Connecticut Water Service Inc (NASDAQ:CTWS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday, July 11th.
According to Zacks, “Shares of Connecticut Water Services returned higher than the Zacks categorized broader industry’s gain in the last twelve months. The company continues to strengthen its existing infrastructure through regular capital investments, which is a must in the water utility space. In addition, customer expansion in its service territories is boosting demand. However, Connecticut Water Services is subject to stringent environment regulations, demand variations with weather patterns, risk of water mains failure and contamination of water sources. “
Shares of Connecticut Water Service (NASDAQ CTWS) opened at 54.72 on Tuesday. Connecticut Water Service has a 52 week low of $45.13 and a 52 week high of $62.15. The stock has a 50 day moving average of $56.54 and a 200-day moving average of $54.94. The firm has a market capitalization of $632.78 million, a PE ratio of 25.37 and a beta of 0.09.
Connecticut Water Service (NASDAQ:CTWS) last released its earnings results on Tuesday, August 8th. The utilities provider reported $0.73 earnings per share for the quarter, missing the consensus estimate of $0.76 by $0.03. Connecticut Water Service had a net margin of 30.17% and a return on equity of 13.11%. The firm had revenue of $29.50 million during the quarter. Equities analysts anticipate that Connecticut Water Service will post $2.21 earnings per share for the current fiscal year.
Institutional investors have recently added to or reduced their stakes in the company. Comerica Bank boosted its position in Connecticut Water Service by 6.3% in the fourth quarter. Comerica Bank now owns 6,383 shares of the utilities provider’s stock worth $343,000 after buying an additional 376 shares during the period. State Board of Administration of Florida Retirement System bought a new position in Connecticut Water Service during the fourth quarter worth approximately $204,000. Kennedy Capital Management Inc. bought a new position in Connecticut Water Service during the first quarter worth approximately $3,599,000. Renaissance Technologies LLC boosted its position in Connecticut Water Service by 1.7% in the first quarter. Renaissance Technologies LLC now owns 242,200 shares of the utilities provider’s stock worth $12,873,000 after buying an additional 4,100 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Connecticut Water Service by 1.9% in the first quarter. Bank of New York Mellon Corp now owns 91,410 shares of the utilities provider’s stock worth $4,858,000 after buying an additional 1,702 shares during the period. 45.56% of the stock is owned by hedge funds and other institutional investors.
About Connecticut Water Service
Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS),The Avon Water Company (AWC) and Chester Realty Company (Chester Realty).
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