California Water Service Group (NYSE:CWT) Posts Earnings Results, Beats Estimates By $0.26 EPS

California Water Service Group (NYSE:CWT) released its earnings results on Wednesday. The utilities provider reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.26, FiscalAI reports. The company had revenue of $265.61 million for the quarter, compared to the consensus estimate 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 Stock Up 0.7%

NYSE CWT traded up $0.31 on Wednesday, hitting $46.68. 294,498 shares of the stock were exchanged, compared to its average volume of 344,976. California Water Service Group has a fifty-two week low of $41.29 and a fifty-two week high of $51.63. The company has a 50-day moving average price of $44.46 and a 200-day moving average price of $45.53. The company has a quick ratio of 0.52, a current ratio of 0.55 and a debt-to-equity ratio of 0.65. The company has a market cap of $2.78 billion, a PE ratio of 20.38, a PEG ratio of 2.09 and a beta of 0.64.

California Water Service Group Increases Dividend

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

Wall Street Analyst Weigh In

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

Institutional Trading of California Water Service Group

Institutional investors have recently bought and sold shares of the business. Danske Bank A S purchased a new position in shares of California Water Service Group in the 3rd quarter valued at about $28,000. EverSource Wealth Advisors LLC increased its stake in 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 purchasing an additional 365 shares during the last quarter. Advisory Services Network LLC acquired a new stake in California Water Service Group during the third quarter worth approximately $44,000. CIBC Private Wealth Group LLC boosted its holdings in shares of California Water Service Group by 1,475.3% in the 3rd 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 in the last quarter. Finally, Los Angeles Capital Management LLC purchased a new position in shares of California Water Service Group in the 4th quarter valued at $85,000. 82.78% of the stock is owned by hedge funds and other 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.