California Water Service Group (NYSE:CWT) Hits New 52-Week Low – Here’s What Happened

California Water Service Group (NYSE:CWT) shares hit a new 52-week low during trading on Wednesday . The company traded as low as $43.44 and last traded at $43.71, with a volume of 32514 shares changing hands. The stock had previously closed at $44.36.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CWT. StockNews.com downgraded shares of California Water Service Group from a “hold” rating to a “sell” rating in a research report on Friday, December 13th. Bank of America initiated coverage on California Water Service Group in a research note on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price target for the company. Finally, Wells Fargo & Company upgraded California Water Service Group from an “equal weight” rating to an “overweight” rating and lowered their price objective for the stock from $56.00 to $52.00 in a research report on Tuesday. One analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, California Water Service Group has a consensus rating of “Hold” and a consensus target price of $53.25.

California Water Service Group Trading Down 3.6 %

The firm has a market capitalization of $2.54 billion, a P/E ratio of 12.36 and a beta of 0.52. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The firm has a 50 day moving average of $48.86 and a 200-day moving average of $51.33.

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

California Water Service Group Announces Dividend

The company 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 annualized dividend and a yield of 2.62%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group’s dividend payout ratio is currently 32.37%.

Insider Transactions 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 that occurred on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total value of $50,727.50. Following the sale, the vice president now owns 20,354 shares in the company, valued at $1,048,231. This trade represents a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.73% of the stock is currently owned by insiders.

Institutional Investors Weigh In On California Water Service Group

Several hedge funds have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its position in California Water Service Group by 20.2% in the second quarter. Commonwealth Equity Services LLC now owns 13,842 shares of the utilities provider’s stock valued at $671,000 after purchasing an additional 2,327 shares during the last quarter. Natixis Advisors LLC acquired a new stake in California Water Service Group during the 2nd quarter worth approximately $506,000. Arizona State Retirement System grew its holdings in California Water Service Group by 1.8% during the 2nd quarter. Arizona State Retirement System now owns 16,147 shares of the utilities provider’s stock worth $783,000 after acquiring an additional 287 shares during the last quarter. Quest Partners LLC increased its position in California Water Service Group by 21,048.1% in the 2nd quarter. Quest Partners LLC now owns 5,710 shares of the utilities provider’s stock valued at $277,000 after acquiring an additional 5,683 shares during the period. Finally, Choreo LLC bought a new position in shares of California Water Service Group during the second quarter valued at $231,000. 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.