Scotiabank Begins Coverage on Unitil (NYSE:UTL)

Key Points

• Scotiabank initiated coverage on Unitil (NYSE:UTL) with a sector perform rating and a $57 price target, implying roughly a 5.6% upside from the current price.
• Unitil topped quarterly expectations, reporting EPS of $1.13 versus $1.03 expected and revenue of $161.5M versus $144.45M, and analysts forecast about 3.08 EPS for the year.
• Institutional ownership stands at 76.76%, with major investors adding to positions — Wellington Management increased its stake by 94% to 601,260 shares — indicating rising institutional interest.

Research analysts at Scotiabank initiated coverage on shares of Unitil (NYSE:UTL - Get Free Report) in a report released on Thursday. The brokerage set a "sector perform" rating and a $57.00 price target on the utilities provider's stock. Scotiabank's price objective would indicate a potential upside of 5.61% from the company's current price.

UTL has been the subject of a number of other reports. Wall Street Zen upgraded Unitil from a "hold" rating to a "buy" rating in a research report on Sunday. Weiss Ratings reiterated a "hold (c-)" rating on shares of Unitil in a research report on Monday, December 29th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, Unitil has an average rating of "Hold" and a consensus target price of $57.00.

Unitil Stock Performance

Shares of NYSE UTL opened at $53.97 on Thursday. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.56 and a quick ratio of 0.52. The firm has a market cap of $970.92 million, a price-to-earnings ratio of 17.99 and a beta of 0.45. The stock's fifty day moving average price is $52.15 and its two-hundred day moving average price is $49.92. Unitil has a one year low of $44.61 and a one year high of $59.99.

Unitil (NYSE:UTL - Get Free Report) last announced its earnings results on Monday, February 9th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.03 by $0.10. Unitil had a net margin of 9.37% and a return on equity of 9.38%. The company had revenue of $161.50 million during the quarter, compared to analysts' expectations of $144.45 million. On average, equities analysts forecast that Unitil will post 3.08 EPS for the current year.

Institutional Investors Weigh In On Unitil

Several large investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP increased its holdings in Unitil by 94.0% in the fourth quarter. Wellington Management Group LLP now owns 601,260 shares of the utilities provider's stock worth $29,125,000 after purchasing an additional 291,325 shares in the last quarter. Reaves W H & Co. Inc. bought a new position in shares of Unitil during the 3rd quarter worth approximately $13,162,000. HITE Hedge Asset Management LLC acquired a new stake in shares of Unitil during the 3rd quarter worth approximately $8,338,000. The Manufacturers Life Insurance Company grew its position in shares of Unitil by 17.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 717,423 shares of the utilities provider's stock worth $37,414,000 after buying an additional 108,254 shares during the period. Finally, Frontier Capital Management Co. LLC increased its stake in shares of Unitil by 38.9% in the 2nd quarter. Frontier Capital Management Co. LLC now owns 360,894 shares of the utilities provider's stock valued at $18,821,000 after acquiring an additional 101,114 shares in the last quarter. Institutional investors and hedge funds own 76.76% of the company's stock.

About Unitil

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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