expect full-year earnings of $3.31 per share.
• Unitil declared a quarterly dividend of $0.475 per share, equivalent to an annualized $1.90 payout and a 3.5% yield. Analysts maintain a consensus “Hold” rating with a $56.50 price target.

Wedge Capital Management L L P NC raised its position in Unitil Corporation (NYSE:UTL - Free Report) by 87.1% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 51,839 shares of the utilities provider's stock after purchasing an additional 24,131 shares during the period. Wedge Capital Management L L P NC owned 0.29% of Unitil worth $2,731,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of UTL. Wellington Management Group LLP lifted its stake in shares of Unitil by 94.0% in the fourth quarter. Wellington Management Group LLP now owns 601,260 shares of the utilities provider's stock valued at $29,125,000 after purchasing an additional 291,325 shares during the period. Heartland Advisors Inc. purchased a new position in shares of Unitil during the 1st quarter worth about $7,836,000. The Manufacturers Life Insurance Company boosted its holdings in Unitil by 17.8% in the second quarter. The Manufacturers Life Insurance Company now owns 717,423 shares of the utilities provider's stock valued at $37,414,000 after acquiring an additional 108,254 shares during the last quarter. Renaissance Technologies LLC lifted its position in Unitil by 23.5% during the first quarter. Renaissance Technologies LLC now owns 490,041 shares of the utilities provider's stock valued at $25,600,000 after buying an additional 93,101 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Unitil by 98.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 146,984 shares of the utilities provider's stock worth $7,120,000 after buying an additional 72,959 shares during the period. Hedge funds and other institutional investors own 76.76% of the company's stock.

Unitil Stock Performance

Shares of NYSE UTL opened at $54.49 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 0.49 and a quick ratio of 0.45. The company has a market capitalization of $993.82 million, a P/E ratio of 17.19 and a beta of 0.31. Unitil Corporation has a one year low of $44.61 and a one year high of $57.26. The business's 50-day moving average price is $53.18 and its two-hundred day moving average price is $52.32.

Unitil (NYSE:UTL - Get Free Report) last released its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.03. The business had revenue of $113.19 million for the quarter, compared to the consensus estimate of $113.19 million. Unitil had a net margin of 9.49% and a return on equity of 9.53%. Analysts anticipate that Unitil Corporation will post 3.31 earnings per share for the current fiscal year.

Unitil Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 31st. Shareholders of record on Monday, August 17th will be issued a $0.475 dividend. The ex-dividend date of this dividend is Monday, August 17th. This represents a $1.90 dividend on an annualized basis and a yield of 3.5%. Unitil's dividend payout ratio (DPR) is 59.94%.

Analyst Upgrades and Downgrades

UTL has been the subject of a number of recent analyst reports. Wells Fargo & Company initiated coverage on Unitil in a research note on Monday, May 11th. They set an "equal weight" rating and a $56.00 price objective for the company. Weiss Ratings restated a "hold (c+)" rating on shares of Unitil in a research note on Monday, June 29th. Finally, Freedom Capital cut shares of Unitil from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 5th. Five investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $56.50.

Unitil Company Profile

Unitil Corporation NYSE: UTL is a publicly traded energy delivery company that provides regulated electric and natural gas distribution services. The company delivers energy to residential, commercial and industrial customers through a network of distribution systems, offering safe and reliable service across its service areas. Unitil's operations include system maintenance, emergency response, meter reading and customer support functions, all governed by state regulatory commissions.

Headquartered in Hampton, New Hampshire, Unitil serves communities in New Hampshire, Massachusetts and Maine.

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