Consolidated Water (NASDAQ:CWCO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday, November 14th.
According to Zacks, “Consolidated Water’s shares have gained lower than the industry in the last 12 months. Its earnings per share in the third quarter were lower than the Zacks Consensus Estimate. Hurricane Irma has affected operations of the company’s water treatment plants but its impact was minimal in the reported quarter. In addition, risk of losing major customer accounts or failure to renew long term contracts with major customers as well as foreign exchange fluctuation are other headwinds for the company. Consolidated Water Co. is presently utilizing the most advanced technology to convert seawater to potable water. Apart from expanding organically, the company is also working to broaden its operation through strategic acquisition.”
A number of other analysts have also recently weighed in on CWCO. Roth Capital set a $15.00 price objective on shares of Consolidated Water and gave the stock a “buy” rating in a report on Monday, November 13th. TheStreet cut shares of Consolidated Water from a “b” rating to a “c+” rating in a research note on Wednesday, November 1st.
Institutional investors have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its position in shares of Consolidated Water by 21.0% during the 2nd quarter. Royal Bank of Canada now owns 8,382 shares of the utilities provider’s stock valued at $104,000 after purchasing an additional 1,452 shares in the last quarter. American International Group Inc. boosted its position in shares of Consolidated Water by 7.1% during the 1st quarter. American International Group Inc. now owns 8,953 shares of the utilities provider’s stock valued at $104,000 after purchasing an additional 593 shares in the last quarter. Alliancebernstein L.P. bought a new position in shares of Consolidated Water during the 2nd quarter valued at about $135,000. Essex Financial Services Inc. boosted its position in shares of Consolidated Water by 186.7% during the 3rd quarter. Essex Financial Services Inc. now owns 14,159 shares of the utilities provider’s stock valued at $181,000 after purchasing an additional 9,221 shares in the last quarter. Finally, Rhumbline Advisers boosted its position in shares of Consolidated Water by 4.1% during the 2nd quarter. Rhumbline Advisers now owns 16,577 shares of the utilities provider’s stock valued at $206,000 after purchasing an additional 660 shares in the last quarter. 48.89% of the stock is currently owned by hedge funds and other institutional investors.
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Consolidated Water Company Profile
Consolidated Water Co Ltd. develops and operates seawater desalination plants (that utilize reverse osmosis technology) and water distribution systems in areas where naturally occurring supplies of potable water are scarce or non-existent. The Company operates in three segments: retail water operations, bulk water operations and services operations.
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