California Water Service Group (NYSE:CWT) to Post FY2024 Earnings of $3.26 Per Share, Seaport Res Ptn Forecasts

California Water Service Group (NYSE:CWT) – Equities research analysts at Seaport Res Ptn upped their FY2024 earnings per share estimates for California Water Service Group in a report issued on Wednesday, April 24th. Seaport Res Ptn analyst A. Storozynski now forecasts that the utilities provider will earn $3.26 per share for the year, up from their prior estimate of $2.25. The consensus estimate for California Water Service Group’s current full-year earnings is $2.59 per share.

Other equities research analysts have also issued reports about the stock. TheStreet lowered shares of California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. UBS Group raised California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price objective on the stock in a research note on Thursday, April 4th. Robert W. Baird boosted their target price on California Water Service Group from $52.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, April 26th. Finally, StockNews.com raised California Water Service Group from a “sell” rating to a “hold” rating in a research report on Friday, April 26th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $54.25.

California Water Service Group Stock Up 1.4 %

California Water Service Group stock opened at $49.08 on Monday. The firm has a market capitalization of $2.83 billion, a price-to-earnings ratio of 19.65 and a beta of 0.49. The company’s 50 day simple moving average is $46.13 and its 200 day simple moving average is $48.31. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.56 and a quick ratio of 0.52. California Water Service Group has a fifty-two week low of $43.50 and a fifty-two week high of $58.30.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, April 25th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $1.00. The company had revenue of $270.75 million during 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 revenue for the quarter was up 106.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.40) EPS.

California Water Service Group Cuts Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be paid a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.28%. The ex-dividend date is Friday, May 3rd. California Water Service Group’s payout ratio is presently 44.80%.

Institutional Trading of California Water Service Group

Several hedge funds and other institutional investors have recently modified their holdings of CWT. AdvisorNet Financial Inc boosted its position in shares of California Water Service Group by 42.2% during the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock worth $38,000 after buying an additional 220 shares during the period. Signaturefd LLC lifted its stake in California Water Service Group by 64.4% in the 3rd quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 417 shares in the last quarter. TFO Wealth Partners LLC boosted its position in California Water Service Group by 57,000.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,142 shares of the utilities provider’s stock worth $59,000 after acquiring an additional 1,140 shares during the last quarter. Global Retirement Partners LLC grew its stake in shares of 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 acquiring an additional 935 shares in the last quarter. Finally, Quadrant Capital Group LLC raised its holdings in shares of California Water Service Group by 93.3% in the fourth quarter. Quadrant Capital Group LLC now owns 3,748 shares of the utilities provider’s stock valued at $194,000 after purchasing an additional 1,809 shares during the last quarter. Institutional investors and hedge funds own 82.78% of the company’s stock.

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.