ValuEngine Downgrades California Water Service Group (NYSE:CWT) to Hold

ValuEngine cut shares of California Water Service Group (NYSE:CWT) from a buy rating to a hold rating in a research note published on Wednesday, ValuEngine reports.

Other analysts also recently issued research reports about the stock. Wells Fargo & Co reaffirmed a hold rating on shares of California Water Service Group in a research note on Monday, June 10th. Boenning Scattergood initiated coverage on shares of California Water Service Group in a research note on Monday, June 10th. They set a neutral rating for the company. Four investment analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. The company has an average rating of Hold and an average price target of $50.67.

NYSE CWT traded up $0.43 during trading on Wednesday, hitting $52.63. The stock had a trading volume of 144,381 shares, compared to its average volume of 235,572. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.60 and a current ratio of 0.62. The stock has a market capitalization of $2.51 billion, a price-to-earnings ratio of 38.70, a P/E/G ratio of 3.92 and a beta of 0.25. California Water Service Group has a one year low of $40.10 and a one year high of $57.48. The stock has a 50 day simple moving average of $54.55 and a 200 day simple moving average of $52.14.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.35 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.37 by ($0.02). California Water Service Group had a net margin of 8.55% and a return on equity of 8.21%. The company had revenue of $179.03 million for the quarter, compared to the consensus estimate of $180.97 million. During the same period in the prior year, the firm posted $0.31 EPS. The business’s revenue was up 2.3% on a year-over-year basis. On average, sell-side analysts predict that California Water Service Group will post 1.33 EPS for the current year.

In other news, Director Richard P. Magnuson sold 20,000 shares of California Water Service Group stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $56.73, for a total transaction of $1,134,600.00. Following the completion of the sale, the director now owns 51,344 shares of the company’s stock, valued at $2,912,745.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP David B. Healey sold 1,000 shares of California Water Service Group stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $52.26, for a total transaction of $52,260.00. Following the sale, the vice president now directly owns 14,023 shares of the company’s stock, valued at approximately $732,841.98. The disclosure for this sale can be found here. Insiders have sold 31,000 shares of company stock valued at $1,742,260 in the last ninety days. Insiders own 0.99% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Geode Capital Management LLC raised its stake in California Water Service Group by 9.2% in the fourth quarter. Geode Capital Management LLC now owns 523,951 shares of the utilities provider’s stock worth $24,971,000 after buying an additional 44,255 shares in the last quarter. Raymond James Financial Services Advisors Inc. raised its stake in California Water Service Group by 61.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 21,153 shares of the utilities provider’s stock worth $1,148,000 after buying an additional 8,061 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new position in California Water Service Group in the first quarter worth approximately $719,000. Xact Kapitalforvaltning AB raised its stake in California Water Service Group by 22.8% in the first quarter. Xact Kapitalforvaltning AB now owns 11,316 shares of the utilities provider’s stock worth $614,000 after buying an additional 2,100 shares in the last quarter. Finally, Coldstream Capital Management Inc. bought a new position in California Water Service Group in the first quarter worth approximately $215,000. 76.28% of the stock is owned by hedge funds and other institutional investors.

About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. It 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.

See Also: What is the QQQ ETF?

To view ValuEngine’s full report, visit ValuEngine’s official website.

Receive News & Ratings for California Water Service Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for California Water Service Group and related companies with MarketBeat.com's FREE daily email newsletter.