California Water Service Group (NYSE:CWT) Sees Large Increase in Short Interest

California Water Service Group (NYSE:CWT) saw a significant increase in short interest in November. As of November 15th, there was short interest totalling 646,600 shares, an increase of 58.5% from the October 31st total of 407,900 shares. Based on an average trading volume of 278,000 shares, the days-to-cover ratio is currently 2.3 days.

California Water Service Group Stock Performance

Shares of California Water Service Group stock remained flat at $51.19 during trading hours on Friday. The stock had a trading volume of 153,268 shares, compared to its average volume of 285,240. California Water Service Group has a twelve month low of $43.50 and a twelve month high of $56.25. The company’s fifty day simple moving average is $52.09 and its two-hundred day simple moving average is $51.83. The company has a market cap of $3.04 billion, a PE ratio of 14.79 and a beta of 0.49. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate of $1.05 by ($0.02). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The business had revenue of $299.60 million during the quarter, compared to analyst estimates of $289.55 million. During the same period last year, the company earned $0.60 EPS. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. On average, sell-side analysts expect that California Water Service Group will post 3.29 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were issued a $0.28 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.12 annualized dividend and a dividend yield of 2.19%. California Water Service Group’s dividend payout ratio is presently 32.37%.

Wall Street Analyst Weigh In

Separately, StockNews.com lowered California Water Service Group from a “hold” rating to a “sell” rating in a research note on Wednesday. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, California Water Service Group presently has a consensus rating of “Hold” and a consensus target price of $53.67.

Insider Activity at California Water Service Group

In other news, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total value of $30,574.95. Following the sale, the director now directly owns 21,951 shares of the company’s stock, valued at $1,209,280.59. The trade was a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction that occurred 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 directly owns 20,354 shares in the company, valued at $1,048,231. This represents a 4.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On California Water Service Group

Several institutional investors and hedge funds have recently modified their holdings of CWT. Blue Trust Inc. increased its holdings in California Water Service Group by 255.6% during the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 363 shares during the period. GAMMA Investing LLC increased its holdings in California Water Service Group by 109.9% during the 2nd quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 431 shares during the period. CWM LLC increased its holdings in California Water Service Group by 90.8% during the 2nd quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock worth $65,000 after purchasing an additional 642 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in California Water Service Group during the 2nd quarter worth about $85,000. Finally, nVerses Capital LLC purchased a new stake in California Water Service Group during the 3rd quarter worth about $119,000. Hedge funds and other institutional investors 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.