California Water Service Group (NYSE:CWT) Lowered to Sell Rating by Wall Street Zen

Wall Street Zen downgraded shares of California Water Service Group (NYSE:CWT) from a hold rating to a sell rating in a research report sent to investors on Saturday morning.

A number of other research firms have also weighed in on CWT. Wells Fargo & Company upped their price objective on shares of California Water Service Group from $54.00 to $59.00 and gave the stock an “overweight” rating in a research note on Friday, May 2nd. Seaport Res Ptn raised shares of California Water Service Group from a “hold” rating to a “strong-buy” rating in a research report on Friday, April 11th.

California Water Service Group Trading Up 0.9%

NYSE CWT opened at $46.48 on Friday. The company’s 50-day moving average price is $47.96 and its 200-day moving average price is $46.71. The company has a current ratio of 0.53, a quick ratio of 0.49 and a debt-to-equity ratio of 0.68. The stock has a market cap of $2.77 billion, a PE ratio of 20.39, a PEG ratio of 2.29 and a beta of 0.66. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $56.25.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, May 1st. The utilities provider reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.16 by $0.06. The business had revenue of $203.97 million for the quarter, compared to the consensus estimate of $194.80 million. California Water Service Group had a net margin of 13.84% and a return on equity of 8.32%. The company’s revenue for the quarter was down 24.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.21 EPS. Equities research analysts forecast that California Water Service Group will post 3.15 earnings per share for the current year.

California Water Service Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 23rd. Investors of record on Monday, May 12th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Monday, May 12th. California Water Service Group’s payout ratio is 52.63%.

Insiders Place Their Bets

In other California Water Service Group news, Director Lester A. Snow sold 1,200 shares of California Water Service Group stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $46.51, for a total transaction of $55,812.00. Following the completion of the transaction, the director now owns 26,349 shares in the company, valued at approximately $1,225,491.99. This trade represents a 4.36% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.77% of the stock is currently owned by insiders.

Hedge Funds Weigh In On California Water Service Group

Large investors have recently bought and sold shares of the business. Strs Ohio purchased a new stake in shares of California Water Service Group during the first quarter worth approximately $887,000. Intech Investment Management LLC raised its stake in California Water Service Group by 16.4% during the first quarter. Intech Investment Management LLC now owns 28,810 shares of the utilities provider’s stock worth $1,396,000 after purchasing an additional 4,055 shares during the period. Focus Partners Wealth grew its stake in shares of California Water Service Group by 432.4% in the 1st quarter. Focus Partners Wealth now owns 27,161 shares of the utilities provider’s stock valued at $1,316,000 after buying an additional 22,059 shares during the period. Jane Street Group LLC acquired a new stake in shares of California Water Service Group during the 1st quarter worth approximately $5,979,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of California Water Service Group by 21.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 311,502 shares of the utilities provider’s stock valued at $15,095,000 after buying an additional 54,277 shares during the period. Institutional investors and hedge funds own 82.78% of the company’s stock.

About California Water Service Group

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.