Connecticut Water Service, Inc. (NASDAQ:CTWS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm currently has a $63.00 target price on the utilities provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 11.74% from the company’s current price.

According to Zacks, “Shares of Connecticut Water Services have gained more than the industry in the last 12 months. The company’s second-quarter earnings per share were higher than the Zacks Consensus Estimate. It continues to strengthen its existing infrastructure through regular capital investments, which is a must in the water utility space. In addition, customer expansion through systematic acquisition is expanding its service territories thereby boosting demand. However, Connecticut Water Services is subject to stringent environment regulations, demand variations with weather patterns, risk of water mains failure and contamination of water sources.”

Connecticut Water Service (NASDAQ:CTWS) traded down 1.67% during midday trading on Wednesday, reaching $55.44. 15,272 shares of the company traded hands. The firm has a 50-day moving average price of $56.43 and a 200-day moving average price of $54.95. The firm has a market capitalization of $641.72 million, a price-to-earnings ratio of 27.69 and a beta of 0.09. Connecticut Water Service has a one year low of $45.13 and a one year high of $62.15.

Connecticut Water Service (NASDAQ:CTWS) last issued its earnings results on Tuesday, August 8th. The utilities provider reported $0.73 EPS for the quarter, missing the consensus estimate of $0.76 by $0.03. Connecticut Water Service had a return on equity of 9.21% and a net margin of 21.37%. The company had revenue of $29.50 million during the quarter. Equities analysts predict that Connecticut Water Service will post $2.21 EPS for the current fiscal year.

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A number of hedge funds and other institutional investors have recently modified their holdings of the company. Cambridge Trust Co. increased its stake in shares of Connecticut Water Service by 0.4% in the second quarter. Cambridge Trust Co. now owns 6,053 shares of the utilities provider’s stock worth $336,000 after buying an additional 23 shares during the period. Los Angeles Capital Management & Equity Research Inc. increased its stake in shares of Connecticut Water Service by 1.5% in the second quarter. Los Angeles Capital Management & Equity Research Inc. now owns 6,975 shares of the utilities provider’s stock worth $387,000 after buying an additional 100 shares during the period. Legal & General Group Plc increased its stake in shares of Connecticut Water Service by 4.3% in the second quarter. Legal & General Group Plc now owns 2,715 shares of the utilities provider’s stock worth $151,000 after buying an additional 111 shares during the period. Raymond James Financial Services Advisors Inc. increased its stake in shares of Connecticut Water Service by 2.6% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 8,345 shares of the utilities provider’s stock worth $444,000 after buying an additional 210 shares during the period. Finally, Ameriprise Financial Inc. increased its stake in shares of Connecticut Water Service by 4.8% in the second quarter. Ameriprise Financial Inc. now owns 4,814 shares of the utilities provider’s stock worth $290,000 after buying an additional 219 shares during the period. Institutional investors and hedge funds own 46.59% of the company’s stock.

About Connecticut Water Service

Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS),The Avon Water Company (AWC) and Chester Realty Company (Chester Realty).

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