Essential Utilities Inc. (NYSE:WTRG) Declares $0.34 Quarterly Dividend

Essential Utilities Inc. (NYSE:WTRG) declared a quarterly dividend on Tuesday, February 17th. Shareholders of record on Tuesday, May 12th will be given a dividend of 0.3426 per share on Monday, June 1st. This represents a c) annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Tuesday, May 12th.

Essential Utilities has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend annually for the last 32 consecutive years. Essential Utilities has a dividend payout ratio of 61.4% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Essential Utilities to earn $2.13 per share next year, which means the company should continue to be able to cover its $1.37 annual dividend with an expected future payout ratio of 64.3%.

Essential Utilities Price Performance

Essential Utilities stock traded down $0.40 during mid-day trading on Wednesday, reaching $39.20. 491,344 shares of the company’s stock traded hands, compared to its average volume of 1,926,147. The company has a quick ratio of 0.43, a current ratio of 0.60 and a debt-to-equity ratio of 1.13. Essential Utilities has a 12-month low of $35.35 and a 12-month high of $42.37. The stock has a 50 day moving average of $38.58 and a two-hundred day moving average of $38.96. The company has a market cap of $11.10 billion, a price-to-earnings ratio of 16.20 and a beta of 0.81.

Hedge Funds Weigh In On Essential Utilities

A number of hedge funds have recently modified their holdings of the business. Millennium Management LLC boosted its holdings in Essential Utilities by 3,650.7% in the fourth quarter. Millennium Management LLC now owns 1,255,212 shares of the company’s stock valued at $48,150,000 after purchasing an additional 1,221,746 shares in the last quarter. Investment Management Corp of Ontario boosted its holdings in shares of Essential Utilities by 44.0% in the 4th quarter. Investment Management Corp of Ontario now owns 19,055 shares of the company’s stock valued at $731,000 after buying an additional 5,818 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Essential Utilities by 59.1% in the 4th quarter. Janus Henderson Group PLC now owns 13,466 shares of the company’s stock valued at $516,000 after buying an additional 5,000 shares in the last quarter. Gotham Asset Management LLC grew its position in shares of Essential Utilities by 3.8% in the 4th quarter. Gotham Asset Management LLC now owns 942,477 shares of the company’s stock valued at $36,153,000 after buying an additional 34,668 shares during the last quarter. Finally, Capitolis Liquid Global Markets LLC acquired a new stake in Essential Utilities during the 4th quarter worth $21,175,000. 74.78% of the stock is currently owned by hedge funds and other institutional investors.

About Essential Utilities

Essential Utilities, Inc, formerly known as Aqua America, is a publicly traded water and natural gas utility holding company. Through its regulated water and wastewater subsidiaries, the company provides essential water services to residential, commercial and industrial customers. In addition, Essential Utilities delivers natural gas distribution services in Pennsylvania through its Peoples Gas subsidiary, offering integrated utility solutions under a unified corporate framework.

The company traces its roots to the Philadelphia Suburban Water Company, founded in 1886 to serve growing communities outside Philadelphia.