Essential Utilities Inc Stock Price, News & Analysis

Essential Utilities Inc. (NYSE: WTRG) reported a net income of $82.3 million in Q2 2022, up from $80.9 million in Q2 2021. Earnings per share (EPS) were $0.31, slightly down from $0.32 year-over-year. Revenues increased by 13.0% to $448.8 million, driven by higher rates and customer growth in its regulated water and natural gas segments. The board declared a 7% increase in the quarterly dividend, marking the 32nd increase in 31 years. The company reaffirmed its guidance of $1.75 to $1.80 EPS for 2022, projecting 5-7% long-term growth through 2024.

Essential Utilities has appointed Brian Dingerdissen as vice president, investor relations and treasurer, succeeding Stan Szczygiel. Dingerdissen, who has been with the company since 2005, will continue to oversee investor relations and lead the company’s ESG program. Under his leadership as head of investor relations since 2008, the company's market cap increased from $2B to over $13B. He played a key role in the successful $2 billion secondary public equity offering in 2019 for the acquisition of Peoples.

The board of directors of Essential Utilities (NYSE: WTRG) declared a quarterly cash dividend of $0.2870 per share, payable on Sept. 1, 2022 to shareholders of record on Aug. 12, 2022. This dividend marks a 7% increase from the $0.2682 dividend paid in June and is the 32nd increase in 31 years, reflecting the company's strong commitment to shareholder returns.

The annualized dividend rate will be $1.1480 per share, maintaining a payout ratio of 60-65% of net income.

Aqua Illinois, a subsidiary of Essential Utilities (NYSE: WTRG), has appointed David Carter as the new state president. With over 15 years of expertise in water and wastewater management, including roles at Suez Environment and Veolia Water North America, Carter aims to enhance service for 273,000 customers across Illinois. He replaces Bob Ervin, who moves to Aqua Indiana. Carter's leadership is anticipated to boost operational efficiency and strategic growth within the company.

Essential Utilities Inc. (NYSE: WTRG) announced the promotion of Brian Gresehover to vice president of engineering for Aqua, its water subsidiary. With 17 years of experience in engineering design and planning, he will manage Aqua's engineering department, focusing on hydraulic modeling and asset management. Gresehover oversaw a $150 million annual capital budget during his previous role. Aqua president Colleen Arnold emphasized the need for dedicated engineering leadership as the company continues to replace over 100 miles of water mains annually, enhancing operational reliability.

Aqua Pennsylvania, a subsidiary of Essential Utilities, presented a $365,000 check to the Philadelphia Zoo on July 21, 2022. This funding comes from The Essential Foundation and supports the "Water is Life: Red Panda Pass & Otter Falls" exhibit. The partnership emphasizes environmental conservation and will last for three years, including community outreach initiatives. Aqua serves approximately 1.5 million people in Pennsylvania, highlighting its commitment to water conservation alongside the Zoo's mission.

Essential Utilities Inc. (NYSE: WTRG) announced that its subsidiary Aqua Pennsylvania received a one-year exclusivity agreement from the Bucks County Water and Sewer Authority (BCWSA) to advance discussions on purchasing wastewater assets. Aqua's proposal, valued at over $1.1 billion, was selected for its perceived benefits to customers and taxpayers. This decision follows a competitive bidding process and requires further approvals before finalizing the acquisition. Chairman Christopher Franklin expressed confidence in the transaction's potential advantages for Bucks County residents.