Welcome to our dedicated page for Essential Utilities news (Ticker: WTRG), a resource for investors and traders seeking the latest updates and insights on Essential Utilities stock.
Essential Utilities, Inc. (symbol: WTRG) is a key player in the United States utility sector, providing regulated water and wastewater services. Operating through its various subsidiaries, the company serves around three million residential, commercial, industrial, and municipal customers across multiple states including Pennsylvania, Ohio, Texas, Illinois, North Carolina, New Jersey, Indiana, and Virginia.
Headquartered in Bryn Mawr, Pennsylvania, Essential Utilities' history dates back to 1886, formerly known as Aqua America, Inc. The company underwent a rebranding in February 2020 to become Essential Utilities, Inc. The firm has a significant footprint in Pennsylvania, where nearly three-fourths of its water earnings are generated, primarily from suburban Philadelphia.
In addition to traditional water services, Essential Utilities provides non-utility raw water supply services to companies in the natural gas drilling industry. It also offers water and sewer line protection solutions and repair services to households through third-party agreements. Its Peoples subsidiary extends the company's reach into the natural gas sector, serving over 740,000 customers in Pennsylvania and Kentucky.
Over the years, Essential Utilities has consistently prioritized sustainable practices and infrastructure improvements. Recent projects include upgrading water treatment facilities and expanding service coverage to underserved areas. Financially, the company maintains a stable outlook supported by strong regulatory frameworks and long-term contracts.
Essential Utilities has also established several partnerships to enhance service delivery and operational efficiency. These partnerships allow the company to innovate and implement cutting-edge technologies in water treatment and distribution. Through these efforts, Essential Utilities continues to play a crucial role in ensuring access to safe and reliable water and wastewater services.
Essential Utilities (NYSE: WTRG) has appointed David Ciesinski to its board of directors, where he will serve on the audit and corporate governance committees. Ciesinski, currently the president and CEO of Lancaster Colony Corporation, brings extensive experience in leadership and growth strategies. His appointment follows a national search aimed at enhancing board expertise, particularly in growth and branding. The company aims to leverage Ciesinski's background in acquisitions to bolster its long-term growth strategy.
Aqua Pennsylvania's wastewater treatment plant in Upper Providence Township has won the Phase III Directors Award from the Partnership for Clean Water. This prestigious recognition highlights the plant's commitment to optimizing operations and preserving environmental water quality. Notably, it is the first facility in Pennsylvania and the tenth in the nation to receive this honor. Despite ongoing upgrades costing over $30 million, the team remained dedicated during the pandemic, underscoring their determination for operational excellence.
Essential Utilities Inc. (NYSE: WTRG) has announced a quarterly cash dividend of $0.2682 per share, payable on Sept. 1, 2021, to shareholders of record as of Aug. 13, 2021. This dividend marks a 7% increase from the $0.2507 paid in June and represents the company's 31st consecutive dividend increase over the past 30 years. The annualized dividend rate will now be $1.0728 per share, with a targeted payout ratio of 60-65% of net income, showcasing ongoing commitment to providing reliable services and enhancing shareholder value.
Essential Utilities (NYSE: WTRG) will announce its earnings for Q2 2021 on August 5, 2021, after market close. A conference call for financial analysts is scheduled for the same day at 11 a.m. EDT, which will be available via webcast. The company, serving around 5 million customers across 10 states under the Aqua and Peoples brands, emphasizes its commitment to infrastructure investment, regulatory expertise, and environmental stewardship. Following the call, a replay will be accessible for 10 business days.
Aqua Pennsylvania announced that its 10-billion-gallon reservoir storage is at full capacity, prepared for the upcoming summer usage surge beginning around Memorial Day. President Marc Lucca noted that despite lower rainfall this month, the reservoirs are ready to meet increased water demands for activities such as swimming and lawn care. Aqua operates five reservoirs in southeastern Pennsylvania, serving approximately 1.4 million people across 32 counties. The company emphasizes responsible water usage as the weather warms.
Essential Utilities Inc. (NYSE: WTRG) reported strong Q1 2021 results with a net income of $183.7 million ($0.72 per share), a significant increase from $51.8 million ($0.20 per share) in Q1 2020. Revenues soared 128.3% to $583.6 million, primarily driven by the natural gas utility segment contributing $315.8 million. The company declared a quarterly cash dividend of $0.2507 per share to be paid on June 1, 2021. Essential is expanding through six signed agreements for water utility acquisitions, expected to serve 227,000 customers, reflecting ongoing growth.
Essential Utilities (NYSE: WTRG) announced the appointment of Edwina Kelly to its Board of Directors. Kelly, a senior principal at Canada Pension Plan Investment Board, will serve on the audit committee and risk mitigation committee. She replaces former director Wendy Franks and brings expertise in renewable energy, crucial for achieving the company’s emissions reduction targets. Essential aims to cut its Scope 1 and 2 greenhouse gas emissions by 60% from 2019 levels by 2035, aligning with the Paris Agreement’s goals. This strategic decision emphasizes the company's commitment to environmental sustainability.
Aqua Pennsylvania is promoting its Helping Hand assistance program aimed at assisting low-income families struggling to pay water bills. The program offers a payment plan for overdue accounts, credits for timely payments, and conservation kits to help reduce water usage and bills. Eligibility requires household income to be under 200% of the federal poverty level, account being over 21 days overdue, and unpaid bills of at least $110. Interested customers can contact Aqua at 877.987.2782 to check qualification or contribute to the program.
The board of directors of Essential Utilities (NYSE: WTRG) has declared a quarterly cash dividend of $0.2507 per share, payable on June 1, 2021, to shareholders of record by May 14, 2021.
Essential Utilities boasts a long history of dividend payments, having disbursed consecutive quarterly cash dividends for 76 years and increasing them 30 times in the last 29 years.
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