California Water Service Group (NYSE:CWT) was upgraded by analysts at Wells Fargo from an “underperform” rating to a “market perform” rating in a research note issued to investors on Monday, April 2nd, Marketbeat Ratings reports. The brokerage currently has a $35.00 target price on the utilities provider’s stock. Wells Fargo’s target price points to a potential downside of 10.49% from the stock’s current price.
Several other brokerages have also recently weighed in on CWT. Zacks Investment Research cut California Water Service Group from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. Hilliard Lyons cut California Water Service Group from a “neutral” rating to an “underperform” rating in a report on Wednesday, January 17th. ValuEngine upgraded California Water Service Group from a “hold” rating to a “buy” rating in a report on Tuesday, March 13th. Finally, UBS lowered their target price on California Water Service Group from $34.00 to $33.00 and set a “sell” rating for the company in a report on Friday, March 23rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the stock. California Water Service Group has an average rating of “Hold” and a consensus price target of $36.60.
Shares of NYSE CWT traded up $0.75 during trading hours on Monday, hitting $39.10. 83,622 shares of the company traded hands, compared to its average volume of 394,066. The company has a market cap of $1,807.63, a P/E ratio of 26.89, a P/E/G ratio of 4.41 and a beta of 0.65. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.45 and a current ratio of 0.46. California Water Service Group has a 12 month low of $32.75 and a 12 month high of $46.15.
California Water Service Group (NYSE:CWT) last released its earnings results on Thursday, March 1st. The utilities provider reported $0.29 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.23 by $0.06. California Water Service Group had a return on equity of 9.97% and a net margin of 10.07%. The firm had revenue of $162.00 million for the quarter, compared to the consensus estimate of $155.89 million. During the same quarter in the previous year, the company posted $0.31 EPS. The company’s revenue for the quarter was up 7.4% compared to the same quarter last year. equities analysts predict that California Water Service Group will post 1.42 EPS for the current year.
In other California Water Service Group news, Director George A. Vera bought 869 shares of California Water Service Group stock in a transaction that occurred on Tuesday, March 6th. The shares were bought at an average cost of $35.40 per share, with a total value of $30,762.60. Following the transaction, the director now directly owns 41,509 shares of the company’s stock, valued at approximately $1,469,418.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lester A. Snow sold 2,000 shares of the company’s stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $38.59, for a total value of $77,180.00. Following the transaction, the director now directly owns 41,511 shares in the company, valued at $1,601,909.49. The disclosure for this sale can be found here. Insiders have purchased a total of 875 shares of company stock worth $30,988 over the last ninety days. 0.97% of the stock is currently owned by corporate insiders.
Several hedge funds have recently made changes to their positions in CWT. New York State Common Retirement Fund increased its holdings in shares of California Water Service Group by 53.4% in the third quarter. New York State Common Retirement Fund now owns 79,000 shares of the utilities provider’s stock valued at $3,014,000 after purchasing an additional 27,500 shares during the period. Rhumbline Advisers grew its holdings in California Water Service Group by 1.4% during the third quarter. Rhumbline Advisers now owns 99,214 shares of the utilities provider’s stock worth $3,785,000 after acquiring an additional 1,345 shares during the period. Russell Investments Group Ltd. grew its holdings in California Water Service Group by 20.8% during the third quarter. Russell Investments Group Ltd. now owns 21,440 shares of the utilities provider’s stock worth $818,000 after acquiring an additional 3,695 shares during the period. SG Americas Securities LLC acquired a new stake in California Water Service Group during the third quarter worth about $160,000. Finally, American International Group Inc. grew its holdings in California Water Service Group by 5.8% during the third quarter. American International Group Inc. now owns 38,039 shares of the utilities provider’s stock worth $1,451,000 after acquiring an additional 2,069 shares during the period. 70.10% of the stock is currently owned by institutional investors and hedge funds.
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About California Water Service Group
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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