California Water Service Group (NYSE:CWT) Rating Lowered to Sell at Zacks Investment Research

California Water Service Group (NYSE:CWT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, December 27th.

According to Zacks, “California Water Service Company’s business, which is carried on through its operating subsidiaries, consists of the production, purchase, storage, purification, distribution and sale of water for domestic, industrial, public and irrigation uses, and for fire protection. It also provides water related services under agreements with municipalities and other private companies. The nonregulated services include full water system operation, and billing and meter reading services. “

Other research analysts also recently issued research reports about the company. Barclays boosted their target price on California Water Service Group from $30.00 to $32.00 and gave the company an “underweight” rating in a research note on Friday, September 22nd. Robert W. Baird restated a “hold” rating and issued a $35.00 target price on shares of California Water Service Group in a research note on Sunday, September 3rd. Two equities research analysts have rated the stock with a sell rating and six have issued a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $36.75.

California Water Service Group (NYSE CWT) opened at $42.85 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.46 and a current ratio of 0.47. The stock has a market capitalization of $2,050.00, a price-to-earnings ratio of 29.97, a price-to-earnings-growth ratio of 5.11 and a beta of 0.74. California Water Service Group has a 12-month low of $32.65 and a 12-month high of $46.15.

California Water Service Group (NYSE:CWT) last announced its earnings results on Thursday, October 26th. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.02. The company had revenue of $211.70 million for the quarter, compared to analyst estimates of $203.00 million. California Water Service Group had a return on equity of 10.31% and a net margin of 10.46%. California Water Service Group’s revenue for the quarter was up 14.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.48 earnings per share. sell-side analysts expect that California Water Service Group will post 1.33 earnings per share for the current fiscal year.

Large investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in California Water Service Group by 1.3% in the 2nd quarter. Vanguard Group Inc. now owns 4,985,488 shares of the utilities provider’s stock valued at $183,466,000 after acquiring an additional 63,704 shares in the last quarter. Impax Asset Management LTD raised its holdings in California Water Service Group by 4.0% in the 3rd quarter. Impax Asset Management LTD now owns 1,912,267 shares of the utilities provider’s stock valued at $72,953,000 after acquiring an additional 73,467 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in California Water Service Group by 0.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,625,445 shares of the utilities provider’s stock valued at $62,011,000 after acquiring an additional 6,427 shares in the last quarter. State Street Corp raised its holdings in California Water Service Group by 4.7% in the 2nd quarter. State Street Corp now owns 1,272,477 shares of the utilities provider’s stock valued at $46,820,000 after acquiring an additional 57,115 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in California Water Service Group by 1.7% in the 2nd quarter. Northern Trust Corp now owns 746,563 shares of the utilities provider’s stock valued at $27,473,000 after acquiring an additional 12,513 shares in the last quarter. Hedge funds and other institutional investors own 69.54% of the company’s stock.

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California Water Service Group Company Profile

California Water Service Group is a holding company. The Company operates through the supply and distribution of water and providing water-related utility services segment. The Company, through its subsidiaries, provides non-regulated services and non-regulated services to private companies and municipalities.

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