California Water Service Group (NYSE:CWT) Given Consensus Recommendation of “Moderate Buy” by Brokerages

California Water Service Group (NYSE:CWT) has received an average rating of “Moderate Buy” from the four research firms that are currently covering the firm, Marketbeat reports. One investment analyst has rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $53.25.

A number of research analysts have weighed in on the company. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a report on Wednesday. Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $56.00 to $52.00 in a research note on Tuesday. Finally, Bank of America initiated coverage on shares of California Water Service Group in a research note on Wednesday, December 11th. They set a “buy” rating and a $57.00 price objective for the company.

Insider Buying and Selling

In other news, VP Michael B. Luu sold 985 shares of the company’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the transaction, the vice president now owns 20,354 shares of the company’s stock, valued at $1,048,231. This represents a 4.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.73% of the stock is owned by company insiders.

Institutional Trading of California Water Service Group

Hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC boosted its stake in California Water Service Group by 70.5% during the third quarter. FMR LLC now owns 63,625 shares of the utilities provider’s stock worth $3,450,000 after buying an additional 26,299 shares during the period. Quest Partners LLC boosted its position in shares of California Water Service Group by 297.1% during the 3rd quarter. Quest Partners LLC now owns 22,676 shares of the utilities provider’s stock worth $1,229,000 after purchasing an additional 16,966 shares during the period. Intech Investment Management LLC purchased a new position in shares of California Water Service Group during the 3rd quarter worth approximately $585,000. Charles Schwab Investment Management Inc. increased its holdings in 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 purchasing an additional 48,055 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in California Water Service Group by 1.8% in the third 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 during the period. 82.78% of the stock is owned by institutional investors and hedge funds.

California Water Service Group Stock Down 2.5 %

CWT opened at $43.26 on Friday. The company has a market cap of $2.57 billion, a PE ratio of 12.50 and a beta of 0.52. California Water Service Group has a twelve month low of $42.31 and a twelve month high of $56.25. The company has a 50-day moving average price of $48.53 and a 200 day moving average price of $51.22. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64.

California Water Service Group (NYSE:CWT) last announced its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The firm had revenue of $299.60 million for the quarter, compared to analyst estimates of $289.55 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. California Water Service Group’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.60 EPS. Sell-side analysts expect that California Water Service Group will post 3.29 earnings per share for the current fiscal year.

California Water Service Group Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.12 annualized dividend and a dividend yield of 2.59%. California Water Service Group’s payout ratio is 32.37%.

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.