California Water Service Group (CWT) Receives Average Recommendation of “Hold” from Brokerages

California Water Service Group (NYSE:CWT) has been assigned an average rating of “Hold” from the seven analysts that are covering the stock, MarketBeat Ratings reports. Two research analysts have rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1-year price objective among brokers that have issued ratings on the stock in the last year is $41.67.

CWT has been the topic of several analyst reports. Zacks Investment Research upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Wednesday, September 26th. Evercore ISI initiated coverage on shares of California Water Service Group in a research note on Monday, September 17th. They set an “in-line” rating and a $42.00 price target on the stock. Wells Fargo & Co assumed coverage on shares of California Water Service Group in a research note on Monday, August 27th. They set a “market perform” rating on the stock. Finally, Robert W. Baird upgraded shares of California Water Service Group from a “neutral” rating to an “outperform” rating and set a $50.00 price objective on the stock in a research report on Thursday.

Shares of California Water Service Group stock traded up $0.62 on Monday, hitting $45.91. 288,053 shares of the company’s stock were exchanged, compared to its average volume of 176,947. The stock has a market capitalization of $2.18 billion, a PE ratio of 32.79, a P/E/G ratio of 5.30 and a beta of 0.50. California Water Service Group has a 1 year low of $35.25 and a 1 year high of $46.79. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.62 and a quick ratio of 0.60.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings results on Thursday, November 1st. The utilities provider reported $0.72 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.72. The business had revenue of $219.00 million for the quarter, compared to analysts’ expectations of $249.64 million. California Water Service Group had a net margin of 8.54% and a return on equity of 8.44%. The company’s revenue was up 3.4% compared to the same quarter last year. During the same quarter last year, the company posted $0.70 EPS. As a group, research analysts anticipate that California Water Service Group will post 1.22 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 23rd. Stockholders of record on Monday, November 12th were given a dividend of $0.1875 per share. The ex-dividend date of this dividend was Thursday, November 8th. This represents a $0.75 annualized dividend and a dividend yield of 1.63%. California Water Service Group’s payout ratio is 53.57%.

In other news, VP David B. Healey sold 1,000 shares of the firm’s stock in a transaction on Monday, November 19th. The shares were sold at an average price of $45.18, for a total transaction of $45,180.00. Following the sale, the vice president now directly owns 13,492 shares in the company, valued at approximately $609,568.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is owned by company insiders.

Hedge funds have recently made changes to their positions in the company. BlackRock Inc. raised its position in shares of California Water Service Group by 9.0% during the 2nd quarter. BlackRock Inc. now owns 7,121,516 shares of the utilities provider’s stock valued at $277,382,000 after purchasing an additional 590,505 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of California Water Service Group during the 2nd quarter valued at $758,000. Cornerstone Wealth Management LLC increased its holdings in California Water Service Group by 2.6% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 64,478 shares of the utilities provider’s stock valued at $1,575,000 after acquiring an additional 1,653 shares during the last quarter. Janney Montgomery Scott LLC bought a new stake in California Water Service Group in the 2nd quarter valued at $229,000. Finally, Assenagon Asset Management S.A. bought a new stake in California Water Service Group in the 3rd quarter valued at $4,702,000. Hedge funds and other institutional investors own 72.41% of the company’s stock.

About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. It 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.

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Analyst Recommendations for California Water Service Group (NYSE:CWT)

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