What is Seaport Res Ptn’s Forecast for WTRG FY2024 Earnings?

Essential Utilities, Inc. (NYSE:WTRG) – Research analysts at Seaport Res Ptn issued their FY2024 earnings per share estimates for shares of Essential Utilities in a research report issued on Monday, January 6th. Seaport Res Ptn analyst A. Storozynski anticipates that the company will post earnings per share of $1.92 for the year. The consensus estimate for Essential Utilities’ current full-year earnings is $2.01 per share.

Essential Utilities (NYSE:WTRG) last posted its quarterly earnings results on Monday, November 4th. The company reported $0.25 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.01. The firm had revenue of $435.30 million for the quarter, compared to the consensus estimate of $416.95 million. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period last year, the firm posted $0.30 earnings per share.

Other equities research analysts have also recently issued research reports about the company. Wells Fargo & Company cut Essential Utilities from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $43.00 to $39.00 in a report on Tuesday. Robert W. Baird raised their target price on Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Bank of America reissued a “buy” rating and set a $45.00 price target on shares of Essential Utilities in a research report on Friday, September 20th. Finally, Jefferies Financial Group cut shares of Essential Utilities from a “buy” rating to a “hold” rating and cut their price objective for the stock from $44.00 to $41.00 in a research report on Thursday, November 7th. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $43.20.

Essential Utilities Trading Down 2.5 %

WTRG opened at $34.11 on Thursday. The firm has a market capitalization of $9.37 billion, a price-to-earnings ratio of 17.06, a price-to-earnings-growth ratio of 3.06 and a beta of 0.86. The company’s 50 day simple moving average is $38.07 and its two-hundred day simple moving average is $38.78. Essential Utilities has a 1-year low of $33.57 and a 1-year high of $41.78. The company has a debt-to-equity ratio of 1.17, a current ratio of 0.55 and a quick ratio of 0.39.

Institutional Trading of Essential Utilities

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Wealth Enhancement Advisory Services LLC boosted its stake in Essential Utilities by 28.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 60,605 shares of the company’s stock worth $2,338,000 after buying an additional 13,518 shares during the period. Fulton Bank N.A. purchased a new position in shares of Essential Utilities during the 4th quarter worth approximately $288,000. Capital Market Strategies LLC increased its holdings in Essential Utilities by 166.0% in the 4th quarter. Capital Market Strategies LLC now owns 14,100 shares of the company’s stock valued at $512,000 after purchasing an additional 8,800 shares during the last quarter. Nordea Investment Management AB raised its position in Essential Utilities by 16.7% in the fourth quarter. Nordea Investment Management AB now owns 6,811,851 shares of the company’s stock valued at $247,134,000 after purchasing an additional 972,803 shares during the period. Finally, Everence Capital Management Inc. acquired a new position in Essential Utilities during the fourth quarter worth $859,000. 74.78% of the stock is owned by institutional investors and hedge funds.

Essential Utilities Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 10th will be issued a dividend of $0.3255 per share. This represents a $1.30 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date is Monday, February 10th. Essential Utilities’s dividend payout ratio is presently 65.00%.

Essential Utilities Company Profile

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.