Synergy Asset Management LLC Grows Position in Essential Utilities, Inc. (NYSE:WTRG)

Synergy Asset Management LLC raised its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 92.8% during the 4th quarter, HoldingsChannel.com reports. The fund owned 148,009 shares of the company’s stock after buying an additional 71,222 shares during the period. Synergy Asset Management LLC’s holdings in Essential Utilities were worth $5,529,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. CIBC Asset Management Inc grew its stake in Essential Utilities by 1.8% in the 3rd quarter. CIBC Asset Management Inc now owns 14,243 shares of the company’s stock worth $549,000 after acquiring an additional 250 shares in the last quarter. First Horizon Advisors Inc. grew its stake in Essential Utilities by 61.4% in the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after purchasing an additional 294 shares in the last quarter. Tompkins Financial Corp grew its stake in Essential Utilities by 21.7% in the third quarter. Tompkins Financial Corp now owns 1,685 shares of the company’s stock worth $65,000 after purchasing an additional 300 shares in the last quarter. GAMMA Investing LLC increased its holdings in Essential Utilities by 7.2% during the 4th quarter. GAMMA Investing LLC now owns 4,946 shares of the company’s stock worth $180,000 after purchasing an additional 332 shares during the period. Finally, V Square Quantitative Management LLC raised its position in Essential Utilities by 10.6% during the 3rd quarter. V Square Quantitative Management LLC now owns 3,477 shares of the company’s stock valued at $134,000 after purchasing an additional 333 shares in the last quarter. 74.78% of the stock is currently owned by institutional investors.

Essential Utilities Price Performance

Shares of NYSE WTRG opened at $35.20 on Thursday. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.55 and a quick ratio of 0.39. The firm’s 50 day simple moving average is $36.96 and its 200-day simple moving average is $38.53. Essential Utilities, Inc. has a 12 month low of $33.18 and a 12 month high of $41.78. The stock has a market capitalization of $9.66 billion, a price-to-earnings ratio of 17.60, a PEG ratio of 2.40 and a beta of 0.86.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The company had revenue of $435.30 million for the quarter, compared to the consensus estimate of $416.95 million. During the same quarter in the prior year, the business posted $0.30 earnings per share. Essential Utilities’s revenue for the quarter was up 5.8% on a year-over-year basis. Analysts expect that Essential Utilities, Inc. will post 1.99 EPS for the current year.

Essential Utilities Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Monday, February 10th will be paid a $0.3255 dividend. This represents a $1.30 annualized dividend and a yield of 3.70%. The ex-dividend date is Monday, February 10th. Essential Utilities’s dividend payout ratio is currently 65.00%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Wells Fargo & Company cut shares of Essential Utilities from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $43.00 to $39.00 in a report on Tuesday, January 7th. Robert W. Baird increased their price objective on shares of Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. UBS Group reduced their price objective on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a research note on Tuesday, January 14th. Finally, Jefferies Financial Group raised Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price on the stock in a research report on Tuesday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $43.00.

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.