California Water Service Group (NYSE:CWT) Upgraded by Wells Fargo & Company to “Overweight” Rating

Wells Fargo & Company upgraded shares of California Water Service Group (NYSE:CWT) from an equal weight rating to an overweight rating in a research note issued to investors on Tuesday morning, Marketbeat Ratings reports. Wells Fargo & Company currently has $52.00 price target on the utilities provider’s stock, down from their prior price target of $56.00.

Several other research firms have also recently weighed in on CWT. StockNews.com cut shares of California Water Service Group from a “hold” rating to a “sell” rating in a report on Friday, December 13th. Bank of America initiated coverage on California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price for the company. One analyst has rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $53.25.

California Water Service Group Price Performance

CWT opened at $44.35 on Tuesday. The stock has a market cap of $2.64 billion, a P/E ratio of 12.82 and a beta of 0.52. California Water Service Group has a 12 month low of $43.50 and a 12 month high of $56.25. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The company has a fifty day simple moving average of $48.86 and a 200 day simple moving average of $51.33.

California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The business had revenue of $299.60 million for the quarter, compared to analyst estimates of $289.55 million. During the same period in the prior year, the business earned $0.60 EPS. The company’s revenue for the quarter was up 17.5% compared to the same quarter last year. On average, research analysts expect that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were paid a $0.28 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.12 annualized dividend and a yield of 2.53%. California Water Service Group’s payout ratio is currently 32.37%.

Insider Transactions at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the company’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total transaction of $50,727.50. Following the sale, the vice president now owns 20,354 shares in the company, valued at $1,048,231. This represents a 4.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.73% of the company’s stock.

Hedge Funds Weigh In On California Water Service Group

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of California Water Service Group by 255.6% in the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 363 shares during the period. GAMMA Investing LLC grew its holdings in California Water Service Group by 50.2% during the third quarter. GAMMA Investing LLC now owns 1,236 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 413 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in California Water Service Group during the second quarter worth approximately $85,000. nVerses Capital LLC bought a new stake in California Water Service Group in the third quarter valued at approximately $119,000. Finally, CWM LLC lifted its position in shares of California Water Service Group by 129.1% in the third quarter. CWM LLC now owns 3,090 shares of the utilities provider’s stock valued at $168,000 after buying an additional 1,741 shares during the last quarter. 82.78% of the stock is currently owned by institutional investors and hedge funds.

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.