ValuEngine Downgrades California Water Service Group (CWT) to Buy

ValuEngine downgraded shares of California Water Service Group (NYSE:CWT) from a strong-buy rating to a buy rating in a report issued on Thursday, April 11th, ValuEngine reports.

Other analysts also recently issued research reports about the stock. Wells Fargo & Co downgraded shares of California Water Service Group from a market perform rating to an underperform rating and set a $50.00 price objective on the stock. in a report on Tuesday, March 26th. They noted that the move was a valuation call. Zacks Investment Research downgraded shares of California Water Service Group from a hold rating to a sell rating in a report on Monday, February 18th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. California Water Service Group presently has an average rating of Hold and a consensus target price of $48.50.

Shares of California Water Service Group stock traded up $0.83 on Thursday, reaching $50.36. 243,149 shares of the stock were exchanged, compared to its average volume of 217,674. The firm has a market cap of $2.42 billion, a price-to-earnings ratio of 37.03, a price-to-earnings-growth ratio of 3.62 and a beta of 0.35. California Water Service Group has a 1-year low of $38.15 and a 1-year high of $55.05. The company has a quick ratio of 0.49, a current ratio of 0.50 and a debt-to-equity ratio of 1.00.

California Water Service Group (NYSE:CWT) last released its quarterly earnings data on Thursday, April 25th. The utilities provider reported ($0.16) EPS for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.21). The company had revenue of $126.10 million for the quarter, compared to analysts’ expectations of $138.86 million. California Water Service Group had a return on equity of 7.76% and a net margin of 8.05%. The firm’s quarterly revenue was down 6.3% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.05) EPS. Equities research analysts anticipate that California Water Service Group will post 1.39 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be issued a $0.1975 dividend. This represents a $0.79 annualized dividend and a dividend yield of 1.57%. The ex-dividend date of this dividend is Friday, May 3rd. California Water Service Group’s dividend payout ratio (DPR) is presently 58.09%.

In related news, Director Lester A. Snow sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 11th. The shares were sold at an average price of $53.69, for a total transaction of $53,690.00. Following the transaction, the director now owns 18,195 shares of the company’s stock, valued at $976,889.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.99% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in CWT. Massey Quick Simon & CO. LLC acquired a new position in California Water Service Group during the first quarter worth approximately $27,000. CENTRAL TRUST Co increased its position in California Water Service Group by 100.0% during the fourth quarter. CENTRAL TRUST Co now owns 608 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 304 shares during the last quarter. Advisors Asset Management Inc. increased its position in California Water Service Group by 47.5% during the fourth quarter. Advisors Asset Management Inc. now owns 649 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 209 shares during the last quarter. Parallel Advisors LLC increased its position in California Water Service Group by 414.1% during the first quarter. Parallel Advisors LLC now owns 658 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 530 shares during the last quarter. Finally, Parkside Financial Bank & Trust increased its position in California Water Service Group by 1,700.0% during the fourth quarter. Parkside Financial Bank & Trust now owns 756 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 714 shares during the last quarter. 73.29% of the stock is currently owned by institutional investors and hedge funds.

California Water Service Group Company Profile

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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