California Water Service Group (NYSE:CWT) Given Consensus Rating of "Buy" by Brokerages

Key Points

• The consensus rating for California Water Service Group (CWT) is "Buy," with two analysts recommending a buy and one a strong buy, alongside an average price target of $56.00.
• In Q2, the company reported earnings per share of $0.71, exceeding analysts' expectations of $0.46, with a revenue increase of 8.5% year-over-year.
• The company recently declared a quarterly dividend of $0.30 per share, reflecting a 2.5% dividend yield and a payout ratio of 52.40%.

Shares of California Water Service Group (NYSE:CWT - Get Free Report) have been assigned a consensus rating of "Buy" from the three analysts that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $56.00.

Several equities research analysts have recently issued reports on CWT shares. Wells Fargo & Company lowered their target price on shares of California Water Service Group from $59.00 to $55.00 and set an "overweight" rating on the stock in a research note on Friday, August 1st. Wall Street Zen upgraded California Water Service Group from a "sell" rating to a "hold" rating in a research report on Saturday, August 2nd.

Insider Buying and Selling at California Water Service Group

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of the business's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $46.51, for a total value of $55,812.00. Following the transaction, the director directly owned 26,349 shares in the company, valued at $1,225,491.99. The trade was a 4.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.73% of the company's stock.

Institutional Investors Weigh In On California Water Service Group

Several institutional investors have recently modified their holdings of the company. Raymond James Financial Inc. boosted its holdings in shares of California Water Service Group by 204.2% in the first quarter. Raymond James Financial Inc. now owns 315,685 shares of the utilities provider's stock valued at $15,298,000 after acquiring an additional 211,914 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in California Water Service Group in the 1st quarter valued at $5,461,000. Deutsche Bank AG boosted its stake in California Water Service Group by 16.3% during the 4th quarter. Deutsche Bank AG now owns 119,904 shares of the utilities provider's stock worth $5,435,000 after purchasing an additional 16,786 shares during the period. Hsbc Holdings PLC grew its position in California Water Service Group by 61.6% during the 1st quarter. Hsbc Holdings PLC now owns 16,962 shares of the utilities provider's stock worth $826,000 after purchasing an additional 6,463 shares during the last quarter. Finally, Parallel Advisors LLC grew its position in California Water Service Group by 686.4% during the 1st quarter. Parallel Advisors LLC now owns 2,548 shares of the utilities provider's stock worth $123,000 after purchasing an additional 2,224 shares during the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.

California Water Service Group Trading Up 0.8%

NYSE CWT opened at $47.07 on Monday. The company's 50-day simple moving average is $46.17 and its two-hundred day simple moving average is $47.05. California Water Service Group has a one year low of $41.64 and a one year high of $56.25. The company has a debt-to-equity ratio of 0.67, a quick ratio of 0.50 and a current ratio of 0.53. The company has a market capitalization of $2.80 billion, a price-to-earnings ratio of 20.55, a price-to-earnings-growth ratio of 2.25 and a beta of 0.69.

California Water Service Group (NYSE:CWT - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.71 earnings per share for the quarter, topping analysts' consensus estimates of $0.46 by $0.25. California Water Service Group had a return on equity of 8.28% and a net margin of 13.71%.The firm had revenue of $264.95 million during the quarter, compared to analysts' expectations of $238.20 million. During the same quarter last year, the firm earned $0.70 EPS. The business's quarterly revenue was up 8.5% on a year-over-year basis. Equities analysts forecast that California Water Service Group will post 3.15 EPS for the current fiscal year.

California Water Service Group Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, August 22nd. Investors of record on Monday, August 11th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend was Monday, August 11th. California Water Service Group's dividend payout ratio (DPR) is currently 52.40%.

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, Hawaii, and Texas. The company 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 services.

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