Unitil (NYSE:UTL) Releases Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Key Points

• Quarterly beat: Unitil reported EPS of $1.88, beating the consensus by $0.02, and posted revenue of $216.9 million versus estimates of $179.13 million, with a net margin of 9.37% and ROE of 9.38%.
• Dividend announced: The company declared a quarterly dividend of $0.475 (annualized $1.90) yielding about 3.6%, with an ex-dividend date and record date on May 14 and payment on May 29.
• Market and ownership snapshot: Shares traded around $52.44 (market cap ~$943M, P/E 17.5), institutional ownership is high at 76.76% amid recent inflows, and Wall Street's consensus rating is a "Hold" with an average target of $57.00.

Unitil (NYSE:UTL - Get Free Report) posted its quarterly earnings results on Monday. The utilities provider reported $1.88 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.86 by $0.02, Zacks reports. The company had revenue of $216.90 million for the quarter, compared to analyst estimates of $179.13 million. Unitil had a net margin of 9.37% and a return on equity of 9.38%.

Unitil Price Performance

Unitil stock traded up $0.59 during midday trading on Monday, reaching $52.44. 102,340 shares of the stock were exchanged, compared to its average volume of 118,217. Unitil has a 52 week low of $44.61 and a 52 week high of $59.99. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.52 and a current ratio of 0.56. The firm has a market cap of $943.24 million, a PE ratio of 17.48 and a beta of 0.34. The company's fifty day moving average is $52.68 and its 200-day moving average is $50.62.

Unitil Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, May 29th. Investors of record on Thursday, May 14th will be paid a dividend of $0.475 per share. The ex-dividend date of this dividend is Thursday, May 14th. This represents a $1.90 annualized dividend and a yield of 3.6%. Unitil's payout ratio is currently 63.33%.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. AQR Capital Management LLC boosted its stake in Unitil by 37.0% during the first quarter. AQR Capital Management LLC now owns 12,083 shares of the utilities provider's stock valued at $697,000 after buying an additional 3,263 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in Unitil by 4.3% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,478 shares of the utilities provider's stock worth $547,000 after acquiring an additional 391 shares in the last quarter. Millennium Management LLC increased its stake in Unitil by 64.6% in the first quarter. Millennium Management LLC now owns 86,678 shares of the utilities provider's stock valued at $5,000,000 after acquiring an additional 34,017 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Unitil by 18.6% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 67,293 shares of the utilities provider's stock valued at $3,882,000 after buying an additional 10,572 shares in the last quarter. Finally, Jane Street Group LLC raised its stake in shares of Unitil by 63.3% during the first quarter. Jane Street Group LLC now owns 33,529 shares of the utilities provider's stock worth $1,934,000 after acquiring an additional 13,000 shares in the last quarter. 76.76% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on UTL. Scotiabank initiated coverage on shares of Unitil in a research note on Friday, April 10th. They issued a "sector perform" rating and a $57.00 price objective for the company. Zacks Research upgraded Unitil to a "hold" rating in a research report on Monday, April 13th. Finally, Wall Street Zen lowered Unitil from a "buy" rating to a "hold" rating in a report on Monday, April 13th. Three research analysts have rated the stock with a Hold rating, According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price of $57.00.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.