California Water Service Group (NYSE:CWT) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of California Water Service Group (NYSE:CWT - Free Report) from a sell rating to a hold rating in a report issued on Thursday morning.

California Water Service Group Trading Up 1.2 %

Shares of CWT traded up $0.58 during trading hours on Thursday, reaching $49.11. 379,339 shares of the company traded hands, compared to its average volume of 325,437. The stock's fifty day moving average price is $51.87 and its 200 day moving average price is $51.76. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. The firm has a market cap of $2.92 billion, a price-to-earnings ratio of 14.03 and a beta of 0.50. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $56.25.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its quarterly earnings data 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 period last year, the company earned $0.60 EPS. The firm's revenue for the quarter was up 17.5% compared to the same quarter last year. Sell-side analysts forecast that California Water Service Group will post 3.29 earnings per share for the current year.

California Water Service Group Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were paid a dividend of $0.28 per share. The ex-dividend date of this dividend was Tuesday, November 12th. This represents a $1.12 annualized dividend and a yield of 2.28%. California Water Service Group's payout ratio is presently 32.37%.

Insider Buying and Selling

In other news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction that occurred on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of the transaction, the vice president now directly owns 20,354 shares of the company's stock, valued at $1,048,231. The trade was a 4.62 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.73% of the company's stock.

Hedge Funds Weigh In On California Water Service Group

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Blue Trust Inc. raised its stake in California Water Service Group by 255.6% in the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 363 shares during the last quarter. GAMMA Investing LLC lifted its stake in California Water Service Group by 109.9% in the 2nd quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider's stock worth $40,000 after purchasing an additional 431 shares in the last quarter. CWM LLC boosted its holdings in shares of California Water Service Group by 90.8% during the 2nd quarter. CWM LLC now owns 1,349 shares of the utilities provider's stock worth $65,000 after purchasing an additional 642 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of California Water Service Group in the second quarter valued at approximately $85,000. Finally, nVerses Capital LLC acquired a new stake in shares of California Water Service Group in the third quarter valued at approximately $119,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

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.