What is Seaport Res Ptn’s Forecast for CWT FY2024 Earnings?

California Water Service Group (NYSE:CWT) – Equities research analysts at Seaport Res Ptn raised their FY2024 earnings per share estimates for California Water Service Group in a research report issued on Monday, January 6th. Seaport Res Ptn analyst A. Storozynski now anticipates that the utilities provider will earn $3.36 per share for the year, up from their prior forecast of $3.26. The consensus estimate for California Water Service Group’s current full-year earnings is $3.29 per share. Seaport Res Ptn also issued estimates for California Water Service Group’s FY2025 earnings at $2.31 EPS and FY2027 earnings at $2.83 EPS.

A number of other research analysts also recently weighed in on the company. Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $56.00 to $52.00 in a report on Tuesday. StockNews.com upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, Bank of America began 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 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, California Water Service Group currently has an average rating of “Moderate Buy” and an average target price of $53.25.

California Water Service Group Stock Down 2.5 %

Shares of California Water Service Group stock opened at $43.26 on Tuesday. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. California Water Service Group has a twelve month low of $42.31 and a twelve month high of $56.25. The company has a market cap of $2.57 billion, a price-to-earnings ratio of 12.50 and a beta of 0.52. The company’s 50 day moving average is $48.70 and its 200 day moving average is $51.27.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share (EPS) 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 company had revenue of $299.60 million for the quarter, compared to the consensus estimate of $289.55 million. During the same quarter in the prior year, the company posted $0.60 EPS. California Water Service Group’s revenue was up 17.5% on a year-over-year basis.

Institutional Trading of California Water Service Group

A number of large investors have recently made changes to their positions in CWT. Blue Trust Inc. grew its position in California Water Service Group by 255.6% in 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. GAMMA Investing LLC increased its position in California Water Service Group by 50.2% during the third quarter. GAMMA Investing LLC now owns 1,236 shares of the utilities provider’s stock valued at $67,000 after acquiring an additional 413 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of California Water Service Group during the second quarter valued at approximately $85,000. nVerses Capital LLC bought a new stake in shares of California Water Service Group during the third quarter valued at approximately $119,000. Finally, CWM LLC lifted its stake in California Water Service Group by 129.1% in the third quarter. CWM LLC now owns 3,090 shares of the utilities provider’s stock worth $168,000 after acquiring an additional 1,741 shares during the period. 82.78% of the stock is currently owned by institutional investors.

Insider Transactions at California Water Service Group

In related news, VP Michael B. Luu sold 985 shares of the business’s stock in a transaction 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 sale, the vice president now owns 20,354 shares in the company, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.73% of the company’s stock.

California Water Service Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.59%. The ex-dividend date was Tuesday, November 12th. California Water Service Group’s dividend payout ratio is 32.37%.

California Water Service Group Company Profile

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.