California Water Service Group (NYSE:CWT) Releases Earnings Results, Misses Estimates By $0.02 EPS

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

CWT traded up $0.26 during mid-day trading on Friday, hitting $53.58. 271,390 shares of the stock were exchanged, compared to its average volume of 255,347. The firm’s fifty day moving average price is $51.48. California Water Service Group has a 1-year low of $39.85 and a 1-year high of $55.05. The company has a current ratio of 0.62, a quick ratio of 0.49 and a debt-to-equity ratio of 1.12. The company has a market cap of $2.57 billion, a P/E ratio of 39.40, a PEG ratio of 3.82 and a beta of 0.33.

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

In related news, Director Peter C. Nelson sold 10,000 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $49.10, for a total transaction of $491,000.00. Following the transaction, the director now owns 39,509 shares of the company’s stock, valued at approximately $1,939,891.90. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP David B. Healey sold 1,000 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $50.00, for a total value of $50,000.00. Following the transaction, the vice president now directly owns 15,106 shares in the company, valued at approximately $755,300. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,000 shares of company stock worth $590,230. 0.99% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mid Atlantic Financial Management Inc. ADV lifted its stake in California Water Service Group by 4.0% during the 1st quarter. Mid Atlantic Financial Management Inc. ADV now owns 6,119 shares of the utilities provider’s stock worth $332,000 after acquiring an additional 233 shares in the last quarter. Creative Planning raised its position in California Water Service Group by 1.6% in the 1st quarter. Creative Planning now owns 15,734 shares of the utilities provider’s stock valued at $854,000 after purchasing an additional 244 shares in the last quarter. Amalgamated Bank raised its position in California Water Service Group by 4.2% in the 4th quarter. Amalgamated Bank now owns 6,919 shares of the utilities provider’s stock valued at $330,000 after purchasing an additional 276 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in California Water Service Group by 2.1% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 14,380 shares of the utilities provider’s stock valued at $728,000 after purchasing an additional 290 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its position in California Water Service Group by 1.6% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 18,916 shares of the utilities provider’s stock valued at $958,000 after purchasing an additional 300 shares in the last quarter. 74.26% of the stock is currently owned by hedge funds and other institutional investors.

A number of research firms have recently weighed in on CWT. Wells Fargo & Co reiterated a “hold” rating on shares of California Water Service Group in a report on Monday, June 10th. Boenning Scattergood began coverage on California Water Service Group in a report on Monday, June 10th. They set a “neutral” rating for the company. Finally, ValuEngine cut California Water Service Group from a “strong-buy” rating to a “buy” rating in a report on Thursday, April 11th. Four research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $48.50.

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

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