California Water Service Group (CWT) Lifted to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of California Water Service Group (NYSE:CWT) from a sell rating to a hold rating in a research report released on Tuesday.

According to Zacks, “California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. The company engages 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. It offers its services to approximately 482,400 customers in 100 California communities; approximately 4,400 water and wastewater customers on the islands of Maui and Hawaii; approximately 16,700 customers in the Tacoma and Olympia areas in Washington; and approximately 8,000 water and wastewater customers in the Belen, Los Lunas, and Elephant Butte areas in New Mexico. The company is also involved in the provision of non-regulated water-related services, including operating water systems; providing operational and maintenance, meter reading, and billing services to private companies and municipalities etc. “

Separately, Barclays raised their price target on California Water Service Group from $30.00 to $32.00 and gave the company an underweight rating in a report on Friday, September 22nd. Two analysts have rated the stock with a sell rating and six have given a hold rating to the company’s stock. The stock currently has an average rating of Hold and a consensus price target of $36.75.

Shares of California Water Service Group (CWT) traded up $0.50 on Tuesday, reaching $43.10. The company had a trading volume of 197,500 shares, compared to its average volume of 212,512. The stock has a market cap of $2,070.00, a PE ratio of 30.14, a price-to-earnings-growth ratio of 5.11 and a beta of 0.74. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.47 and a quick ratio of 0.46. California Water Service Group has a twelve month low of $32.55 and a twelve month high of $46.15.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Thursday, October 26th. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. California Water Service Group had a return on equity of 10.31% and a net margin of 10.46%. The business had revenue of $211.70 million for the quarter, compared to analysts’ expectations of $203.00 million. During the same quarter in the prior year, the firm posted $0.48 EPS. The firm’s quarterly revenue was up 14.9% on a year-over-year basis. research analysts predict that California Water Service Group will post 1.33 earnings per share for the current year.

Several large investors have recently added to or reduced their stakes in CWT. Legal & General Group Plc increased its position in shares of California Water Service Group by 4.7% during the 3rd quarter. Legal & General Group Plc now owns 228,710 shares of the utilities provider’s stock valued at $8,726,000 after purchasing an additional 10,220 shares during the last quarter. Wells Fargo & Company MN increased its position in shares of California Water Service Group by 3.8% during the 2nd quarter. Wells Fargo & Company MN now owns 129,126 shares of the utilities provider’s stock valued at $4,751,000 after purchasing an additional 4,668 shares during the last quarter. First Trust Advisors LP increased its position in shares of California Water Service Group by 43.3% during the 3rd quarter. First Trust Advisors LP now owns 211,895 shares of the utilities provider’s stock valued at $8,084,000 after purchasing an additional 64,015 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its position in shares of California Water Service Group by 417.7% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 41,047 shares of the utilities provider’s stock valued at $1,566,000 after purchasing an additional 33,118 shares during the last quarter. Finally, Piedmont Investment Advisors LLC increased its position in shares of California Water Service Group by 250.9% during the 3rd quarter. Piedmont Investment Advisors LLC now owns 36,391 shares of the utilities provider’s stock valued at $1,388,000 after purchasing an additional 26,019 shares during the last quarter. 69.54% of the stock is currently owned by hedge funds and other institutional investors.

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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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