Essential Utilities (NYSE:WTRG) Cut to Underweight at Barclays

Essential Utilities (NYSE:WTRG) was downgraded by equities research analysts at Barclays from an “overweight” rating to an “underweight” rating in a research note issued to investors on Wednesday, Marketbeat.com reports. They presently have a $38.00 price target on the stock. Barclays‘s price target indicates a potential downside of 2.60% from the stock’s current price.

WTRG has been the subject of a number of other research reports. Baird R W cut shares of Essential Utilities from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 27th. Northcoast Research upgraded Essential Utilities from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Wednesday, December 3rd. Wall Street Zen upgraded Essential Utilities from a “sell” rating to a “hold” rating in a research note on Saturday, October 11th. Zacks Research upgraded Essential Utilities from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Essential Utilities in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $43.29.

Essential Utilities Price Performance

Shares of WTRG opened at $39.02 on Wednesday. The stock has a market capitalization of $11.04 billion, a PE ratio of 16.19 and a beta of 0.81. The company has a 50 day moving average price of $39.45 and a 200-day moving average price of $38.58. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.43 and a current ratio of 0.60. Essential Utilities has a fifty-two week low of $33.18 and a fifty-two week high of $42.37.

Essential Utilities (NYSE:WTRG) last announced its earnings results on Wednesday, November 5th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.06. The business had revenue of $476.97 million for the quarter, compared to analysts’ expectations of $472.40 million. Essential Utilities had a return on equity of 10.20% and a net margin of 28.09%.The business’s revenue for the quarter was up 9.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.25 EPS. Equities analysts predict that Essential Utilities will post 1.99 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Essential Utilities

Institutional investors have recently bought and sold shares of the business. American National Bank & Trust acquired a new stake in shares of Essential Utilities in the third quarter worth $27,000. SouthState Corp lifted its holdings in Essential Utilities by 834.7% in the second quarter. SouthState Corp now owns 701 shares of the company’s stock valued at $26,000 after acquiring an additional 626 shares during the period. Atlantic Union Bankshares Corp boosted its position in Essential Utilities by 1,163.8% in the 3rd quarter. Atlantic Union Bankshares Corp now owns 733 shares of the company’s stock worth $29,000 after purchasing an additional 675 shares in the last quarter. Kennebec Savings Bank acquired a new stake in shares of Essential Utilities during the 2nd quarter worth approximately $31,000. Finally, Bessemer Group Inc. increased its holdings in shares of Essential Utilities by 43.6% during the 3rd quarter. Bessemer Group Inc. now owns 1,114 shares of the company’s stock valued at $45,000 after purchasing an additional 338 shares in the last quarter. 74.78% of the stock is owned by hedge funds and other institutional investors.

Essential Utilities Company 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.