Companhia de Saneamento Básico do Estado de São Paulo - SABESP (NYSE:SBS) Shares Gap Up Following Better-Than-Expected Earnings

Shares of Companhia de Saneamento Básico do Estado de São Paulo - SABESP (NYSE:SBS - Get Free Report) gapped up before the market opened on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $17.22, but opened at $17.69. Companhia de Saneamento Básico do Estado de São Paulo - SABESP shares last traded at $17.74, with a volume of 122,787 shares.

The utilities provider reported $0.49 earnings per share for the quarter, beating the consensus estimate of $0.06 by $0.43. Companhia de Saneamento Básico do Estado de São Paulo - SABESP had a return on equity of 27.73% and a net margin of 25.62%. The business had revenue of $981.20 million during the quarter, compared to analysts' expectations of $6.89 billion.

Analysts Set New Price Targets

Separately, StockNews.com lowered shares of Companhia de Saneamento Básico do Estado de São Paulo - SABESP from a "buy" rating to a "hold" rating in a research note on Tuesday, March 18th.

Institutional Investors Weigh In On Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Institutional investors and hedge funds have recently modified their holdings of the stock. SBI Securities Co. Ltd. acquired a new position in shares of Companhia de Saneamento Básico do Estado de São Paulo - SABESP in the 4th quarter valued at $26,000. J.Safra Asset Management Corp acquired a new position in shares of Companhia de Saneamento Básico do Estado de São Paulo - SABESP in the fourth quarter worth about $54,000. Advisors Asset Management Inc. increased its position in shares of Companhia de Saneamento Básico do Estado de São Paulo - SABESP by 33.7% in the third quarter. Advisors Asset Management Inc. now owns 3,613 shares of the utilities provider's stock worth $60,000 after acquiring an additional 911 shares in the last quarter. R Squared Ltd purchased a new position in shares of Companhia de Saneamento Básico do Estado de São Paulo - SABESP in the fourth quarter worth approximately $66,000. Finally, Signaturefd LLC raised its holdings in shares of Companhia de Saneamento Básico do Estado de São Paulo - SABESP by 25.9% during the fourth quarter. Signaturefd LLC now owns 9,305 shares of the utilities provider's stock valued at $133,000 after acquiring an additional 1,917 shares during the period. 10.62% of the stock is owned by institutional investors and hedge funds.

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Companhia de Saneamento Básico do Estado de São Paulo - SABESP Trading Down 0.6 %

The company has a current ratio of 1.14, a quick ratio of 1.13 and a debt-to-equity ratio of 0.56. The firm has a market cap of $12.26 billion, a PE ratio of 7.06 and a beta of 1.15. The company's 50-day moving average is $16.80 and its 200 day moving average is $16.13.

About Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Companhia de Saneamento Basico do Estado de Sao Paulo SABESP engages in the provision of water and sewage service. It also offers advisory services on the rational use of water, planning and commercial, and financial and operational management. The company was founded on September 6, 1973 and is headquartered in São Paulo, Brazil.