California Water Service Group (NYSE:CWT) Sets New 1-Year Low – Here’s Why

California Water Service Group (NYSE:CWT) reached a new 52-week low during trading on Wednesday . The company traded as low as $43.44 and last traded at $43.71, with a volume of 32514 shares changing hands. The stock had previously closed at $44.36.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Bank of America began coverage on shares of California Water Service Group in a research note on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price objective for the company. Wells Fargo & Company upgraded California Water Service Group from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $56.00 to $52.00 in a research note on Tuesday. Finally, StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research note on Wednesday. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.25.

California Water Service Group Stock Performance

The stock has a fifty day moving average of $48.53 and a 200-day moving average of $51.22. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The stock has a market cap of $2.49 billion, a PE ratio of 12.10 and a beta of 0.52.

California Water Service Group (NYSE:CWT) last released its earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The company had revenue of $299.60 million during the quarter, compared to analyst estimates of $289.55 million. During the same period in the previous year, the firm posted $0.60 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. On average, equities analysts forecast that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 2.67%. The ex-dividend date was Tuesday, November 12th. California Water Service Group’s dividend payout ratio (DPR) is presently 32.37%.

Insider Activity

In other news, VP Michael B. Luu sold 985 shares of the stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares in the company, valued at $1,048,231. This trade represents a 4.62 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its stake in shares of California Water Service Group by 20.2% during the 2nd quarter. Commonwealth Equity Services LLC now owns 13,842 shares of the utilities provider’s stock worth $671,000 after acquiring an additional 2,327 shares in the last quarter. Natixis Advisors LLC acquired a new stake in California Water Service Group in the second quarter valued at $506,000. Arizona State Retirement System increased its position in shares of California Water Service Group by 1.8% in the second quarter. Arizona State Retirement System now owns 16,147 shares of the utilities provider’s stock valued at $783,000 after buying an additional 287 shares in the last quarter. Quest Partners LLC raised its stake in shares of California Water Service Group by 21,048.1% during the 2nd quarter. Quest Partners LLC now owns 5,710 shares of the utilities provider’s stock worth $277,000 after buying an additional 5,683 shares during the last quarter. Finally, Choreo LLC purchased a new stake in shares of California Water Service Group in the 2nd quarter worth about $231,000. 82.78% of the stock is currently owned by institutional investors and hedge funds.

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.