Zacks Investment Research upgraded shares of California Water Service Group (NYSE:CWT) from a strong sell rating to a hold rating in a research note issued to investors on Wednesday 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. “
A number of other analysts also recently issued reports on CWT. ValuEngine downgraded California Water Service Group from a buy rating to a hold rating in a research report on Wednesday, June 6th. UBS Group began coverage on California Water Service Group in a research report on Thursday, March 8th. They issued a sell rating and a $34.00 target price for the company. Hilliard Lyons raised California Water Service Group from an underperform rating to a neutral rating in a research report on Monday, March 26th. Finally, Wells Fargo & Co raised California Water Service Group from an underperform rating to a market perform rating and set a $35.00 target price for the company in a research report on Monday, April 2nd. Two research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $36.60.
NYSE:CWT opened at $38.95 on Wednesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.36 and a quick ratio of 0.34. California Water Service Group has a 1 year low of $35.25 and a 1 year high of $46.15. The firm has a market capitalization of $1.88 billion, a price-to-earnings ratio of 27.82 and a beta of 0.66.
California Water Service Group (NYSE:CWT) last released its earnings results on Thursday, April 26th. The utilities provider reported ($0.05) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.05 by ($0.10). California Water Service Group had a return on equity of 9.32% and a net margin of 9.38%. The firm had revenue of $132.25 million during the quarter, compared to analysts’ expectations of $113.42 million. During the same period in the prior year, the business earned $0.02 earnings per share. The business’s quarterly revenue was up 8.4% compared to the same quarter last year. equities research analysts predict that California Water Service Group will post 1.33 EPS for the current fiscal year.
Several hedge funds and other institutional investors have recently made changes to their positions in CWT. CoreCommodity Management LLC purchased a new position in shares of California Water Service Group in the fourth quarter valued at $146,000. SG Americas Securities LLC purchased a new position in shares of California Water Service Group in the first quarter valued at $199,000. HPM Partners LLC purchased a new position in shares of California Water Service Group in the fourth quarter valued at $204,000. Xact Kapitalforvaltning AB purchased a new position in shares of California Water Service Group in the fourth quarter valued at $214,000. Finally, First Republic Investment Management Inc. purchased a new position in shares of California Water Service Group in the fourth quarter valued at $224,000. Institutional investors own 70.63% 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, 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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