Lester Snow Sells 500 Shares of California Water Service Group (NYSE:CWT) Stock

Key Points

• Director Lester Snow sold 500 shares of California Water Service Group at an average price of $50.21, totaling $25,105 and reducing his holdings by 2.73% to 17,817 shares.
• CWT recently reported stronger-than-expected quarterly results, with EPS of $0.93 versus a $0.80 consensus estimate and revenue of $308.6 million, up 16.5% year over year.
• The company pays a quarterly dividend of $0.335, equivalent to a 2.7% yield; analysts maintain a consensus “Hold” rating with an average price target of $54.

California Water Service Group (NYSE:CWT - Get Free Report) Director Lester Snow sold 500 shares of the stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $50.21, for a total value of $25,105.00. Following the transaction, the director owned 17,817 shares in the company, valued at $894,591.57. This represents a 2.73% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website.

California Water Service Group Price Performance

CWT traded down $0.35 during trading on Tuesday, hitting $49.62. The company's stock had a trading volume of 472,559 shares, compared to its average volume of 483,942. The company has a current ratio of 0.70, a quick ratio of 0.67 and a debt-to-equity ratio of 0.81. California Water Service Group has a twelve month low of $41.29 and a twelve month high of $53.82. The business's fifty day simple moving average is $49.97 and its 200 day simple moving average is $46.77. The firm has a market capitalization of $3.07 billion, a price-to-earnings ratio of 22.35, a P/E/G ratio of 1.79 and a beta of 0.50.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its earnings results on Thursday, July 30th. The utilities provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.80 by $0.13. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%.The business had revenue of $308.60 million during the quarter, compared to the consensus estimate of $283.50 million. During the same period in the prior year, the company posted $0.71 EPS. The business's quarterly revenue was up 16.5% on a year-over-year basis. On average, equities research analysts forecast that California Water Service Group will post 2.57 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 21st. Investors of record on Monday, August 10th were issued a $0.335 dividend. This represents a $1.34 annualized dividend and a yield of 2.7%. The ex-dividend date of this dividend was Monday, August 10th. California Water Service Group's payout ratio is presently 60.36%.

Hedge Funds Weigh In On California Water Service Group

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Danske Bank A S purchased a new stake in shares of California Water Service Group during the third quarter worth approximately $28,000. EverSource Wealth Advisors LLC lifted its holdings in 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 in the last quarter. Versant Capital Management Inc lifted its holdings in 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 in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in California Water Service Group during the 2nd quarter worth $33,000. Finally, Bessemer Group Inc. boosted its stake in California Water Service Group by 67.9% during 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 during the last quarter. Hedge funds and other institutional investors own 82.78% of the company's stock.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Wall Street Zen raised shares of California Water Service Group from a "sell" rating to a "hold" rating in a report on Saturday, July 18th. Weiss Ratings raised shares of California Water Service Group from a "hold (c)" rating to a "hold (c+)" rating in a research note on Tuesday, August 4th. Finally, Seaport Research Partners restated a "buy" rating and set a $53.00 price target on shares of California Water Service Group in a research report on Wednesday, August 12th. One investment analyst has rated the stock with a Hold rating, According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $54.00.

California Water Service Group Company Profile

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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