Connecticut Water Service, Inc. (NASDAQ:CTWS) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday, July 11th.
According to Zacks, “Shares of Connecticut Water Services returned higher than the Zacks categorized broader industry’s gain in the last twelve months. The company continues to strengthen its existing infrastructure through regular capital investments, which is a must in the water utility space. In addition, customer expansion in its service territories is boosting demand. However, Connecticut Water Services is subject to stringent environment regulations, demand variations with weather patterns, risk of water mains failure and contamination of water sources. “
Shares of Connecticut Water Service (NASDAQ:CTWS) opened at 56.40 on Tuesday. The stock has a market capitalization of $652.21 million, a PE ratio of 26.15 and a beta of 0.09. The stock’s 50 day moving average is $56.93 and its 200 day moving average is $54.85. Connecticut Water Service has a 52-week low of $45.13 and a 52-week high of $62.15.
Connecticut Water Service (NASDAQ:CTWS) last announced its earnings results on Monday, May 8th. The utilities provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by $0.01. The firm had revenue of $24.21 million during the quarter. Connecticut Water Service had a net margin of 23.22% and a return on equity of 10.13%. Equities research analysts expect that Connecticut Water Service will post $2.22 earnings per share for the current fiscal year.
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Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of Montreal Can increased its position in Connecticut Water Service by 137.5% in the first quarter. Bank of Montreal Can now owns 1,983 shares of the utilities provider’s stock worth $105,000 after buying an additional 1,148 shares during the period. SG Americas Securities LLC bought a new position in Connecticut Water Service during the second quarter worth approximately $140,000. Legal & General Group Plc increased its position in Connecticut Water Service by 4.3% in the second quarter. Legal & General Group Plc now owns 2,715 shares of the utilities provider’s stock worth $151,000 after buying an additional 111 shares during the period. Ladenburg Thalmann Financial Services Inc. increased its position in Connecticut Water Service by 0.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,333 shares of the utilities provider’s stock worth $187,000 after buying an additional 13 shares during the period. Finally, State Board of Administration of Florida Retirement System bought a new position in Connecticut Water Service during the fourth quarter worth approximately $204,000. Institutional investors and hedge funds own 45.56% of the company’s stock.
About Connecticut Water Service
Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS),The Avon Water Company (AWC) and Chester Realty Company (Chester Realty).
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