Short Interest in Essential Utilities, Inc. (NYSE:WTRG) Decreases By 18.6%

Essential Utilities, Inc. (NYSE:WTRG) was the target of a large decline in short interest in April. As of April 15th, there was short interest totalling 5,370,000 shares, a decline of 18.6% from the March 31st total of 6,600,000 shares. Based on an average daily volume of 1,790,000 shares, the short-interest ratio is currently 3.0 days.

Wall Street Analyst Weigh In

Separately, Evercore ISI cut their price target on Essential Utilities from $51.00 to $42.00 and set an “outperform” rating on the stock in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $43.00.

Essential Utilities Stock Up 1.0 %

NYSE:WTRG traded up $0.37 during midday trading on Monday, reaching $36.46. 1,332,910 shares of the stock traded hands, compared to its average volume of 1,813,622. The stock has a market capitalization of $9.97 billion, a PE ratio of 19.60, a price-to-earnings-growth ratio of 3.15 and a beta of 0.82. Essential Utilities has a 12-month low of $32.07 and a 12-month high of $43.74. 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 business has a 50-day moving average of $35.75 and a two-hundred day moving average of $35.79.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings data 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 return on equity of 8.68% and a net margin of 24.26%. The firm had revenue of $479.40 million during the quarter, compared to analysts’ expectations of $708.50 million. During the same quarter last year, the firm earned $0.44 EPS. The business’s quarterly revenue was down 32.0% on a year-over-year basis. On average, equities analysts forecast that Essential Utilities will post 2 earnings per share for the current fiscal year.

Essential Utilities Increases Dividend

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

Insider Buying and Selling at Essential Utilities

In related news, CAO Robert A. Rubin sold 5,565 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $37.21, for a total value of $207,073.65. Following the completion of the sale, the chief accounting officer now directly owns 57,756 shares of the company’s stock, valued at $2,149,100.76. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.21% of the stock is currently owned by corporate insiders.

Institutional Trading of Essential Utilities

Several large investors have recently bought and sold shares of WTRG. LPL Financial LLC grew its holdings in shares of Essential Utilities by 14.2% during the third quarter. LPL Financial LLC now owns 235,841 shares of the company’s stock valued at $8,096,000 after buying an additional 29,372 shares during the last quarter. Teachers Retirement System of The State of Kentucky increased its holdings in shares of Essential Utilities by 94.0% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 81,799 shares of the company’s stock valued at $2,808,000 after purchasing an additional 39,643 shares during the period. Mariner LLC raised its stake in shares of Essential Utilities by 9.9% in the third quarter. Mariner LLC now owns 34,360 shares of the company’s stock worth $1,180,000 after purchasing an additional 3,104 shares during the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Essential Utilities during the fourth quarter worth about $3,583,000. Finally, Vanguard Group Inc. boosted its position in Essential Utilities by 0.4% in the third quarter. Vanguard Group Inc. now owns 27,168,585 shares of the company’s stock valued at $932,698,000 after buying an additional 99,560 shares during the last quarter. Hedge funds and other institutional investors own 74.78% of the company’s stock.

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.