Synergy Asset Management LLC Acquires 71,222 Shares of Essential Utilities, Inc. (NYSE:WTRG)

Synergy Asset Management LLC increased its holdings in Essential Utilities, Inc. (NYSE:WTRG) by 92.8% in the 4th quarter, according to its most recent filing with the SEC. The institutional investor owned 148,009 shares of the company’s stock after buying an additional 71,222 shares during the quarter. Synergy Asset Management LLC owned about 0.05% of Essential Utilities worth $5,529,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the business. CIBC Asset Management Inc boosted its position in Essential Utilities by 1.8% in the third quarter. CIBC Asset Management Inc now owns 14,243 shares of the company’s stock worth $549,000 after purchasing an additional 250 shares during the last quarter. First Horizon Advisors Inc. boosted its holdings in shares of Essential Utilities by 61.4% in the third quarter. First Horizon Advisors Inc. now owns 773 shares of the company’s stock worth $30,000 after buying an additional 294 shares during the last quarter. Tompkins Financial Corp grew its position in Essential Utilities by 21.7% during the third quarter. Tompkins Financial Corp now owns 1,685 shares of the company’s stock valued at $65,000 after buying an additional 300 shares during the period. GAMMA Investing LLC grew its position in Essential Utilities by 7.2% during the fourth quarter. GAMMA Investing LLC now owns 4,946 shares of the company’s stock valued at $180,000 after buying an additional 332 shares during the period. Finally, V Square Quantitative Management LLC raised its position in Essential Utilities by 10.6% in the third quarter. V Square Quantitative Management LLC now owns 3,477 shares of the company’s stock worth $134,000 after acquiring an additional 333 shares during the period. Hedge funds and other institutional investors own 74.78% of the company’s stock.

Essential Utilities Stock Performance

NYSE:WTRG opened at $35.20 on Thursday. The stock has a 50-day moving average price of $36.96 and a 200 day moving average price of $38.53. The company has a current ratio of 0.55, a quick ratio of 0.39 and a debt-to-equity ratio of 1.17. Essential Utilities, Inc. has a 12-month low of $33.18 and a 12-month high of $41.78. The stock has a market capitalization of $9.66 billion, a P/E ratio of 17.60, a P/E/G ratio of 2.40 and a beta of 0.86.

Essential Utilities (NYSE:WTRG) last released its earnings results on Monday, November 4th. The company reported $0.25 EPS 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 quarterly revenue was up 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.30 earnings per share. Equities research analysts forecast that Essential Utilities, Inc. will post 1.99 EPS for the current fiscal year.

Essential Utilities Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Monday, February 10th will be issued a $0.3255 dividend. The ex-dividend date of this dividend is Monday, February 10th. This represents a $1.30 annualized dividend and a dividend yield of 3.70%. Essential Utilities’s dividend payout ratio (DPR) is 65.00%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Jefferies Financial Group raised shares of Essential Utilities from a “hold” rating to a “buy” rating and set a $41.00 price objective for the company in a research report on Tuesday. UBS Group reduced their price target on 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 downgraded Essential Utilities from an “overweight” rating to an “equal weight” rating and decreased their price objective for the stock from $43.00 to $39.00 in a research note on Tuesday, January 7th. Finally, Robert W. Baird boosted their price objective on Essential Utilities from $45.00 to $46.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $43.00.

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.