What is Zacks Research’s Forecast for CWT FY2024 Earnings?

California Water Service Group (NYSE:CWT) – Equities research analysts at Zacks Research lowered their FY2024 EPS estimates for California Water Service Group in a report released on Thursday, January 9th. Zacks Research analyst R. Department now anticipates that the utilities provider will earn $3.18 per share for the year, down from their previous forecast of $3.30. The consensus estimate for California Water Service Group’s current full-year earnings is $3.16 per share. Zacks Research also issued estimates for California Water Service Group’s Q4 2024 earnings at $0.24 EPS, Q2 2025 earnings at $0.42 EPS, Q4 2025 earnings at $0.61 EPS, FY2025 earnings at $2.32 EPS, Q2 2026 earnings at $0.38 EPS and Q3 2026 earnings at $1.16 EPS.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.02). The firm had revenue of $299.60 million during the quarter, compared to analyst estimates of $289.55 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. California Water Service Group’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.60 earnings per share.

Several other equities research analysts also recently weighed in on the company. Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and decreased their price objective for the company from $56.00 to $52.00 in a report on Tuesday, January 7th. Bank of America initiated coverage on California Water Service Group in a report on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a report on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $53.25.

California Water Service Group Price Performance

CWT stock opened at $42.84 on Monday. The company has a market capitalization of $2.55 billion, a P/E ratio of 12.38, a PEG ratio of 0.36 and a beta of 0.50. California Water Service Group has a twelve month low of $41.64 and a twelve month high of $56.25. The business has a 50 day simple moving average of $48.21 and a 200-day simple moving average of $51.17. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were issued a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.61%. The ex-dividend date was Tuesday, November 12th. California Water Service Group’s dividend payout ratio (DPR) is currently 32.37%.

Insider Buying and Selling at California Water Service Group

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the sale, the vice president now owns 20,354 shares of the company’s stock, valued at approximately $1,048,231. This trade represents a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.73% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On California Water Service Group

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its holdings in California Water Service Group by 255.6% in the third 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 lifted its holdings in California Water Service Group by 50.2% in the third quarter. GAMMA Investing LLC now owns 1,236 shares of the utilities provider’s stock valued at $67,000 after acquiring an additional 413 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in California Water Service Group in the second quarter valued at $85,000. nVerses Capital LLC acquired a new stake in California Water Service Group in the third quarter valued at $119,000. Finally, CWM LLC increased 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 in the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

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.