Analysts Issue Forecasts for Essential Utilities, Inc.’s FY2024 Earnings (NYSE:WTRG)

Essential Utilities, Inc. (NYSE:WTRG) – Seaport Res Ptn reduced their FY2024 earnings per share (EPS) estimates for shares of Essential Utilities in a research note issued on Wednesday, April 24th. Seaport Res Ptn analyst A. Storozynski now anticipates that the company will post earnings of $1.98 per share for the year, down from their previous estimate of $2.20. The consensus estimate for Essential Utilities’ current full-year earnings is $2.00 per share.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Friday, February 23rd. The company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.49 by $0.01. Essential Utilities had a net margin of 24.26% and a return on equity of 8.68%. The business had revenue of $479.40 million during the quarter, compared to the consensus estimate of $708.50 million. During the same period in the previous year, the firm posted $0.44 earnings per share. Essential Utilities’s revenue for the quarter was down 32.0% compared to the same quarter last year.

Separately, Evercore ISI decreased their price objective on Essential Utilities from $51.00 to $42.00 and set an “outperform” rating for the company in a research note on Monday, March 4th. One research analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, Essential Utilities currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

Essential Utilities Stock Performance

Shares of Essential Utilities stock opened at $36.46 on Monday. The firm has a fifty day moving average of $35.75 and a two-hundred day moving average of $35.79. The company has a debt-to-equity ratio of 1.16, a quick ratio of 0.48 and a current ratio of 0.62. The stock has a market capitalization of $9.97 billion, a price-to-earnings ratio of 19.60, a PEG ratio of 3.15 and a beta of 0.82. Essential Utilities has a 52 week low of $32.07 and a 52 week high of $43.74.

Essential Utilities Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Saturday, June 1st. Shareholders of record on Friday, May 10th will be issued a $0.3071 dividend. The ex-dividend date of this dividend is Thursday, May 9th. This is a positive change from Essential Utilities’s previous quarterly dividend of $0.31. This represents a $1.23 annualized dividend and a yield of 3.37%. Essential Utilities’s dividend payout ratio (DPR) is 66.13%.

Insiders Place Their Bets

In other Essential Utilities news, CAO Robert A. Rubin sold 5,565 shares of Essential Utilities stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $37.21, for a total transaction of $207,073.65. Following the transaction, the chief accounting officer now directly owns 57,756 shares in the company, valued at $2,149,100.76. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.21% of the company’s stock.

Institutional Trading of Essential Utilities

A number of institutional investors have recently modified their holdings of WTRG. Bare Financial Services Inc acquired a new stake in shares of Essential Utilities in the fourth quarter valued at about $25,000. Tradewinds Capital Management LLC raised its stake in Essential Utilities by 857.5% during the first quarter. Tradewinds Capital Management LLC now owns 699 shares of the company’s stock worth $26,000 after acquiring an additional 626 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Essential Utilities by 604.0% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 711 shares of the company’s stock valued at $27,000 after acquiring an additional 610 shares in the last quarter. Lindbrook Capital LLC grew its holdings in Essential Utilities by 78.9% during the 4th quarter. Lindbrook Capital LLC now owns 737 shares of the company’s stock worth $28,000 after acquiring an additional 325 shares during the last quarter. Finally, Valley National Advisers Inc. grew its position in shares of Essential Utilities by 4,210.0% in the 4th quarter. Valley National Advisers Inc. now owns 862 shares of the company’s stock valued at $32,000 after buying an additional 842 shares during the last quarter. 74.78% of the stock is currently owned by institutional investors.

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.