California Water Service Group (NYSE:CWT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

According to Zacks, “California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. The company engages 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. It offers its services to approximately 482,400 customers in 100 California communities; approximately 4,400 water and wastewater customers on the islands of Maui and Hawaii; approximately 16,700 customers in the Tacoma and Olympia areas in Washington; and approximately 8,000 water and wastewater customers in the Belen, Los Lunas, and Elephant Butte areas in New Mexico. The company is also involved in the provision of non-regulated water-related services, including operating water systems; providing operational and maintenance, meter reading, and billing services to private companies and municipalities etc. “

Separately, Barclays increased their price objective on shares of California Water Service Group from $30.00 to $32.00 and gave the stock an “underweight” rating in a research report on Friday, September 22nd. Two analysts have rated the stock with a sell rating and six have issued a hold rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $36.75.

California Water Service Group (CWT) traded down $0.50 during trading on Tuesday, hitting $43.65. 150,636 shares of the stock traded hands, compared to its average volume of 212,800. California Water Service Group has a 52 week low of $32.45 and a 52 week high of $46.15. The firm has a market capitalization of $2,088.66, a price-to-earnings ratio of 30.74, a P/E/G ratio of 5.11 and a beta of 0.74. The company has a quick ratio of 0.46, a current ratio of 0.47 and a debt-to-equity ratio of 0.76.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in California Water Service Group by 1.3% during the 2nd quarter. Vanguard Group Inc. now owns 4,985,488 shares of the utilities provider’s stock valued at $183,466,000 after purchasing an additional 63,704 shares in the last quarter. Impax Asset Management LTD grew its holdings in California Water Service Group by 4.0% during 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 purchasing an additional 73,467 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in California Water Service Group by 0.4% during 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 purchasing an additional 6,427 shares in the last quarter. State Street Corp grew its holdings in California Water Service Group by 4.7% during the 2nd quarter. State Street Corp now owns 1,272,477 shares of the utilities provider’s stock valued at $46,820,000 after purchasing an additional 57,115 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in California Water Service Group by 1.7% during the 2nd quarter. Northern Trust Corp now owns 746,563 shares of the utilities provider’s stock valued at $27,473,000 after purchasing an additional 12,513 shares in the last quarter. 69.54% of the stock is owned by institutional investors and hedge funds.

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About California Water Service Group

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

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