Norges Bank Purchases New Stake in Essential Utilities, Inc. (NYSE:WTRG)

Norges Bank bought a new stake in shares of Essential Utilities, Inc. (NYSE:WTRG) during the 4th quarter, HoldingsChannel reports. The firm bought 2,824,903 shares of the company’s stock, valued at approximately $102,600,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. VSM Wealth Advisory LLC acquired a new stake in shares of Essential Utilities during the fourth quarter worth approximately $26,000. IFP Advisors Inc lifted its position in Essential Utilities by 75.0% in the 4th quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock worth $40,000 after buying an additional 473 shares in the last quarter. Stonebridge Financial Group LLC purchased a new stake in Essential Utilities in the 4th quarter worth approximately $60,000. Crews Bank & Trust acquired a new stake in shares of Essential Utilities during the 4th quarter valued at $90,000. Finally, Quarry LP purchased a new position in shares of Essential Utilities during the 3rd quarter valued at $150,000. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Performance

WTRG opened at $39.54 on Wednesday. The company has a debt-to-equity ratio of 1.17, a quick ratio of 0.39 and a current ratio of 0.55. The company has a market cap of $10.89 billion, a PE ratio of 19.77, a price-to-earnings-growth ratio of 2.57 and a beta of 0.79. The stock has a 50-day moving average of $37.19 and a 200-day moving average of $37.81. Essential Utilities, Inc. has a 52-week low of $33.18 and a 52-week high of $41.78.

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

Essential Utilities Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be issued a $0.3255 dividend. The ex-dividend date of this dividend is Tuesday, May 13th. This represents a $1.30 annualized dividend and a yield of 3.29%. Essential Utilities’s dividend payout ratio (DPR) is presently 59.91%.

Wall Street Analyst Weigh In

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

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.