Zacks Investment Research Upgrades Connecticut Water Service, Inc. (CTWS) to Buy
Connecticut Water Service, Inc. (NASDAQ:CTWS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $63.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 11.74% from the company’s previous close.
According to Zacks, “Shares of Connecticut Water Services have gained more than the industry in the last 12 months. The company’s second-quarter earnings per share were higher than the Zacks Consensus Estimate. It continues to strengthen its existing infrastructure through regular capital investments, which is a must in the water utility space. In addition, customer expansion through systematic acquisition is expanding its service territories thereby boosting demand. However, Connecticut Water Services is subject to stringent environment regulations, demand variations with weather patterns, risk of water mains failure and contamination of water sources.”
Shares of Connecticut Water Service (NASDAQ:CTWS) traded down 0.87% during trading on Wednesday, reaching $55.89. 5,501 shares of the company’s stock traded hands. The company has a market capitalization of $646.93 million, a price-to-earnings ratio of 27.92 and a beta of 0.09. The stock has a 50-day moving average of $56.43 and a 200-day moving average of $54.95. Connecticut Water Service has a 1-year low of $45.13 and a 1-year high of $62.15.
Connecticut Water Service (NASDAQ:CTWS) last released its quarterly earnings data on Tuesday, August 8th. The utilities provider reported $0.73 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by $0.03. Connecticut Water Service had a return on equity of 9.21% and a net margin of 21.37%. The business had revenue of $29.50 million during the quarter. On average, equities analysts predict that Connecticut Water Service will post $2.21 EPS for the current fiscal year.
Several large investors have recently added to or reduced their stakes in the company. American International Group Inc. raised its stake in Connecticut Water Service by 7.0% in the first quarter. American International Group Inc. now owns 6,664 shares of the utilities provider’s stock valued at $354,000 after buying an additional 434 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. raised its stake in Connecticut Water Service by 13.2% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 6,875 shares of the utilities provider’s stock valued at $365,000 after buying an additional 800 shares during the last quarter. JPMorgan Chase & Co. raised its stake in Connecticut Water Service by 25.1% in the first quarter. JPMorgan Chase & Co. now owns 11,064 shares of the utilities provider’s stock valued at $588,000 after buying an additional 2,222 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in Connecticut Water Service by 2.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,345 shares of the utilities provider’s stock valued at $444,000 after buying an additional 210 shares during the last quarter. Finally, Parametric Portfolio Associates LLC raised its stake in Connecticut Water Service by 310.2% in the first quarter. Parametric Portfolio Associates LLC now owns 104,807 shares of the utilities provider’s stock valued at $5,570,000 after buying an additional 79,255 shares during the last quarter. 46.59% of the stock is owned by institutional investors.
Connecticut Water Service Company Profile
Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS),The Avon Water Company (AWC) and Chester Realty Company (Chester Realty).
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