Cibc World Markets Corp Sells 3,377 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Cibc World Markets Corp reduced its holdings in shares of Essential Utilities, Inc. (NYSE:WTRG) by 22.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,765 shares of the company’s stock after selling 3,377 shares during the period. Cibc World Markets Corp’s holdings in Essential Utilities were worth $427,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Brooklyn Investment Group purchased a new position in Essential Utilities during the 3rd quarter valued at about $26,000. First Horizon Advisors Inc. lifted its position in Essential Utilities by 61.4% during the 3rd quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock valued at $30,000 after acquiring an additional 294 shares during the period. IFP Advisors Inc lifted its position in Essential Utilities by 75.0% during the 4th quarter. IFP Advisors Inc now owns 1,104 shares of the company’s stock valued at $40,000 after acquiring an additional 473 shares during the period. Truvestments Capital LLC purchased a new position in Essential Utilities during the 3rd quarter valued at about $42,000. Finally, Stonebridge Financial Group LLC purchased a new position in Essential Utilities during the 4th quarter valued at about $60,000. 74.78% of the stock is owned by hedge funds and other institutional investors.

Essential Utilities Stock Performance

Shares of WTRG stock opened at $38.39 on Monday. The company has a 50 day moving average price of $36.61 and a 200-day moving average price of $37.82. Essential Utilities, Inc. has a 52 week low of $33.18 and a 52 week high of $41.78. The firm has a market capitalization of $10.55 billion, a PE ratio of 19.20, a P/E/G ratio of 2.57 and a beta of 0.79. 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 announced its quarterly earnings results on Wednesday, February 26th. The company reported $0.67 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.01. Essential Utilities had a net margin of 27.84% and a return on equity of 7.89%. The firm had revenue of $604.38 million during the quarter, compared to analyst estimates of $698.77 million. As a group, equities research analysts expect that Essential Utilities, Inc. will post 1.99 earnings per share for the current year.

Essential Utilities Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Tuesday, May 13th will be given a dividend of $0.3255 per share. The ex-dividend date is Tuesday, May 13th. This represents a $1.30 annualized dividend and a yield of 3.39%. Essential Utilities’s dividend payout ratio (DPR) is 59.91%.

Wall Street Analyst Weigh In

WTRG has been the subject of a number of recent research reports. UBS Group lowered their price target on shares of Essential Utilities from $45.00 to $42.00 and set a “buy” rating for the company in a research report on Tuesday, January 14th. Wells Fargo & Company lifted their target price on shares of Essential Utilities from $39.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, February 27th. Jefferies Financial Group raised shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 target price for the company in a report on Tuesday, January 28th. Finally, Evercore ISI lifted their target price on shares of Essential Utilities from $45.00 to $46.00 and gave the stock an “outperform” rating in a report on Wednesday, March 5th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $43.50.

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.