Norges Bank Invests $38 Million in California Water Service Group (NYSE:CWT)

Norges Bank purchased a new stake in California Water Service Group (NYSE:CWT - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 838,261 shares of the utilities provider's stock, valued at approximately $37,998,000. Norges Bank owned approximately 1.41% of California Water Service Group at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in shares of California Water Service Group by 91.0% in the 4th quarter. JPMorgan Chase & Co. now owns 308,704 shares of the utilities provider's stock worth $13,994,000 after buying an additional 147,043 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in shares of California Water Service Group by 2.1% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 79,539 shares of the utilities provider's stock valued at $3,606,000 after purchasing an additional 1,670 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of California Water Service Group during the 4th quarter worth approximately $220,000. Vanguard Group Inc. lifted its holdings in shares of California Water Service Group by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 7,514,709 shares of the utilities provider's stock worth $340,642,000 after purchasing an additional 158,295 shares during the last quarter. Finally, Bridge City Capital LLC boosted its position in California Water Service Group by 5.4% during the 4th quarter. Bridge City Capital LLC now owns 46,749 shares of the utilities provider's stock valued at $2,119,000 after purchasing an additional 2,404 shares during the period. 82.78% of the stock is owned by institutional investors and hedge funds.

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California Water Service Group Trading Up 1.7 %

Shares of NYSE CWT traded up $0.83 during mid-day trading on Thursday, hitting $48.64. 55,462 shares of the company traded hands, compared to its average volume of 381,526. California Water Service Group has a 1 year low of $41.64 and a 1 year high of $56.25. The stock has a market capitalization of $2.89 billion, a price-to-earnings ratio of 14.06, a PEG ratio of 0.46 and a beta of 0.56. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The business has a 50 day moving average of $46.45 and a two-hundred day moving average of $48.12.

California Water Service Group (NYSE:CWT - Get Free Report) last announced its earnings results on Thursday, February 27th. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.05). The company had revenue of $222.20 million for the quarter, compared to analysts' expectations of $216.37 million. California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. During the same period in the prior year, the company earned $0.52 earnings per share. On average, sell-side analysts anticipate that California Water Service Group will post 3.15 earnings per share for the current fiscal year.

California Water Service Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Monday, February 10th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, February 10th. This is an increase from California Water Service Group's previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.47%. California Water Service Group's dividend payout ratio (DPR) is 36.70%.

Analyst Upgrades and Downgrades

CWT has been the subject of several recent analyst reports. Wells Fargo & Company upgraded shares of California Water Service Group from an "equal weight" rating to an "overweight" rating and decreased their target price for the stock from $56.00 to $52.00 in a research report on Tuesday, January 7th. StockNews.com downgraded California Water Service Group from a "hold" rating to a "sell" rating in a research note on Thursday, April 3rd. Finally, Bank of America initiated coverage on California Water Service Group in a research note on Wednesday, December 11th. They issued a "buy" rating and a $57.00 price target for the company.

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.