Wells Fargo & Company Upgrades California Water Service Group (NYSE:CWT) to Overweight

Wells Fargo & Company upgraded shares of California Water Service Group (NYSE:CWT - Free Report) from an equal weight rating to an overweight rating in a report issued on Tuesday morning, MarketBeat.com reports. Wells Fargo & Company currently has $52.00 target price on the utilities provider's stock, down from their prior target price of $56.00.

Other analysts have also recently issued research reports about the stock. StockNews.com cut shares of California Water Service Group from a "hold" rating to a "sell" rating in a report on Friday, December 13th. Bank of America started coverage on shares of California Water Service Group in a report on Wednesday, December 11th. They issued a "buy" rating and a $57.00 price target on the stock. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $53.25.

California Water Service Group Price Performance

Shares of CWT stock traded up $0.40 during trading hours on Tuesday, hitting $44.35. 414,377 shares of the company's stock were exchanged, compared to its average volume of 295,419. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $56.25. The company has a market capitalization of $2.64 billion, a PE ratio of 12.82 and a beta of 0.52. The business's 50 day simple moving average is $49.00 and its 200-day simple moving average is $51.36.

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

California Water Service Group Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a yield of 2.53%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group's dividend payout ratio is currently 32.37%.

Insider Transactions at California Water Service Group

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of the business's stock in a transaction dated Friday, November 22nd. The stock was 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 of the company's stock, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.73% of the stock is owned by insiders.

Hedge Funds Weigh In On California Water Service Group

A number of hedge funds have recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of California Water Service Group by 255.6% during the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider's stock valued at $27,000 after acquiring an additional 363 shares during the period. GAMMA Investing LLC grew its stake in shares of California Water Service Group by 50.2% during the 3rd quarter. GAMMA Investing LLC now owns 1,236 shares of the utilities provider's stock valued at $67,000 after acquiring an additional 413 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of California Water Service Group during the 2nd quarter valued at approximately $85,000. nVerses Capital LLC bought a new position in shares of California Water Service Group during the 3rd quarter valued at approximately $119,000. Finally, CWM LLC boosted its stake in California Water Service Group by 129.1% in the 3rd quarter. CWM LLC now owns 3,090 shares of the utilities provider's stock worth $168,000 after purchasing an additional 1,741 shares during the period. Hedge funds and other institutional investors own 82.78% of the company's stock.

California Water Service Group Company Profile

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.