Connecticut Water Service Inc. (NASDAQ:CTWS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm currently has a $57.00 target price on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 10.04% from the company’s previous close.

According to Zacks, “Connecticut Water Service continues to strengthen its existing infrastructure through regular capital investment, a must in the water utility space. It aims to invest nearly $150 million in the 2016 to 2018 time frame. Further, Connecticut Water is poised for growth, thanks to its strategic acquisitions, stable credit rating, and steady earnings from regulated units. Customer expansion in its service territories is boosting demand while a constructive regulatory environment is helping it to generate additional revenues. However, stringent environment regulations, demand variations with weather patterns, risk of failure of water mains and contamination of water sources are the primary headwinds for the company.”

Separately, Barclays PLC initiated coverage on Connecticut Water Service in a research note on Tuesday, September 6th. They set an “equal weight” rating and a $52.00 price objective for the company.

Shares of Connecticut Water Service (NASDAQ:CTWS) opened at 51.88 on Tuesday. Connecticut Water Service has a 1-year low of $34.15 and a 1-year high of $56.62. The company has a market cap of $582.66 million, a price-to-earnings ratio of 24.02 and a beta of 0.06. The stock has a 50 day moving average of $50.73 and a 200 day moving average of $50.23.

Connecticut Water Service (NASDAQ:CTWS) last issued its quarterly earnings results on Tuesday, November 8th. The company reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.82 by $0.02. Connecticut Water Service had a net margin of 24.15% and a return on equity of 10.95%. The business had revenue of $31.20 million for the quarter, compared to analysts’ expectations of $30.50 million. Analysts predict that Connecticut Water Service will post $2.10 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Croft Leominster Inc. acquired a new stake in shares of Connecticut Water Service during the second quarter worth approximately $206,000. Teton Advisors Inc. acquired a new stake in shares of Connecticut Water Service during the second quarter worth approximately $225,000. Numeric Investors LLC acquired a new stake in shares of Connecticut Water Service during the second quarter worth approximately $242,000. BlackRock Inc. raised its stake in shares of Connecticut Water Service by 15.8% in the first quarter. BlackRock Inc. now owns 5,447 shares of the company’s stock worth $246,000 after buying an additional 745 shares during the last quarter. Finally, HighTower Advisors LLC acquired a new stake in shares of Connecticut Water Service during the second quarter worth approximately $249,000. 45.43% of the stock is owned by hedge funds and other institutional investors.

About Connecticut Water Service

Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS) and Chester Realty Company (Chester Realty).

5 Day Chart for NASDAQ:CTWS

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