California Water Service Group (NYSE:CWT) Releases Earnings Results

California Water Service Group (NYSE:CWT) announced its quarterly earnings data on Wednesday. The utilities provider reported $0.19 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.16), Zacks reports. The firm had revenue of $265.61 million for the quarter, compared to analysts’ expectations of $239.10 million. California Water Service Group had a return on equity of 8.23% and a net margin of 13.61%.California Water Service Group’s revenue was down 1.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.33 earnings per share.

California Water Service Group Stock Up 0.7%

CWT stock traded up $0.31 during mid-day trading on Wednesday, hitting $46.68. 294,611 shares of the company were exchanged, compared to its average volume of 344,984. The company has a debt-to-equity ratio of 0.65, a quick ratio of 0.52 and a current ratio of 0.55. California Water Service Group has a 1-year low of $41.29 and a 1-year high of $51.63. The firm’s 50 day simple moving average is $44.46 and its 200 day simple moving average is $45.53. The firm has a market cap of $2.78 billion, a P/E ratio of 20.38, a P/E/G ratio of 2.09 and a beta of 0.64.

California Water Service Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, February 20th. Investors of record on Monday, February 9th were paid a dividend of $0.335 per share. This represents a $1.34 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Monday, February 9th. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.30. California Water Service Group’s dividend payout ratio (DPR) is currently 58.52%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the company. Weiss Ratings reissued a “hold (c)” rating on shares of California Water Service Group in a research note on Wednesday, January 21st. Robert W. Baird set a $55.00 price target on shares of California Water Service Group in a research note on Friday, October 31st. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat, California Water Service Group currently has an average rating of “Moderate Buy” and an average target price of $55.00.

Institutional Investors Weigh In On California Water Service Group

Institutional investors have recently added to or reduced their stakes in the stock. Danske Bank A S acquired a new position in shares of California Water Service Group during the 3rd quarter worth approximately $28,000. EverSource Wealth Advisors LLC grew its stake in shares of California Water Service Group by 109.9% in the second quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider’s stock valued at $32,000 after acquiring an additional 365 shares in the last quarter. Advisory Services Network LLC acquired a new stake in California Water Service Group in the 3rd quarter worth about $44,000. CIBC Private Wealth Group LLC boosted its stake in shares of California Water Service Group by 1,475.3% in the third quarter. CIBC Private Wealth Group LLC now owns 1,150 shares of the utilities provider’s stock valued at $53,000 after buying an additional 1,077 shares during the period. Finally, Los Angeles Capital Management LLC bought a new position in California Water Service Group during the 4th quarter worth $85,000. 82.78% of the stock is owned by institutional investors.

California Water Service Group Company Profile

California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end‐to‐end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor‐owned water utilities in the United States by customer count.