AlphaQuest LLC Acquires 4,557 Shares of California Water Service Group (NYSE:CWT)

AlphaQuest LLC boosted its holdings in California Water Service Group (NYSE:CWT) by 20.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 27,233 shares of the utilities provider’s stock after purchasing an additional 4,557 shares during the quarter. AlphaQuest LLC’s holdings in California Water Service Group were worth $1,234,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in CWT. Ieq Capital LLC bought a new position in California Water Service Group in the 4th quarter worth approximately $202,000. Asset Planning Inc bought a new position in California Water Service Group in the 4th quarter worth approximately $204,000. Boston Family Office LLC bought a new position in California Water Service Group in the 3rd quarter worth approximately $210,000. CIBC Asset Management Inc bought a new position in California Water Service Group in the 3rd quarter worth approximately $219,000. Finally, Aigen Investment Management LP raised its holdings in shares of California Water Service Group by 18.1% during the 4th quarter. Aigen Investment Management LP now owns 4,954 shares of the utilities provider’s stock worth $225,000 after acquiring an additional 760 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Wells Fargo & Company raised California Water Service Group from an “equal weight” rating to an “overweight” rating and decreased their price objective for the stock from $56.00 to $52.00 in a report on Tuesday, January 7th. StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a report on Saturday, February 8th. Finally, Bank of America assumed coverage on California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 price objective on the stock. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, California Water Service Group presently has a consensus rating of “Moderate Buy” and an average target price of $53.25.

California Water Service Group Stock Performance

NYSE:CWT opened at $47.92 on Monday. The stock’s fifty day moving average is $44.87 and its 200 day moving average is $49.29. California Water Service Group has a fifty-two week low of $41.64 and a fifty-two week high of $56.25. The firm has a market capitalization of $2.85 billion, a PE ratio of 13.85, a PEG ratio of 0.46 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 released its quarterly earnings results on Thursday, February 27th. The utilities provider reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.38 by ($0.05). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The company had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $216.37 million. During the same quarter in the previous year, the company posted $0.52 EPS. On average, sell-side analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current year.

California Water Service Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 21st. Investors of record on Monday, February 10th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.50%. The ex-dividend date was Monday, February 10th. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.28. California Water Service Group’s dividend payout ratio is presently 36.70%.

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, 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.