Brokerages Set California Water Service Group (CWT) Target Price at $41.67

Shares of California Water Service Group (NYSE:CWT) have been given a consensus recommendation of “Hold” by the seven ratings firms that are presently covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 1-year price target among brokers that have covered the stock in the last year is $41.67.

CWT has been the topic of several analyst reports. ValuEngine upgraded shares of California Water Service Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 12th. Zacks Investment Research cut shares of California Water Service Group from a “hold” rating to a “sell” rating in a report on Monday, February 11th. 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 target on the stock in a report on Thursday, December 6th.

Shares of NYSE CWT traded up $0.18 during mid-day trading on Friday, reaching $51.11. 2,569 shares of the company’s stock traded hands, compared to its average volume of 208,841. The stock has a market capitalization of $2.45 billion, a P/E ratio of 36.54, a P/E/G ratio of 5.13 and a beta of 0.38. California Water Service Group has a 1-year low of $35.25 and a 1-year high of $52.22. The company has a debt-to-equity ratio of 1.00, a current ratio of 0.62 and a quick ratio of 0.60.

The company also recently declared a quarterly dividend, which will be paid on Friday, February 22nd. Investors of record on Monday, February 11th will be issued a dividend of $0.1975 per share. The ex-dividend date is Friday, February 8th. This is a boost from California Water Service Group’s previous quarterly dividend of $0.19. This represents a $0.79 annualized dividend and a yield of 1.55%. California Water Service Group’s payout ratio is 56.43%.

A number of institutional investors have recently added to or reduced their stakes in CWT. Bank of New York Mellon Corp boosted its holdings in California Water Service Group by 1.4% during the second quarter. Bank of New York Mellon Corp now owns 678,647 shares of the utilities provider’s stock worth $26,434,000 after purchasing an additional 9,582 shares during the last quarter. Bank of Montreal Can raised its position in California Water Service Group by 22.1% in the third quarter. Bank of Montreal Can now owns 20,582 shares of the utilities provider’s stock worth $884,000 after acquiring an additional 3,723 shares during the period. Cornerstone Wealth Management LLC raised its position in California Water Service Group by 2.6% in the third quarter. Cornerstone Wealth Management LLC now owns 64,478 shares of the utilities provider’s stock worth $1,575,000 after acquiring an additional 1,653 shares during the period. First Trust Advisors LP raised its position in California Water Service Group by 9.3% in the third quarter. First Trust Advisors LP now owns 202,094 shares of the utilities provider’s stock worth $8,670,000 after acquiring an additional 17,225 shares during the period. Finally, Russell Investments Group Ltd. raised its position in California Water Service Group by 29.9% in the third quarter. Russell Investments Group Ltd. now owns 37,553 shares of the utilities provider’s stock worth $1,609,000 after acquiring an additional 8,636 shares during the period. Institutional investors and hedge funds own 73.99% 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.

See Also: Municipal Bonds

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

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