California Water Service Group (NYSE:CWT) Stock Rating Upgraded by Freedom Broker

California Water Service Group (NYSE:CWT) was upgraded by analysts at Freedom Broker from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has a $53.00 price target on the utilities provider’s stock, up from their prior price target of $49.00. Freedom Broker‘s price target suggests a potential upside of 11.61% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Seaport Research Partners reissued a “buy” rating and issued a $53.00 price target on shares of California Water Service Group in a report on Wednesday, August 12th. 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, 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. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $53.50.

California Water Service Group Stock Performance

Shares of CWT stock traded up $0.34 on Thursday, hitting $47.49. The company had a trading volume of 293,627 shares, compared to its average volume of 475,689. The firm has a market cap of $2.94 billion, a P/E ratio of 21.37, a price-to-earnings-growth ratio of 1.70 and a beta of 0.48. The company has a 50-day moving average price of $47.65 and a 200-day moving average price of $46.62. The company has a quick ratio of 0.67, a current ratio of 0.70 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.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, October 29th. The utilities provider reported $1.05 EPS for the quarter, missing analysts’ consensus estimates of $1.16 by ($0.11). The company had revenue of $332.17 million during the quarter, compared to analysts’ expectations of $332.17 million. California Water Service Group had a return on equity of 7.74% and a net margin of 12.63%. The firm’s quarterly revenue was up 6.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.03 EPS. As a group, equities research analysts predict that California Water Service Group will post 2.57 earnings per share for the current fiscal year.

Insider Transactions at California Water Service Group

In other California Water Service Group news, Director Thomas Krummel sold 3,700 shares of California Water Service Group stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $50.37, for a total transaction of $186,369.00. Following the completion of the sale, the director directly owned 20,104 shares in the company, valued at $1,012,638.48. This trade represents a 15.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lester Snow sold 500 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $50.21, for a total transaction of $25,105.00. Following the completion of the sale, the director directly owned 17,817 shares in the company, valued at $894,591.57. This trade represents a 2.73% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.78% of the company’s stock.

Institutional Trading of California Water Service Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Versant Capital Management Inc lifted its position in shares of California Water Service Group by 228.2% during the second quarter. Versant Capital Management Inc now owns 676 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 470 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new stake in shares of California Water Service Group during the 2nd quarter worth about $33,000. Bessemer Group Inc. boosted its holdings in shares of California Water Service Group by 67.9% in the 1st quarter. Bessemer Group Inc. now owns 744 shares of the utilities provider’s stock valued at $34,000 after buying an additional 301 shares in the last quarter. Brown Lisle Cummings Inc. acquired a new stake in shares of California Water Service Group during the second quarter worth about $36,000. Finally, Kelly Lawrence W & Associates Inc. CA purchased a new stake in California Water Service Group in the second quarter valued at approximately $49,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.

Key Headlines Impacting California Water Service Group

Here are the key news stories impacting California Water Service Group this week:

• Positive Sentiment: Revenue increased 6.7% year over year to $332.17 million in the third quarter, matching analyst expectations. The company’s regulated utility model and continued infrastructure investment support relatively stable cash flows. California Water Service Q3 revenue increases 6.7% to $332.2 million
• Positive Sentiment: The board declared a quarterly dividend of $0.335 per share, payable November 20 to shareholders of record November 9. This is CWT’s 327th consecutive quarterly dividend, reinforcing its appeal to income-focused investors and representing an annualized $1.34 payout, or roughly a 2.8% yield. California Water Service Group declares its 327th consecutive dividend
• Neutral Sentiment: Recent commentary highlighted water utilities as defensive, regulated businesses with decades of dividend payments. That may support demand for CWT among conservative investors, although the sector’s regulated rate-setting process can limit near-term growth. These 4 Boring Dividend Stocks Get Paid Every Time America Turns on the Tap
• Negative Sentiment: Third-quarter EPS was $1.05, below the $1.16 consensus estimate by $0.11, despite rising from $1.03 a year earlier. The earnings shortfall is the clearest likely reason for the stock’s weakness, particularly with CWT trading at approximately 21 times earnings. California Water Service Group third-quarter earnings report

California Water Service Group Company Profile

California Water Service Group (NYSE:CWT) is a holding company that provides water utility services through its regulated operating subsidiaries. The company supplies clean water for residential, commercial, industrial and institutional customers, and its operations include the production, treatment, storage, distribution and delivery of water. Some of its subsidiaries also provide wastewater collection and treatment services.

The company’s principal subsidiary, California Water Service Company, serves communities throughout California.