StockNews.com Upgrades California Water Service Group (NYSE:CWT) to Hold

StockNews.com upgraded shares of California Water Service Group (NYSE:CWT) from a sell rating to a hold rating in a research report sent to investors on Wednesday.

A number of other equities analysts have also weighed in on CWT. Wells Fargo & Company upgraded California Water Service Group from an “equal weight” rating to an “overweight” rating and lowered their target price for the stock from $56.00 to $52.00 in a research note on Tuesday. Bank of America started coverage on California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price for the company. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $53.25.

California Water Service Group Stock Down 3.2 %

CWT opened at $41.88 on Wednesday. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. The stock’s fifty day simple moving average is $48.53 and its 200 day simple moving average is $51.22. California Water Service Group has a 1-year low of $41.82 and a 1-year high of $56.25. The stock has a market cap of $2.49 billion, a PE ratio of 12.10 and a beta of 0.52.

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

California Water Service Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.12 dividend on an annualized basis and a yield of 2.67%. California Water Service Group’s dividend payout ratio (DPR) is presently 32.37%.

Insider Buying and Selling at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the business’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 transaction, the vice president now directly owns 20,354 shares in the company, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Arizona State Retirement System raised its stake in 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 acquiring an additional 287 shares in the last quarter. Creative Financial Designs Inc. ADV lifted its stake 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 valued at $653,000 after purchasing an additional 316 shares during the last quarter. Blue Trust Inc. boosted 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 valued at $27,000 after buying an additional 363 shares in the last quarter. Glenmede Trust Co. NA grew its stake in shares of 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 buying an additional 390 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of California Water Service Group by 0.6% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 64,767 shares of the utilities provider’s stock worth $3,512,000 after buying an additional 407 shares in the last quarter. 82.78% of the stock is 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.