Wells Fargo & Co Reaffirms Market Perform Rating for California Water Service Group (CWT)

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Wells Fargo & Co reaffirmed their market perform rating on shares of California Water Service Group (NYSE:CWT) in a research note issued to investors on Monday, Marketbeat.com reports. Wells Fargo & Co currently has a $44.00 price objective on the utilities provider’s stock.

Several other equities analysts also recently commented on CWT. Zacks Investment Research downgraded California Water Service Group from a hold rating to a strong sell rating in a research report on Wednesday, May 9th. ValuEngine downgraded California Water Service Group from a buy rating to a hold rating in a research report on Wednesday, June 6th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average target price of $38.40.

California Water Service Group stock opened at $40.65 on Monday. The company has a quick ratio of 0.29, a current ratio of 0.30 and a debt-to-equity ratio of 0.60. The company has a market cap of $1.98 billion, a P/E ratio of 29.04 and a beta of 0.61. California Water Service Group has a one year low of $35.25 and a one year high of $46.15.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, July 26th. The utilities provider reported $0.27 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.35 by ($0.08). The company had revenue of $172.63 million for the quarter, compared to the consensus estimate of $172.30 million. California Water Service Group had a return on equity of 8.44% and a net margin of 8.55%. California Water Service Group’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter last year, the business earned $0.39 EPS. equities research analysts forecast that California Water Service Group will post 1.27 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, August 17th. Investors of record on Monday, August 6th were issued a dividend of $0.1875 per share. The ex-dividend date of this dividend was Friday, August 3rd. This represents a $0.75 dividend on an annualized basis and a yield of 1.85%. California Water Service Group’s dividend payout ratio is 53.57%.

A number of hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. increased its holdings in California Water Service Group by 9.0% during the 2nd quarter. BlackRock Inc. now owns 7,121,516 shares of the utilities provider’s stock valued at $277,382,000 after purchasing an additional 590,505 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in California Water Service Group by 0.4% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,577,716 shares of the utilities provider’s stock valued at $58,770,000 after purchasing an additional 7,036 shares in the last quarter. Northern Trust Corp increased its holdings in California Water Service Group by 5.7% during the 1st quarter. Northern Trust Corp now owns 799,917 shares of the utilities provider’s stock valued at $29,796,000 after purchasing an additional 43,225 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in California Water Service Group by 1.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 678,647 shares of the utilities provider’s stock valued at $26,434,000 after purchasing an additional 9,582 shares in the last quarter. Finally, Millennium Management LLC increased its holdings in California Water Service Group by 95.9% during the 1st quarter. Millennium Management LLC now owns 563,256 shares of the utilities provider’s stock valued at $20,981,000 after purchasing an additional 275,788 shares in the last quarter. 71.97% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Company Profile

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

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