California Water Service Group (NYSE:CWT) Issues Quarterly Earnings Results

California Water Service Group (NYSE:CWT) posted its earnings results on Thursday. The utilities provider reported $0.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.37 by ($0.02), Briefing.com reports. The business had revenue of $179.03 million for the quarter, compared to analyst estimates of $180.97 million. California Water Service Group had a return on equity of 8.21% and a net margin of 8.55%. California Water Service Group’s revenue was up 2.3% compared to the same quarter last year. During the same period last year, the business earned $0.31 EPS.

Shares of NYSE CWT traded up $0.26 during trading on Friday, reaching $53.58. The stock had a trading volume of 271,390 shares, compared to its average volume of 255,347. California Water Service Group has a fifty-two week low of $39.85 and a fifty-two week high of $55.05. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.49 and a current ratio of 0.62. The stock has a 50-day moving average price of $51.48. The stock has a market capitalization of $2.57 billion, a P/E ratio of 39.40, a P/E/G ratio of 3.82 and a beta of 0.33.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 23rd. Stockholders of record on Monday, August 12th will be paid a $0.198 dividend. The ex-dividend date is Friday, August 9th. This represents a $0.79 dividend on an annualized basis and a dividend yield of 1.48%. California Water Service Group’s payout ratio is presently 58.09%.

CWT has been the subject of several recent analyst reports. Boenning Scattergood initiated coverage on California Water Service Group in a research note on Monday, June 10th. They set a “neutral” rating for the company. ValuEngine cut California Water Service Group from a “strong-buy” rating to a “buy” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Co reissued a “hold” rating on shares of California Water Service Group in a research note on Monday, June 10th. Four investment analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. California Water Service Group currently has an average rating of “Hold” and a consensus price target of $48.50.

In other news, VP Michael B. Luu sold 1,000 shares of California Water Service Group stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $49.23, for a total value of $49,230.00. Following the completion of the sale, the vice president now directly owns 11,919 shares of the company’s stock, valued at $586,772.37. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Peter C. Nelson sold 10,000 shares of California Water Service Group stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $49.10, for a total value of $491,000.00. Following the completion of the sale, the director now directly owns 39,509 shares of the company’s stock, valued at $1,939,891.90. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock valued at $590,230 over the last ninety days. Insiders own 0.99% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Chicago Equity Partners LLC grew its stake in California Water Service Group by 95.1% during the 2nd quarter. Chicago Equity Partners LLC now owns 59,430 shares of the utilities provider’s stock worth $3,009,000 after purchasing an additional 28,970 shares in the last quarter. Everence Capital Management Inc. grew its stake in California Water Service Group by 26.6% during the 2nd quarter. Everence Capital Management Inc. now owns 11,000 shares of the utilities provider’s stock worth $557,000 after purchasing an additional 2,310 shares in the last quarter. Hillsdale Investment Management Inc. grew its stake in California Water Service Group by 21.4% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 15,300 shares of the utilities provider’s stock worth $775,000 after purchasing an additional 2,700 shares in the last quarter. Swiss National Bank grew its stake in California Water Service Group by 2.1% during the 2nd quarter. Swiss National Bank now owns 89,400 shares of the utilities provider’s stock worth $4,526,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Envestnet Asset Management Inc. grew its stake in California Water Service Group by 8.8% during the 2nd quarter. Envestnet Asset Management Inc. now owns 7,411 shares of the utilities provider’s stock worth $375,000 after purchasing an additional 600 shares in the last quarter. 74.26% of the stock is owned by hedge funds and other institutional investors.

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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Earnings History for California Water Service Group (NYSE:CWT)

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