Zacks Investment Research upgraded shares of California Water Service Group (NYSE:CWT) from a sell rating to a hold rating in a research note issued to investors on Tuesday, January 9th.
According to Zacks, “California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. The company engages 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. It offers its services to approximately 482,400 customers in 100 California communities; approximately 4,400 water and wastewater customers on the islands of Maui and Hawaii; approximately 16,700 customers in the Tacoma and Olympia areas in Washington; and approximately 8,000 water and wastewater customers in the Belen, Los Lunas, and Elephant Butte areas in New Mexico. The company is also involved in the provision of non-regulated water-related services, including operating water systems; providing operational and maintenance, meter reading, and billing services to private companies and municipalities etc. “
Separately, Barclays raised their price target on California Water Service Group from $30.00 to $32.00 and gave the company an underweight rating in a report on Friday, September 22nd. Three investment analysts have rated the stock with a sell rating and five have assigned a hold rating to the stock. The company presently has an average rating of Hold and a consensus price target of $38.33.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 23rd. Stockholders of record on Monday, February 12th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a dividend yield of 1.81%. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.18. California Water Service Group’s dividend payout ratio (DPR) is presently 50.70%.
Large investors have recently bought and sold shares of the company. Chicago Equity Partners LLC bought a new stake in shares of California Water Service Group during the 4th quarter worth approximately $3,062,000. Assenagon Asset Management S.A. bought a new stake in shares of California Water Service Group during the 4th quarter worth approximately $4,621,000. Schwab Charles Investment Management Inc. lifted its stake in shares of California Water Service Group by 6.4% during the 4th quarter. Schwab Charles Investment Management Inc. now owns 304,572 shares of the utilities provider’s stock worth $13,813,000 after acquiring an additional 18,302 shares during the last quarter. Louisiana State Employees Retirement System lifted its stake in shares of California Water Service Group by 6.2% during the 4th quarter. Louisiana State Employees Retirement System now owns 20,600 shares of the utilities provider’s stock worth $934,000 after acquiring an additional 1,200 shares during the last quarter. Finally, GSA Capital Partners LLP lifted its stake in shares of California Water Service Group by 51.5% during the 3rd quarter. GSA Capital Partners LLP now owns 12,596 shares of the utilities provider’s stock worth $481,000 after acquiring an additional 4,283 shares during the last quarter. 69.52% of the stock is owned by institutional investors and hedge funds.
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About California Water Service Group
California Water Service Group is a holding company. The Company operates through the supply and distribution of water and providing water-related utility services segment. The Company, through its subsidiaries, provides non-regulated services and non-regulated services to private companies and municipalities.
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