Unitil (NYSE:UTL) Announces Quarterly Earnings Results

Key Points

• Unitil beat quarterly earnings expectations, reporting $0.29 per share versus the $0.26 consensus estimate. The company posted a 9.89% return on equity and a 9.60% net margin.
• Unitil declared a quarterly dividend of $0.475 per share, equivalent to $1.90 annually and a 3.5% yield. The dividend is payable August 31 to shareholders of record August 17.
• Shares recently traded at $53.63, while analysts maintain a consensus “Hold” rating and a $56.50 average price target; institutional investors own 76.76% of the stock.

Unitil (NYSE:UTL - Get Free Report) posted its quarterly earnings data on Monday. The utilities provider reported $0.29 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.03, Zacks reports. Unitil had a return on equity of 9.89% and a net margin of 9.60%.

Unitil Stock Performance

Shares of UTL stock traded down $0.31 on Monday, hitting $53.63. 156,473 shares of the stock were exchanged, compared to its average volume of 126,681. The company has a current ratio of 0.57, a quick ratio of 0.53 and a debt-to-equity ratio of 0.99. The firm has a market capitalization of $964.88 million, a PE ratio of 16.97 and a beta of 0.31. Unitil has a one year low of $44.61 and a one year high of $57.26. The firm's 50 day moving average is $52.57 and its two-hundred day moving average is $52.09.

Unitil Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, August 31st. Stockholders of record on Monday, August 17th will be given a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Monday, August 17th. Unitil's dividend payout ratio is currently 60.13%.

Institutional Investors Weigh In On Unitil

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd bought a new position in Unitil during the third quarter worth about $29,000. Quarry LP purchased a new stake in shares of Unitil during the 3rd quarter valued at approximately $32,000. State of Wyoming purchased a new stake in shares of Unitil during the 2nd quarter valued at approximately $103,000. Tower Research Capital LLC TRC boosted its holdings in Unitil by 207.5% in the 2nd quarter. Tower Research Capital LLC TRC now owns 2,257 shares of the utilities provider's stock worth $118,000 after buying an additional 1,523 shares during the period. Finally, Federation des caisses Desjardins du Quebec boosted its holdings in Unitil by 25.8% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 3,364 shares of the utilities provider's stock worth $163,000 after buying an additional 690 shares during the period. 76.76% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently commented on the company. Wall Street Zen cut Unitil from a "buy" rating to a "hold" rating in a research note on Monday, April 13th. Scotiabank assumed coverage on shares of Unitil in a report on Friday, April 10th. They set a "sector perform" rating and a $57.00 price objective for the company. Zacks Research raised shares of Unitil to a "hold" rating in a research report on Monday, April 13th. Wells Fargo & Company initiated coverage on shares of Unitil in a research note on Monday, May 11th. They issued an "equal weight" rating and a $56.00 target price on the stock. Finally, Weiss Ratings reissued a "hold (c+)" rating on shares of Unitil in a research report on Monday, June 29th. Five equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $56.50.

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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