The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Essential Utilities Inc. shares valued at $1,515,872 were purchased by Franklin Chris on Mar 08. At $40.70 per share, Franklin Chris acquired 37,245 shares. The insider’s holdings grew to 37,245 shares worth approximately $1.56 million following the completion of this transaction.
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Also, Ruff Ellen T sold 8,560 shares, netting a total of over 410,503 in proceeds. Following the sale of shares at $47.96 each, the insider now holds 26,972 shares.
As published in a research note from UBS on February 06, 2023, Essential Utilities Inc. [WTRG] has been rated up from a Neutral to a Buy and the price target has been revised to $55 from $54. This represents a 24.04% premium over Thursday’s closing price. Analysts at BofA Securities downgraded the stock from ‘”a Buy”‘ to ‘”a Neutral”‘ outlook in a report released in early September. As of August 18, 2022, HSBC Securities has increased its “Hold” rating to a “Buy” for WTRG. Earlier on April 08, 2022, HSBC Securities downgraded its rating. Their new recommendation was “a Hold” for WTRG stock which previously was a “a Buy”.
Analyzing WTRG Stock Performance
On Thursday, Essential Utilities Inc. [NYSE: WTRG] plunged -1.56% to $41.78. The stock’s lowest price that day was $41.70, but it reached a high of $42.55 in the same session. During the last five days, there has been a drop of approximately -1.72%. Over the course of the year, Essential Utilities Inc. shares have dropped approximately -12.47%. Shares of the company reached a 52-week high of $49.28 on 01/12/23 and a 52-week low of $40.64 on 03/08/23. A 50-day SMA is recorded $46.23, while a 200-day SMA reached $46.46. Nevertheless, trading volume fell to 1.54 million shares from 1.42 million shares the previous day.
Support And Resistance Levels for Essential Utilities Inc. (WTRG)
According to the 24-hour chart, there is a support level at 41.47, which, if violated, would cause prices to drop to 41.16. In the upper region, resistance lies at 42.32. The next price resistance is at 42.86. RSI (Relative Strength Index) is 30.94 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -1.51, which suggests the price will decrease in the coming days. Percent R is at 80.09%, indicating bearish price movement. Stochastics %K at buying indicates that the stock is to be held.
Is Essential Utilities Inc. subject to short interest?
Stocks of Essential Utilities Inc. saw a sharp steep in short interest on Jan 30, 2023 dropping by -0.3 million shares to 3.0 million. Data from Yahoo Finance shows that the short interest on Dec 29, 2022 was 3.3 million shares. A decline of -10.0% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 3.17 of the overall float, the days-to-cover ratio (short ratio) decline to 3.17.
Which companies own the most shares of Essential Utilities Inc. (WTRG)?
According to The Vanguard Group, Inc. filings, the company currently owns 26,365,976 shares, which is about 10.05% of the total WTRG shares outstanding. The investor’s shares have appreciated by 461,510 from its previous 13-F filing of 25904466.0 shares. BlackRock Fund Advisors acquire a 8.54% interest valued at $990.93 million while SSgA Funds Management, Inc. purchased a 1,494,016 stake. A total of -131,760 shares of Essential Utilities Inc. were bought by Pictet Asset Management SA during the quarter, and -57,424 were sold by Impax Asset Management Ltd. In its current portfolio, Norges Bank Investment Management holds 4,326,276 shares valued at $202.17 million.
In terms of Essential Utilities Inc. share price expectations, FactSet research, analysts set an average price target of $55.25 in the next 12 months, up nearly 28.42% from the previous closing price of $42.44. Analysts anticipate Essential Utilities Inc. stock to reach $71.00 by 2023, with the lowest price target being $45.00. In spite of this, 10 analysts ranked Essential Utilities Inc. stock as an Overweight at the end of 2023. On March 10, 2022, Evercore ISI assigned a price target of “an Outperform” to the stock and upgraded coverage with a $53.