Zacks Investment Research upgraded shares of Global Water Resources (NASDAQ:GWRS) from a hold rating to a buy rating in a report published on Saturday, Zacks.com reports. The brokerage currently has $13.00 price objective on the utilities provider’s stock.

According to Zacks, “Global Water Resources, Inc. is a water resource management company. It owns and operates regulated water, wastewater and recycled water utilities. Global Water Resources, Inc. is headquartered in Phoenix, Arizona. “

Separately, BidaskClub downgraded Global Water Resources from a strong-buy rating to a buy rating in a research note on Thursday, August 8th.

Shares of Global Water Resources stock opened at $11.26 on Friday. The stock has a market capitalization of $242.46 million and a P/E ratio of 75.07. Global Water Resources has a 52 week low of $9.00 and a 52 week high of $13.33. The business has a 50 day moving average of $11.37. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 4.24.

Global Water Resources (NASDAQ:GWRS) last issued its quarterly earnings data on Wednesday, August 7th. The utilities provider reported $0.04 EPS for the quarter, hitting the consensus estimate of $0.04. The firm had revenue of $9.12 million during the quarter, compared to the consensus estimate of $9.30 million. Global Water Resources had a return on equity of 6.95% and a net margin of 5.73%. Equities analysts expect that Global Water Resources will post 0.15 EPS for the current fiscal year.

The business also recently disclosed a dividend, which will be paid on Thursday, August 29th. Stockholders of record on Thursday, August 15th will be paid a $0.0239 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This is an increase from Global Water Resources’s previous dividend of $0.02. Global Water Resources’s dividend payout ratio is 193.33%.

Several institutional investors have recently modified their holdings of the company. BlackRock Inc. increased its position in shares of Global Water Resources by 19.2% during the second quarter. BlackRock Inc. now owns 608,511 shares of the utilities provider’s stock worth $6,353,000 after acquiring an additional 98,189 shares during the period. Parametric Portfolio Associates LLC increased its position in shares of Global Water Resources by 9.1% during the second quarter. Parametric Portfolio Associates LLC now owns 32,032 shares of the utilities provider’s stock worth $334,000 after acquiring an additional 2,667 shares during the period. Northern Trust Corp increased its position in shares of Global Water Resources by 1.6% during the second quarter. Northern Trust Corp now owns 110,589 shares of the utilities provider’s stock worth $1,154,000 after acquiring an additional 1,743 shares during the period. Renaissance Technologies LLC increased its position in shares of Global Water Resources by 4.0% during the second quarter. Renaissance Technologies LLC now owns 224,663 shares of the utilities provider’s stock worth $2,345,000 after acquiring an additional 8,538 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Global Water Resources by 3.6% during the second quarter. Bank of New York Mellon Corp now owns 157,680 shares of the utilities provider’s stock worth $1,646,000 after acquiring an additional 5,444 shares during the period. 28.16% of the stock is owned by hedge funds and other institutional investors.

About Global Water Resources

Global Water Resources, Inc, a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. As of December 31, 2018, it served approximately 55,000 people in 21,000 homes. The company was founded in 2003 and is based in Phoenix, Arizona.

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