Synergy Asset Management LLC Sells 14,769 Shares of Essential Utilities Inc. $WTRG

Synergy Asset Management LLC trimmed its position in shares of Essential Utilities Inc. (NYSE:WTRG) by 18.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 66,112 shares of the company’s stock after selling 14,769 shares during the period. Synergy Asset Management LLC’s holdings in Essential Utilities were worth $2,533,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also bought and sold shares of the company. Fideuram Asset Management Ireland dac bought a new stake in shares of Essential Utilities in the fourth quarter valued at $27,000. Evolution Wealth Management Inc. bought a new position in shares of Essential Utilities during the 1st quarter worth $27,000. Caitong International Asset Management Co. Ltd purchased a new stake in Essential Utilities in the 4th quarter worth about $32,000. Motiv8 Investments LLC purchased a new stake in Essential Utilities in the 4th quarter worth about $35,000. Finally, Cassaday & Co Wealth Management LLC bought a new stake in Essential Utilities in the 1st quarter valued at about $40,000. 74.78% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, insider Colleen Arnold sold 2,855 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $39.55, for a total value of $112,915.25. Following the completion of the transaction, the insider directly owned 17,347 shares in the company, valued at approximately $686,073.85. This trade represents a 14.13% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.36% of the company’s stock.

Essential Utilities Price Performance

Shares of NYSE WTRG opened at $40.44 on Friday. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.62 and a current ratio of 0.78. Essential Utilities Inc. has a fifty-two week low of $36.10 and a fifty-two week high of $42.37. The stock has a market cap of $11.48 billion, a PE ratio of 20.63 and a beta of 0.64. The stock has a fifty day moving average of $38.71 and a 200-day moving average of $38.90.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Tuesday, August 4th. The company reported $0.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Essential Utilities had a return on equity of 8.23% and a net margin of 21.60%.The business had revenue of $530.85 million for the quarter, compared to analysts’ expectations of $538.90 million. During the same quarter in the prior year, the firm posted $0.38 EPS. The firm’s quarterly revenue was up 3.1% on a year-over-year basis. Equities research analysts anticipate that Essential Utilities Inc. will post 2.21 earnings per share for the current year.

Essential Utilities Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 11th will be issued a $0.3606 dividend. The ex-dividend date of this dividend is Tuesday, August 11th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.34. This represents a $1.44 dividend on an annualized basis and a dividend yield of 3.6%. Essential Utilities’s payout ratio is currently 73.47%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen raised shares of Essential Utilities to a “sell” rating in a report on Saturday, July 4th. Barclays lifted their target price on shares of Essential Utilities from $38.00 to $40.00 and gave the stock an “underweight” rating in a research note on Wednesday, July 15th. UBS Group upped their price target on shares of Essential Utilities from $43.00 to $46.00 and gave the company a “buy” rating in a research note on Thursday, July 2nd. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Essential Utilities in a report on Friday, May 22nd. Two analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $43.00.

About Essential Utilities

Essential Utilities, Inc, formerly known as Aqua America, is a publicly traded water and natural gas utility holding company. Through its regulated water and wastewater subsidiaries, the company provides essential water services to residential, commercial and industrial customers. In addition, Essential Utilities delivers natural gas distribution services in Pennsylvania through its Peoples Gas subsidiary, offering integrated utility solutions under a unified corporate framework.

The company traces its roots to the Philadelphia Suburban Water Company, founded in 1886 to serve growing communities outside Philadelphia.