California Water Service Group (NYSE:CWT) Upgraded at StockNews.com

StockNews.com upgraded shares of California Water Service Group (NYSE:CWT) from a sell rating to a hold rating in a research report sent to investors on Thursday.

California Water Service Group Price Performance

Shares of NYSE CWT opened at $48.70 on Thursday. The firm has a market cap of $2.90 billion, a P/E ratio of 14.08 and a beta of 0.50. The business’s 50 day moving average is $51.71 and its 200-day moving average is $51.70. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $56.25.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.02). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The firm had revenue of $299.60 million for the quarter, compared to the consensus estimate of $289.55 million. During the same quarter in the previous year, the business earned $0.60 EPS. The firm’s quarterly revenue was up 17.5% on a year-over-year basis. Equities research analysts predict that California Water Service Group will post 3.29 earnings per share for the current year.

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were issued a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.30%. The ex-dividend date was Tuesday, November 12th. California Water Service Group’s dividend payout ratio (DPR) is currently 32.37%.

Insider Activity at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the business’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares of the company’s stock, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.73% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of CWT. Geode Capital Management LLC boosted its stake in shares of California Water Service Group by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,337,966 shares of the utilities provider’s stock valued at $72,559,000 after purchasing an additional 24,275 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of California Water Service Group by 2.0% during the second quarter. Dimensional Fund Advisors LP now owns 1,288,740 shares of the utilities provider’s stock worth $62,491,000 after buying an additional 25,711 shares in the last quarter. Wulff Hansen & CO. increased its holdings in shares of California Water Service Group by 4,565.4% during the second quarter. Wulff Hansen & CO. now owns 1,053,688 shares of the utilities provider’s stock worth $51,093,000 after buying an additional 1,031,103 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of California Water Service Group by 7.2% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 710,958 shares of the utilities provider’s stock valued at $38,548,000 after acquiring an additional 48,055 shares during the last quarter. Finally, Deprince Race & Zollo Inc. boosted its holdings in shares of California Water Service Group by 2.8% during the 2nd quarter. Deprince Race & Zollo Inc. now owns 693,025 shares of the utilities provider’s stock valued at $33,605,000 after acquiring an additional 19,118 shares in the last quarter. Institutional investors own 82.78% 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, Hawaii, and Texas. The company 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 services.