California Water Service Group (NYSE:CWT) Now Covered by Analysts at Boenning Scattergood

Boenning Scattergood initiated coverage on shares of California Water Service Group (NYSE:CWT) in a report released on Monday morning, Briefing.com Automated Import reports. The brokerage issued a neutral rating on the utilities provider’s stock. Boenning Scattergood also issued estimates for California Water Service Group’s Q2 2019 earnings at $0.38 EPS, Q3 2019 earnings at $0.86 EPS, Q4 2019 earnings at $0.32 EPS, FY2019 earnings at $1.40 EPS, Q1 2020 earnings at ($0.16) EPS, Q2 2020 earnings at $0.44 EPS, Q3 2020 earnings at $0.94 EPS, Q4 2020 earnings at $0.33 EPS and FY2020 earnings at $1.55 EPS.

A number of other research firms have also recently issued reports on CWT. Zacks Investment Research upgraded shares of California Water Service Group from a sell rating to a hold rating in a research note on Tuesday, February 26th. Wells Fargo & Co raised their target price on shares of California Water Service Group from $45.00 to $49.00 and gave the stock a market perform rating in a research note on Monday, March 4th. Finally, ValuEngine cut shares of California Water Service Group from a strong-buy rating to a buy rating in a research note on Thursday, April 11th. Four equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $48.50.

Shares of CWT opened at $50.28 on Monday. The company has a quick ratio of 0.49, a current ratio of 0.50 and a debt-to-equity ratio of 1.00. The stock has a market capitalization of $2.44 billion, a PE ratio of 44.16, a PEG ratio of 3.64 and a beta of 0.37. California Water Service Group has a one year low of $38.65 and a one year high of $55.05.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, April 25th. The utilities provider reported ($0.16) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.05 by ($0.21). The company had revenue of $126.10 million for the quarter, compared to analyst estimates of $138.86 million. California Water Service Group had a return on equity of 7.76% and a net margin of 8.05%. The business’s quarterly revenue was down 6.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.05) EPS. On average, research analysts forecast that California Water Service Group will post 1.39 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Friday, May 17th. Stockholders of record on Monday, May 6th were paid a dividend of $0.1975 per share. This represents a $0.79 dividend on an annualized basis and a dividend yield of 1.57%. The ex-dividend date was Friday, May 3rd. California Water Service Group’s dividend payout ratio is presently 58.09%.

In other California Water Service Group news, Director Peter C. Nelson sold 10,000 shares of California Water Service Group stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $49.10, for a total value of $491,000.00. Following the completion of the sale, the director now owns 39,509 shares in the company, valued at approximately $1,939,891.90. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP David B. Healey sold 1,000 shares of California Water Service Group stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $50.00, for a total transaction of $50,000.00. Following the completion of the sale, the vice president now owns 15,106 shares of the company’s stock, valued at approximately $755,300. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 12,000 shares of company stock valued at $590,230. 0.99% of the stock is currently owned by corporate insiders.

A number of institutional investors have recently modified their holdings of CWT. Massey Quick Simon & CO. LLC acquired a new position in shares of California Water Service Group in the 1st quarter valued at approximately $27,000. Advisors Asset Management Inc. raised its position in shares of California Water Service Group by 47.5% in the 4th quarter. Advisors Asset Management Inc. now owns 649 shares of the utilities provider’s stock valued at $31,000 after buying an additional 209 shares in the last quarter. Parallel Advisors LLC raised its position in shares of California Water Service Group by 414.1% in the 1st quarter. Parallel Advisors LLC now owns 658 shares of the utilities provider’s stock valued at $36,000 after buying an additional 530 shares in the last quarter. Pinnacle Bank acquired a new position in shares of California Water Service Group in the 4th quarter valued at approximately $38,000. Finally, Coastal Investment Advisors Inc. acquired a new position in shares of California Water Service Group in the 1st quarter valued at approximately $49,000. Institutional investors and hedge funds own 74.16% 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, 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.

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