California Water Service Group (NYSE:CWT) Cut to “Sell” at StockNews.com

StockNews.com lowered shares of California Water Service Group (NYSE:CWT) from a hold rating to a sell rating in a research note released on Friday morning.

Separately, Bank of America initiated coverage on shares of California Water Service Group in a research note on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the stock. Based on data from MarketBeat.com, California Water Service Group has an average rating of “Hold” and a consensus target price of $54.50.

California Water Service Group Stock Up 0.1 %

Shares of California Water Service Group stock opened at $48.50 on Friday. The company has a market capitalization of $2.88 billion, a P/E ratio of 14.02 and a beta of 0.50. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $56.25. The business’s fifty day moving average price is $51.21 and its two-hundred day moving average price is $51.65.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The company had revenue of $299.60 million for the quarter, compared to analyst estimates of $289.55 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. California Water Service Group’s revenue was up 17.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.60 EPS. As a group, research analysts forecast that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a $0.28 dividend. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.12 annualized dividend and a dividend yield of 2.31%. California Water Service Group’s dividend payout ratio is currently 32.37%.

Insider Transactions at California Water Service Group

In related news, VP Michael B. Luu sold 985 shares of the firm’s stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the sale, the vice president now owns 20,354 shares of the company’s stock, valued at $1,048,231. This trade represents a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.73% of the stock is owned by insiders.

Hedge Funds Weigh In On California Water Service Group

Several large investors have recently bought and sold shares of the business. Arizona State Retirement System boosted its position in shares of California Water Service Group by 1.8% during the second quarter. Arizona State Retirement System now owns 16,147 shares of the utilities provider’s stock worth $783,000 after purchasing an additional 287 shares in the last quarter. Creative Financial Designs Inc. ADV raised its stake in California Water Service Group by 2.7% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 12,041 shares of the utilities provider’s stock worth $653,000 after buying an additional 316 shares during the period. Blue Trust Inc. lifted its holdings in California Water Service Group by 255.6% during the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 363 shares in the last quarter. Glenmede Trust Co. NA lifted its holdings in California Water Service Group by 8.4% during the third quarter. Glenmede Trust Co. NA now owns 5,026 shares of the utilities provider’s stock worth $273,000 after acquiring an additional 390 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in California Water Service Group by 0.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,767 shares of the utilities provider’s stock valued at $3,512,000 after acquiring an additional 407 shares during the period. 82.78% of the stock is currently owned by institutional investors and hedge funds.

About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, Hawaii, and Texas. The company is involved in the production, purchase, storage, treatment, testing, distribution, and sale of water for domestic, industrial, public, and irrigation uses, as well as for fire protection services.