California Water Service Group (NYSE:CWT) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded California Water Service Group from a “sell” to a “hold,” while the broader analyst view remains Moderate Buy with a consensus price target of $54.50.
• The stock rose 1.0% and opened at $51.84, near its 52-week high of $52.28, with a market cap of about $3.10 billion.
• The company recently posted Q1 earnings of $0.07 per share, missing estimates, even though revenue came in slightly above expectations at $214.57 million and was up 5.2% year over year.

California Water Service Group (NYSE:CWT - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Saturday.

A number of other equities analysts have also recently issued reports on CWT. Weiss Ratings upgraded California Water Service Group from a "hold (c-)" rating to a "hold (c)" rating in a report on Friday, June 12th. Robert W. Baird set a $54.00 target price on California Water Service Group in a research note on Friday, May 1st. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $54.50.

California Water Service Group Stock Up 1.0%

Shares of NYSE CWT opened at $51.84 on Friday. The company has a debt-to-equity ratio of 0.87, a current ratio of 0.69 and a quick ratio of 0.65. The company has a market cap of $3.10 billion, a P/E ratio of 25.92, a PEG ratio of 1.89 and a beta of 0.51. California Water Service Group has a 1 year low of $41.29 and a 1 year high of $52.28. The firm has a 50-day simple moving average of $46.31 and a two-hundred day simple moving average of $45.44.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its earnings results on Thursday, April 30th. The utilities provider reported $0.07 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.25 by ($0.18). California Water Service Group had a net margin of 11.77% and a return on equity of 7.06%. The business had revenue of $214.57 million for the quarter, compared to analysts' expectations of $210.27 million. During the same quarter last year, the firm earned $0.22 EPS. The firm's quarterly revenue was up 5.2% on a year-over-year basis. Research analysts anticipate that California Water Service Group will post 2.56 earnings per share for the current year.

Insider Transactions at California Water Service Group

In other news, Director Thomas M. Krummel sold 3,700 shares of California Water Service Group stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $43.30, for a total value of $160,210.00. Following the transaction, the director directly owned 23,805 shares in the company, valued at approximately $1,030,756.50. This trade represents a 13.45% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lester A. Snow sold 1,100 shares of California Water Service Group stock in a transaction dated Wednesday, May 27th. The shares were sold at an average price of $44.00, for a total value of $48,400.00. Following the completion of the transaction, the director owned 18,316 shares in the company, valued at $805,904. This trade represents a 5.67% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.78% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On California Water Service Group

Several institutional investors and hedge funds have recently bought and sold shares of CWT. Danske Bank A S purchased a new position in California Water Service Group during the 3rd quarter worth $28,000. EverSource Wealth Advisors LLC raised its position in shares of California Water Service Group by 109.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider's stock valued at $32,000 after purchasing an additional 365 shares during the last quarter. Versant Capital Management Inc raised its position in shares of California Water Service Group by 228.2% in the 2nd quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider's stock valued at $33,000 after purchasing an additional 470 shares during the last quarter. Bessemer Group Inc. boosted its stake in California Water Service Group by 67.9% in the 1st quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider's stock worth $34,000 after purchasing an additional 301 shares in the last quarter. Finally, Advisory Services Network LLC acquired a new stake in California Water Service Group in the 3rd quarter worth approximately $44,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

About California Water Service Group

California Water Service Group NYSE: CWT is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.

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