Essential Utilities, Inc. to Post FY2024 Earnings of $1.98 Per Share, Seaport Res Ptn Forecasts (NYSE:WTRG)

Essential Utilities, Inc. (NYSE:WTRG) – Research analysts at Seaport Res Ptn lowered their FY2024 EPS estimates for Essential Utilities in a research report issued to clients and investors on Wednesday, April 24th. Seaport Res Ptn analyst A. Storozynski now forecasts that the company will post earnings per share of $1.98 for the year, down from their previous estimate of $2.20. The consensus estimate for Essential Utilities’ current full-year earnings is $2.00 per share.

Separately, Evercore ISI reduced their price target on shares of Essential Utilities from $51.00 to $42.00 and set an “outperform” rating for the company in a report on Monday, March 4th. One analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $43.00.

Essential Utilities Price Performance

NYSE WTRG opened at $36.58 on Monday. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.48 and a current ratio of 0.62. Essential Utilities has a 52-week low of $32.07 and a 52-week high of $43.74. The business has a 50 day simple moving average of $35.76 and a 200 day simple moving average of $35.81. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 19.67, a PEG ratio of 3.15 and a beta of 0.82.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Friday, February 23rd. The company reported $0.50 EPS for the quarter, topping the consensus estimate of $0.49 by $0.01. Essential Utilities had a return on equity of 8.68% and a net margin of 24.26%. The business had revenue of $479.40 million for the quarter, compared to the consensus estimate of $708.50 million. During the same quarter last year, the business posted $0.44 EPS. The firm’s revenue was down 32.0% compared to the same quarter last year.

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Investors of record on Friday, May 10th will be given a $0.3071 dividend. This represents a $1.23 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Thursday, May 9th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. Essential Utilities’s dividend payout ratio (DPR) is currently 66.13%.

Insider Buying and Selling at Essential Utilities

In other news, CAO Robert A. Rubin sold 5,565 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $37.21, for a total transaction of $207,073.65. Following the completion of the transaction, the chief accounting officer now directly owns 57,756 shares of the company’s stock, valued at approximately $2,149,100.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.21% of the company’s stock.

Hedge Funds Weigh In On Essential Utilities

A number of large investors have recently modified their holdings of WTRG. J.W. Cole Advisors Inc. boosted its position in Essential Utilities by 5.7% during the first quarter. J.W. Cole Advisors Inc. now owns 21,421 shares of the company’s stock valued at $791,000 after purchasing an additional 1,159 shares during the last quarter. Hartline Investment Corp bought a new stake in shares of Essential Utilities during the 1st quarter worth approximately $205,000. Retirement Systems of Alabama boosted its holdings in shares of Essential Utilities by 0.3% in the 1st quarter. Retirement Systems of Alabama now owns 359,840 shares of the company’s stock valued at $13,332,000 after buying an additional 984 shares during the last quarter. Norden Group LLC bought a new position in shares of Essential Utilities in the first quarter valued at $209,000. Finally, Van ECK Associates Corp increased its holdings in Essential Utilities by 2.6% during the first quarter. Van ECK Associates Corp now owns 62,437 shares of the company’s stock worth $2,313,000 after buying an additional 1,575 shares during the last quarter. 74.78% of the stock is currently owned by institutional investors and hedge funds.

About Essential Utilities

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.