Consolidated Water (CWCO) Lifted to Buy at Zacks Investment Research
Zacks Investment Research upgraded shares of Consolidated Water (NASDAQ:CWCO) from a hold rating to a buy rating in a research report report published on Thursday morning. Zacks Investment Research currently has $15.00 price objective on the utilities provider’s stock.
According to Zacks, “Shares of Consolidated Water have outperformed its industry in a year’s time. Consolidated Water’s second-quarter earnings were lower than estimated, but total revenues improved year over year due to solid contribution from its Retail and Bulk Operations. The company is presently utilizing the most advanced technology to convert seawater to potable water. Apart from expanding organically, the company is also working to broaden its operation through strategic acquisition. To further expand its drinking water and wastewater services, the company is working relentlessly to expand its existing operations in the Cayman Islands, the Bahamas and Belize. Consolidated Water is exposed to negative foreign exchange fluctuation could adversely impact performance. Fluctuation in weather conditions and risks of contamination of its processed water are other headwinds.”
Separately, ValuEngine upgraded Consolidated Water from a hold rating to a buy rating in a research report on Saturday, July 14th.
Consolidated Water (NASDAQ:CWCO) last released its earnings results on Monday, August 13th. The utilities provider reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.15 by ($0.01). Consolidated Water had a return on equity of 5.38% and a net margin of 11.46%. The business had revenue of $15.87 million for the quarter, compared to the consensus estimate of $15.70 million. equities research analysts predict that Consolidated Water will post 0.65 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 31st. Stockholders of record on Monday, July 2nd were paid a dividend of $0.085 per share. The ex-dividend date was Friday, June 29th. This represents a $0.34 annualized dividend and a dividend yield of 2.46%. Consolidated Water’s dividend payout ratio is currently 69.39%.
Several institutional investors have recently made changes to their positions in CWCO. Amundi Pioneer Asset Management Inc. increased its stake in shares of Consolidated Water by 45.7% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 1,082,078 shares of the utilities provider’s stock valued at $15,745,000 after buying an additional 339,655 shares during the period. Renaissance Technologies LLC increased its stake in shares of Consolidated Water by 41.1% during the second quarter. Renaissance Technologies LLC now owns 378,100 shares of the utilities provider’s stock valued at $4,877,000 after buying an additional 110,100 shares during the period. BlackRock Inc. increased its stake in shares of Consolidated Water by 9.8% during the second quarter. BlackRock Inc. now owns 802,044 shares of the utilities provider’s stock valued at $10,346,000 after buying an additional 71,379 shares during the period. Northpointe Capital LLC increased its stake in shares of Consolidated Water by 45.8% during the second quarter. Northpointe Capital LLC now owns 146,048 shares of the utilities provider’s stock valued at $1,884,000 after buying an additional 45,902 shares during the period. Finally, Bank of America Corp DE increased its stake in shares of Consolidated Water by 84.4% during the second quarter. Bank of America Corp DE now owns 50,595 shares of the utilities provider’s stock valued at $653,000 after buying an additional 23,159 shares during the period. Hedge funds and other institutional investors own 53.91% of the company’s stock.
About Consolidated Water
Consolidated Water Co Ltd., together with its subsidiaries, develops and operates seawater desalination plants and water distribution systems in the Cayman Islands, The Bahamas, Belize, the British Virgin Islands, Mexico, the United States, and Indonesia. The company operates through four segments: Retail, Bulk, Services, and Manufacturing.
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