Zacks Investment Research upgraded shares of California Water Service Group Holding (NYSE:CWT) from a hold rating to a buy rating in a research note issued to investors on Friday. The firm currently has $43.00 price target on the utilities provider’s stock.

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. “

Several other brokerages have also recently issued reports on CWT. BidaskClub cut shares of California Water Service Group Holding from a buy rating to a hold rating in a report on Friday. US Capital Advisors reaffirmed a hold rating on shares of California Water Service Group Holding in a report on Monday, July 17th. Finally, Gabelli cut shares of California Water Service Group Holding from a buy rating to a hold rating in a report on Friday, April 28th. Two equities research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The company presently has an average rating of Hold and a consensus price target of $34.40.

Shares of California Water Service Group Holding (CWT) opened at 38.90 on Friday. California Water Service Group Holding has a 12-month low of $29.25 and a 12-month high of $39.65. The firm has a market cap of $1.87 billion, a price-to-earnings ratio of 32.42 and a beta of 0.68. The company has a 50 day moving average of $37.32 and a 200-day moving average of $35.70.

California Water Service Group Holding (NYSE:CWT) last issued its earnings results on Thursday, July 27th. The utilities provider reported $0.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.31 by $0.08. The business had revenue of $171.10 million during the quarter, compared to analysts’ expectations of $162.23 million. California Water Service Group Holding had a net margin of 9.17% and a return on equity of 8.78%. The business’s revenue for the quarter was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 earnings per share. Analysts predict that California Water Service Group Holding will post $1.29 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: “California Water Service Group Holding (CWT) Rating Increased to Buy at Zacks Investment Research” was originally published by Watch List News and is owned by of Watch List News. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of US & international trademark and copyright laws. The original version of this piece of content can be viewed at https://www.watchlistnews.com/california-water-service-group-holding-cwt-rating-increased-to-buy-at-zacks-investment-research/1465113.html.

The company also recently announced a quarterly dividend, which will be paid on Friday, August 18th. Shareholders of record on Monday, August 7th will be issued a $0.18 dividend. The ex-dividend date of this dividend is Thursday, August 3rd. This represents a $0.72 annualized dividend and a yield of 1.85%. California Water Service Group Holding’s dividend payout ratio (DPR) is presently 60.00%.

In other news, VP David B. Healey sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, June 8th. The shares were sold at an average price of $35.90, for a total transaction of $35,900.00. Following the completion of the transaction, the vice president now directly owns 13,574 shares of the company’s stock, valued at $487,306.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.00% of the stock is currently owned by insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CWT. LS Investment Advisors LLC boosted its position in shares of California Water Service Group Holding by 62.5% in the first quarter. LS Investment Advisors LLC now owns 2,782 shares of the utilities provider’s stock worth $100,000 after buying an additional 1,070 shares during the last quarter. Gierl Augustine Investment Management Inc boosted its position in shares of California Water Service Group Holding by 0.3% in the first quarter. Gierl Augustine Investment Management Inc now owns 2,909 shares of the utilities provider’s stock worth $104,000 after buying an additional 8 shares during the last quarter. Accurate Investment Solutions Inc. boosted its position in shares of California Water Service Group Holding by 0.3% in the second quarter. Accurate Investment Solutions Inc. now owns 2,917 shares of the utilities provider’s stock worth $107,000 after buying an additional 8 shares during the last quarter. Russell Investments Group Ltd. bought a new position in shares of California Water Service Group Holding during the fourth quarter worth about $129,000. Finally, Ameritas Investment Partners Inc. bought a new position in shares of California Water Service Group Holding during the first quarter worth about $149,000. 68.43% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Holding 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 Holding (CWT)

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

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

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