California Water Service Group (NYSE:CWT) Short Interest Update

California Water Service Group (NYSE:CWT) was the recipient of a large growth in short interest during the month of December. As of December 15th, there was short interest totalling 675,500 shares, a growth of 6.0% from the November 30th total of 637,400 shares. Based on an average daily trading volume, of 299,400 shares, the short-interest ratio is presently 2.3 days.

Analyst Upgrades and Downgrades

A number of research analysts have commented on CWT shares. Bank of America started coverage on shares of California Water Service Group in a research report on Wednesday, December 11th. They set a “buy” rating and a $57.00 price target on the stock. StockNews.com cut shares of California Water Service Group from a “hold” rating to a “sell” rating in a research report on Friday, December 13th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, California Water Service Group currently has an average rating of “Hold” and a consensus target price of $54.50.

California Water Service Group Stock Performance

NYSE:CWT opened at $45.33 on Wednesday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. California Water Service Group has a fifty-two week low of $43.50 and a fifty-two week high of $56.25. The firm has a market cap of $2.70 billion, a PE ratio of 13.10 and a beta of 0.50. The business has a 50 day moving average price of $49.74 and a 200-day moving average price of $51.46.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.02). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The firm had revenue of $299.60 million for the quarter, compared to analysts’ expectations of $289.55 million. During the same period in the previous year, the company earned $0.60 EPS. The company’s quarterly revenue was up 17.5% on a year-over-year basis. Equities research analysts predict that California Water Service Group will post 3.29 earnings per share for the current year.

California Water Service Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.28 per share. This represents a $1.12 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date was Tuesday, November 12th. California Water Service Group’s payout ratio is 32.37%.

Insider Transactions at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the company’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the transaction, the vice president now directly owns 20,354 shares in the company, valued at approximately $1,048,231. This represents a 4.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.73% of the company’s stock.

Institutional Investors Weigh In On California Water Service Group

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

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.