Zacks Investment Research upgraded shares of California Water Service Group (NYSE:CWT) from a sell rating to a hold rating in a report issued on Tuesday.
According to Zacks, “California Water Service Group is the publicly traded water utility in the United States, providing high- quality utility services to the millions of people in the communities through six subsidiaries: California Water Service (Cal Water), Hawaii Water Ser vice Company, Inc. (Hawaii Water), New Mexico Water Service Company (New Mexico Water), Washington Water Ser vice Company (Washington Water), CWS Utility Services (CWSUS), and HWS Utility Services (HWSUS). Cal Water, Hawaii Water, New Mexico Water, and Washington Water provide regulated water and wastewater utility services, while CWSUS and HWSUS conduct the Company’s non-regulated business, which includes providing billing, water quality testing, and water and wastewater system operations and management services to cities and other companies. “
Several other brokerages also recently issued reports on CWT. Hilliard Lyons downgraded California Water Service Group from a neutral rating to an underperform rating in a report on Wednesday, January 17th. ValuEngine upgraded California Water Service Group from a hold rating to a buy rating in a report on Thursday, March 1st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $38.33.
Shares of California Water Service Group (CWT) opened at $35.40 on Tuesday. California Water Service Group has a 1-year low of $32.75 and a 1-year high of $46.15. The stock has a market capitalization of $1,762.02, a price-to-earnings ratio of 25.29, a P/E/G ratio of 4.34 and a beta of 0.62. The company has a current ratio of 0.46, a quick ratio of 0.45 and a debt-to-equity ratio of 0.74.
California Water Service Group (NYSE:CWT) last announced its quarterly earnings results on Thursday, March 1st. The utilities provider reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.23 by $0.06. California Water Service Group had a return on equity of 9.97% and a net margin of 10.07%. The business had revenue of $162.00 million during the quarter, compared to the consensus estimate of $155.89 million. During the same quarter in the prior year, the company posted $0.31 earnings per share. California Water Service Group’s revenue was up 7.4% compared to the same quarter last year. analysts forecast that California Water Service Group will post 1.41 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Shareholders of record on Monday, February 12th were paid a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Friday, February 9th. This is an increase from California Water Service Group’s previous quarterly dividend of $0.18. California Water Service Group’s dividend payout ratio is 53.57%.
Large investors have recently made changes to their positions in the business. SeaCrest Wealth Management LLC bought a new position in California Water Service Group in the 4th quarter valued at $106,000. CoreCommodity Management LLC bought a new position in California Water Service Group in the 4th quarter valued at $146,000. SG Americas Securities LLC bought a new position in California Water Service Group in the 3rd quarter valued at $160,000. HPM Partners LLC bought a new position in California Water Service Group in the 4th quarter valued at $204,000. Finally, ACG Wealth bought a new position in California Water Service Group in the 4th quarter valued at $207,000. Hedge funds and other institutional investors own 70.06% of the company’s stock.
About California Water Service Group
California Water Service Group is a holding company. The Company operates through the supply and distribution of water and providing water-related utility services segment. The Company, through its subsidiaries, provides non-regulated services and non-regulated services to private companies and municipalities.
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