Essential Utilities (NYSE:WTRG) Rating Increased to Buy at Jefferies Financial Group

Essential Utilities (NYSE:WTRG) was upgraded by stock analysts at Jefferies Financial Group from a “hold” rating to a “buy” rating in a report issued on Tuesday,Benzinga reports. The firm presently has a $41.00 price objective on the stock. Jefferies Financial Group’s target price indicates a potential upside of 15.67% from the company’s previous close.

Other equities analysts have also recently issued research reports about the stock. Wells Fargo & Company cut shares of Essential Utilities from an “overweight” rating to an “equal weight” rating and reduced their price objective for the company from $43.00 to $39.00 in a research note on Tuesday, January 7th. UBS Group lowered their price objective on Essential Utilities from $45.00 to $42.00 and set a “buy” rating on the stock in a research report on Tuesday, January 14th. Finally, Robert W. Baird boosted their target price on Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Essential Utilities Price Performance

NYSE WTRG opened at $35.45 on Tuesday. The firm’s 50-day simple moving average is $37.09 and its two-hundred day simple moving average is $38.60. The company has a market cap of $9.73 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 2.40 and a beta of 0.86. Essential Utilities has a 52 week low of $33.18 and a 52 week high of $41.78. The company has a quick ratio of 0.39, a current ratio of 0.55 and a debt-to-equity ratio of 1.17.

Essential Utilities (NYSE:WTRG) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.01. The business had revenue of $435.30 million for the quarter, compared to analysts’ expectations of $416.95 million. Essential Utilities had a return on equity of 7.89% and a net margin of 27.84%. The firm’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.30 EPS. Research analysts predict that Essential Utilities will post 1.99 earnings per share for the current year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Spirit of America Management Corp NY lifted its stake in shares of Essential Utilities by 19.4% in the 4th quarter. Spirit of America Management Corp NY now owns 21,500 shares of the company’s stock valued at $781,000 after acquiring an additional 3,500 shares during the last quarter. Retirement Systems of Alabama lifted its position in Essential Utilities by 0.4% in the fourth quarter. Retirement Systems of Alabama now owns 351,291 shares of the company’s stock valued at $12,759,000 after purchasing an additional 1,339 shares during the last quarter. abrdn plc boosted its stake in shares of Essential Utilities by 76.4% during the fourth quarter. abrdn plc now owns 175,721 shares of the company’s stock valued at $6,337,000 after purchasing an additional 76,091 shares during the period. Boston Trust Walden Corp grew its holdings in shares of Essential Utilities by 8.4% in the fourth quarter. Boston Trust Walden Corp now owns 2,126,907 shares of the company’s stock worth $77,249,000 after purchasing an additional 164,215 shares during the last quarter. Finally, Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Essential Utilities by 13.6% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 12,661 shares of the company’s stock worth $460,000 after buying an additional 1,516 shares during the period. 74.78% of the stock is owned by hedge funds and other 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.