Zacks Research Comments on California Water Service Group’s Q3 2024 Earnings (NYSE:CWT)

California Water Service Group (NYSE:CWT) – Equities research analysts at Zacks Research increased their Q3 2024 earnings per share (EPS) estimates for California Water Service Group in a research report issued to clients and investors on Thursday, May 9th. Zacks Research analyst J. Saha now forecasts that the utilities provider will earn $1.07 per share for the quarter, up from their prior forecast of $1.04. The consensus estimate for California Water Service Group’s current full-year earnings is $2.86 per share. Zacks Research also issued estimates for California Water Service Group’s Q4 2024 earnings at $0.45 EPS, Q2 2025 earnings at $0.43 EPS, Q3 2025 earnings at $1.12 EPS, Q4 2025 earnings at $0.65 EPS, Q1 2026 earnings at $0.21 EPS and FY2026 earnings at $2.53 EPS.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.21 EPS for the quarter, topping the consensus estimate of $0.21 by $1.00. The business had revenue of $270.75 million for the quarter, compared to analyst estimates of $183.85 million. California Water Service Group had a return on equity of 10.09% and a net margin of 15.42%. The company’s quarterly revenue was up 106.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.40) EPS.

CWT has been the topic of several other research reports. StockNews.com raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. Robert W. Baird increased their price target on California Water Service Group from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Friday, April 26th. TheStreet lowered shares of California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Finally, UBS Group upgraded shares of California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price target for the company in a research report on Thursday, April 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $54.25.

California Water Service Group Price Performance

California Water Service Group stock opened at $52.66 on Friday. The company has a current ratio of 0.56, a quick ratio of 0.52 and a debt-to-equity ratio of 0.72. The company has a 50-day moving average price of $46.83 and a 200 day moving average price of $48.45. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $58.30. The stock has a market cap of $3.04 billion, a P/E ratio of 21.06 and a beta of 0.47.

Institutional Trading of California Water Service Group

Hedge funds have recently added to or reduced their stakes in the company. AdvisorNet Financial Inc increased its position in shares of California Water Service Group by 42.2% in the 4th quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 220 shares during the last quarter. Signaturefd LLC increased its holdings in California Water Service Group by 64.4% in the third quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock valued at $50,000 after buying an additional 417 shares during the last quarter. TFO Wealth Partners LLC raised its stake in California Water Service Group by 57,000.0% in the fourth quarter. TFO Wealth Partners LLC now owns 1,142 shares of the utilities provider’s stock valued at $59,000 after buying an additional 1,140 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in California Water Service Group by 47.3% during the 1st quarter. Global Retirement Partners LLC now owns 2,910 shares of the utilities provider’s stock worth $135,000 after buying an additional 935 shares during the last quarter. Finally, Quadrant Capital Group LLC increased its holdings in shares of California Water Service Group by 93.3% in the 4th quarter. Quadrant Capital Group LLC now owns 3,748 shares of the utilities provider’s stock valued at $194,000 after acquiring an additional 1,809 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

Insider Transactions at California Water Service Group

In other news, Director Thomas M. Krummel sold 2,220 shares of California Water Service Group stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $50.00, for a total value of $111,000.00. Following the completion of the transaction, the director now owns 23,873 shares in the company, valued at approximately $1,193,650. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.73% of the company’s stock.

California Water Service Group Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 17th. Shareholders of record on Monday, May 6th will be given a $0.28 dividend. The ex-dividend date of this dividend is Friday, May 3rd. This represents a $1.12 annualized dividend and a yield of 2.13%. California Water Service Group’s dividend payout ratio is presently 44.80%.

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.