California Water Service Group (NYSE:CWT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, July 11th.
According to Zacks, “California Water Service Company’s business, which is carried on through its operating subsidiaries, consists of the production, purchase, storage, purification, distribution and sale of water for domestic, industrial, public and irrigation uses, and for fire protection. It also provides water related services under agreements with municipalities and other private companies. The nonregulated services include full water system operation, and billing and meter reading services. “
Other equities analysts have also issued research reports about the company. BidaskClub lowered California Water Service Group from a “buy” rating to a “hold” rating in a research report on Thursday, June 22nd. Gabelli downgraded California Water Service Group from a “buy” rating to a “hold” rating in a report on Friday, April 28th. Two analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. California Water Service Group currently has a consensus rating of “Hold” and an average target price of $34.40.
Shares of California Water Service Group (NYSE CWT) opened at 37.90 on Tuesday. The stock’s 50 day moving average price is $37.74 and its 200-day moving average price is $35.98. The company has a market cap of $1.82 billion, a PE ratio of 31.58 and a beta of 0.69. California Water Service Group has a 12-month low of $29.25 and a 12-month high of $39.65.
California Water Service Group (NYSE:CWT) last posted its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.08. The firm had revenue of $171.10 million during the quarter, compared to analyst estimates of $162.23 million. California Water Service Group had a return on equity of 11.32% and a net margin of 10.83%. California Water Service Group’s quarterly revenue was up 12.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. On average, equities research analysts forecast that California Water Service Group will post $1.31 earnings per share for the current year.
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In other California Water Service Group news, VP David B. Healey sold 1,000 shares of the business’s stock in a transaction dated Thursday, June 8th. The stock was sold at an average price of $35.90, for a total transaction of $35,900.00. Following the completion of the sale, the vice president now directly owns 13,574 shares in the company, valued at approximately $487,306.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.00% of the company’s stock.
Several large investors have recently added to or reduced their stakes in CWT. BlackRock Inc. increased its stake in California Water Service Group by 8,783.3% in the first quarter. BlackRock Inc. now owns 5,939,636 shares of the utilities provider’s stock worth $212,936,000 after buying an additional 5,872,773 shares in the last quarter. Vanguard Group Inc. increased its position in shares of California Water Service Group by 1.3% in the second quarter. Vanguard Group Inc. now owns 4,985,488 shares of the utilities provider’s stock worth $183,466,000 after buying an additional 63,704 shares during the period. Impax Asset Management LTD increased its position in shares of California Water Service Group by 1.0% in the first quarter. Impax Asset Management LTD now owns 1,747,183 shares of the utilities provider’s stock worth $62,633,000 after buying an additional 17,235 shares during the period. Dimensional Fund Advisors LP increased its position in shares of California Water Service Group by 0.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,619,018 shares of the utilities provider’s stock worth $59,579,000 after buying an additional 5,639 shares during the period. Finally, State Street Corp increased its position in shares of California Water Service Group by 7.2% in the first quarter. State Street Corp now owns 1,215,362 shares of the utilities provider’s stock worth $43,575,000 after buying an additional 82,143 shares during the period. Institutional investors and hedge funds own 68.45% of the company’s stock.
California Water Service Group Company Profile
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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