California Water Service Group (NYSE:CWT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday, December 27th.
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 analysts have also issued research reports about the company. Robert W. Baird reaffirmed a “hold” rating and set a $35.00 price objective on shares of California Water Service Group in a research report on Sunday, September 3rd. Barclays increased their target price 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 assigned a hold rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $36.75.
California Water Service Group (NYSE:CWT) traded down $1.05 during trading hours on Wednesday, reaching $42.60. The company’s stock had a trading volume of 225,800 shares, compared to its average volume of 214,657. California Water Service Group has a 52 week low of $32.55 and a 52 week high of $46.15. The company has a current ratio of 0.47, a quick ratio of 0.46 and a debt-to-equity ratio of 0.76. The stock has a market cap of $2,088.66, a price-to-earnings ratio of 30.00, a P/E/G ratio of 5.11 and a beta of 0.74.
California Water Service Group (NYSE:CWT) last posted its quarterly earnings results on Thursday, October 26th. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to analyst estimates of $203.00 million. During the same period in the prior year, the business earned $0.48 earnings per share. The business’s revenue was up 14.9% compared to the same quarter last year. analysts anticipate that California Water Service Group will post 1.33 earnings per share for the current year.
A number of large investors have recently bought and sold shares of the stock. Nuance Investments LLC grew its holdings in shares of California Water Service Group by 106.1% during the third quarter. Nuance Investments LLC now owns 661,848 shares of the utilities provider’s stock worth $25,250,000 after purchasing an additional 340,789 shares during the last quarter. Impax Asset Management LTD grew its holdings in shares of California Water Service Group by 4.0% during the third quarter. Impax Asset Management LTD now owns 1,912,267 shares of the utilities provider’s stock worth $72,953,000 after purchasing an additional 73,467 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of California Water Service Group by 27.6% during the second quarter. Ameriprise Financial Inc. now owns 330,104 shares of the utilities provider’s stock worth $12,147,000 after purchasing an additional 71,424 shares during the last quarter. First Trust Advisors LP boosted its stake in shares of California Water Service Group by 43.3% during the third quarter. First Trust Advisors LP now owns 211,895 shares of the utilities provider’s stock worth $8,084,000 after buying an additional 64,015 shares during the period. Finally, Vanguard Group Inc. boosted its stake in shares of California Water Service Group by 1.3% during 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. 69.54% of the stock is currently owned by hedge funds and other institutional investors.
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About California Water Service Group
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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