Quest Partners LLC Boosts Holdings in California Water Service Group (NYSE:CWT)

Quest Partners LLC lifted its stake in California Water Service Group (NYSE:CWT - Free Report) by 297.1% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,676 shares of the utilities provider's stock after acquiring an additional 16,966 shares during the period. Quest Partners LLC's holdings in California Water Service Group were worth $1,229,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in CWT. Thrivent Financial for Lutherans increased its position in shares of California Water Service Group by 95.6% during the third quarter. Thrivent Financial for Lutherans now owns 93,769 shares of the utilities provider's stock valued at $5,084,000 after buying an additional 45,825 shares during the period. Natixis Advisors LLC grew its stake in California Water Service Group by 6.5% during the third quarter. Natixis Advisors LLC now owns 11,109 shares of the utilities provider's stock valued at $602,000 after acquiring an additional 682 shares in the last quarter. Cornercap Investment Counsel Inc. bought a new stake in California Water Service Group during the 3rd quarter worth approximately $467,000. CIBC Asset Management Inc purchased a new stake in California Water Service Group in the 3rd quarter worth approximately $219,000. Finally, Arjuna Capital bought a new position in California Water Service Group in the 3rd quarter valued at $3,724,000. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wells Fargo & Company raised California Water Service Group from an "underweight" rating to an "equal weight" rating and lifted their price objective for the company from $50.00 to $57.00 in a research note on Wednesday, July 31st. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $53.67.

California Water Service Group Price Performance

CWT stock traded down $0.40 during midday trading on Wednesday, reaching $51.08. The company had a trading volume of 199,036 shares, compared to its average volume of 323,858. The firm has a 50-day moving average price of $52.58 and a 200-day moving average price of $51.87. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. The company has a market capitalization of $3.04 billion, a P/E ratio of 14.86 and a beta of 0.49. California Water Service Group has a 1 year low of $43.50 and a 1 year high of $56.25.

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

California Water Service Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th will be paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.19%. The ex-dividend date of this dividend is Tuesday, November 12th. California Water Service Group's dividend payout ratio (DPR) is presently 32.37%.

Insider Activity

In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the business's stock in a transaction that occurred on Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total value of $30,574.95. Following the completion of the sale, the director now owns 21,951 shares in the company, valued at approximately $1,209,280.59. The trade was a 2.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.73% of the stock is owned by corporate insiders.

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.