abrdn plc Has $963,000 Stake in Essential Utilities, Inc. (NYSE:WTRG)

abrdn plc reduced its stake in shares of Essential Utilities, Inc. (NYSE:WTRG – Get Rating) by 2.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,564 shares of the company’s stock after selling 413 shares during the quarter. abrdn plc’s holdings in Essential Utilities were worth $963,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Sageworth Trust Co of South Dakota acquired a new position in Essential Utilities during the fourth quarter worth $26,000. FSB Premier Wealth Management Inc. acquired a new position in Essential Utilities during the fourth quarter worth $29,000. Cassady Schiller Wealth Management LLC acquired a new position in Essential Utilities during the fourth quarter worth $34,000. Selective Wealth Management Inc. acquired a new position in Essential Utilities during the first quarter worth $36,000. Finally, Covestor Ltd acquired a new position in Essential Utilities during the fourth quarter worth $43,000. 70.30% of the stock is currently owned by institutional investors and hedge funds.

Essential Utilities Price Performance

Essential Utilities stock opened at $51.59 on Wednesday. The business’s 50-day simple moving average is $46.48 and its 200 day simple moving average is $47.16. The stock has a market cap of $13.09 billion, a price-to-earnings ratio of 30.17, a P/E/G ratio of 4.76 and a beta of 0.70. Essential Utilities, Inc. has a 12-month low of $40.97 and a 12-month high of $53.93. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 1.12.

Essential Utilities (NYSE:WTRG – Get Rating) last released its earnings results on Monday, May 9th. The company reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.02. Essential Utilities had a return on equity of 8.77% and a net margin of 22.43%. The firm had revenue of $699.30 million for the quarter, compared to analyst estimates of $617.07 million. During the same quarter in the prior year, the firm posted $0.72 earnings per share. The company’s quarterly revenue was up 19.8% on a year-over-year basis. As a group, research analysts anticipate that Essential Utilities, Inc. will post 1.78 earnings per share for the current year.

Analysts Set New Price Targets

WTRG has been the subject of several recent analyst reports. HSBC lowered Essential Utilities from a “buy” rating to a “hold” rating and set a $53.00 price objective for the company. in a research note on Friday, April 8th. They noted that the move was a valuation call. Robert W. Baird decreased their target price on Essential Utilities from $53.00 to $50.00 in a report on Tuesday, May 10th. Northcoast Research started coverage on Essential Utilities in a report on Monday, July 18th. They set a “buy” rating on the stock. StockNews.com upgraded Essential Utilities from a “sell” rating to a “hold” rating in a report on Monday, May 16th. Finally, Wells Fargo & Company increased their target price on Essential Utilities from $50.00 to $53.00 and gave the stock an “overweight” rating in a report on Tuesday, April 19th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, Essential Utilities has an average rating of “Moderate Buy” and an average target price of $52.00.

About Essential Utilities

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Essential Utilities, Inc, through its subsidiaries, operates regulated utilities that provide water, wastewater, or natural gas services in the United States. It offers water services through operating and maintenance contract with municipal authorities and other parties. The company also provides non-utility raw water supply services for firms in the natural gas drilling industry; and water and sewer line protection solutions, and repair services to households through a third-party.