California Water Service Group (CWT) Cut to “Sell” at Zacks Investment Research

Zacks Investment Research lowered shares of California Water Service Group (NYSE:CWT) from a hold rating to a sell rating in a research note released on Thursday morning.

According to Zacks, “California Water Service Group is the publicly traded water utility in the United States, providing high- quality utility services to the millions of people in the communities through six subsidiaries: California Water Service (Cal Water), Hawaii Water Ser vice Company, Inc. (Hawaii Water), New Mexico Water Service Company (New Mexico Water), Washington Water Ser vice Company (Washington Water), CWS Utility Services (CWSUS), and HWS Utility Services (HWSUS). Cal Water, Hawaii Water, New Mexico Water, and Washington Water provide regulated water and wastewater utility services, while CWSUS and HWSUS conduct the Company’s non-regulated business, which includes providing billing, water quality testing, and water and wastewater system operations and management services to cities and other companies. “

Separately, Hilliard Lyons cut shares of California Water Service Group from a neutral rating to an underperform rating in a report on Wednesday, January 17th. Four research analysts have rated the stock with a sell rating and four have assigned a hold rating to the stock. California Water Service Group presently has a consensus rating of Hold and an average price target of $38.33.

California Water Service Group (CWT) opened at $39.50 on Thursday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.47 and a quick ratio of 0.46. California Water Service Group has a 52-week low of $32.75 and a 52-week high of $46.15. The stock has a market cap of $1,896.59, a PE ratio of 27.82, a PEG ratio of 4.65 and a beta of 0.57.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Investors of record on Monday, February 12th will be issued a $0.1875 dividend. This represents a $0.75 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date of this dividend is Friday, February 9th. This is a boost from California Water Service Group’s previous quarterly dividend of $0.18. California Water Service Group’s dividend payout ratio (DPR) is 52.82%.

Several hedge funds have recently added to or reduced their stakes in CWT. Nuance Investments LLC increased its holdings in shares of California Water Service Group by 106.1% in the 3rd quarter. Nuance Investments LLC now owns 661,848 shares of the utilities provider’s stock worth $25,250,000 after acquiring an additional 340,789 shares during the period. BlackRock Inc. increased its holdings in shares of California Water Service Group by 4.8% in the 4th quarter. BlackRock Inc. now owns 6,368,283 shares of the utilities provider’s stock worth $288,803,000 after acquiring an additional 289,527 shares during the period. Millennium Management LLC acquired a new stake in shares of California Water Service Group in the 4th quarter worth about $13,037,000. BlueCrest Capital Management Ltd acquired a new stake in shares of California Water Service Group in the 4th quarter worth about $5,217,000. Finally, Assenagon Asset Management S.A. acquired a new stake in shares of California Water Service Group in the 4th quarter worth about $4,621,000. 69.89% of the stock is currently owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: “California Water Service Group (CWT) Cut to “Sell” at Zacks Investment Research” was first posted by The Ledger Gazette and is owned by of The Ledger Gazette. If you are accessing this news story on another site, it was illegally copied and republished in violation of U.S. & international copyright & trademark legislation. The correct version of this news story can be read at https://ledgergazette.com/2018/02/18/california-water-service-group-cwt-cut-to-sell-at-zacks-investment-research.html.

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.

Get a free copy of the Zacks research report on California Water Service Group (CWT)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for California Water Service Group (NYSE:CWT)

Receive News & Ratings for California Water Service Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Water Service Group and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply