Magnetar Financial LLC Makes New $2.72 Million Investment in Essential Utilities, Inc. (NYSE:WTRG)

Magnetar Financial LLC purchased a new position in Essential Utilities, Inc. (NYSE:WTRG) during the 4th quarter, according to its most recent 13F filing with the SEC. The firm purchased 74,894 shares of the company’s stock, valued at approximately $2,720,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. CIBC Asset Management Inc increased its stake in Essential Utilities by 1.8% in the third quarter. CIBC Asset Management Inc now owns 14,243 shares of the company’s stock valued at $549,000 after purchasing an additional 250 shares in the last quarter. Natixis Advisors LLC raised its holdings in Essential Utilities by 6.0% during the 3rd quarter. Natixis Advisors LLC now owns 66,382 shares of the company’s stock worth $2,560,000 after buying an additional 3,761 shares during the period. Quest Partners LLC acquired a new stake in shares of Essential Utilities during the third quarter worth $630,000. B. Metzler seel. Sohn & Co. Holding AG bought a new stake in shares of Essential Utilities in the third quarter valued at about $219,000. Finally, Commerce Bank lifted its holdings in shares of Essential Utilities by 13.3% in the third quarter. Commerce Bank now owns 6,865 shares of the company’s stock valued at $265,000 after purchasing an additional 805 shares in the last quarter. 74.78% of the stock is currently owned by institutional investors.

Essential Utilities Trading Down 0.8 %

Shares of Essential Utilities stock opened at $38.82 on Friday. Essential Utilities, Inc. has a 12-month low of $33.18 and a 12-month high of $41.78. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17. The business’s 50 day moving average is $36.52 and its 200-day moving average is $37.85. The stock has a market cap of $10.67 billion, a P/E ratio of 19.41, a P/E/G ratio of 2.57 and a beta of 0.79.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The firm had revenue of $604.38 million for the quarter, compared to analyst estimates of $698.77 million. Equities research analysts predict that Essential Utilities, Inc. will post 1.99 earnings per share for the current fiscal year.

Essential Utilities Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be issued a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Tuesday, May 13th. Essential Utilities’s payout ratio is currently 59.91%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on WTRG shares. Wells Fargo & Company lifted their target price on Essential Utilities from $39.00 to $41.00 and gave the company an “equal weight” rating in a research report on Thursday, February 27th. Jefferies Financial Group upgraded shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price objective on the stock in a report on Tuesday, January 28th. Evercore ISI increased their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, March 5th. Finally, UBS Group lowered their price target on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research note on Tuesday, January 14th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Essential Utilities presently has a consensus rating of “Moderate Buy” and an average target price of $43.50.

Essential Utilities Profile

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.