Research Analysts Set Expectations for CWT FY2024 Earnings

California Water Service Group (NYSE:CWT - Free Report) - Investment analysts at Zacks Research lowered their FY2024 earnings estimates for shares of California Water Service Group in a research note issued on Thursday, January 9th. Zacks Research analyst R. Department now anticipates that the utilities provider will post earnings of $3.18 per share for the year, down from their prior estimate of $3.30. The consensus estimate for California Water Service Group's current full-year earnings is $3.29 per share. Zacks Research also issued estimates for California Water Service Group's Q4 2024 earnings at $0.24 EPS, Q2 2025 earnings at $0.42 EPS, Q4 2025 earnings at $0.61 EPS, FY2025 earnings at $2.32 EPS, Q2 2026 earnings at $0.38 EPS and Q3 2026 earnings at $1.16 EPS.

Other equities analysts have also recently issued reports about the company. StockNews.com raised California Water Service Group from a "sell" rating to a "hold" rating in a research note on Wednesday, January 8th. Wells Fargo & Company raised shares of California Water Service Group from an "equal weight" rating to an "overweight" rating and decreased their price target for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. Finally, Bank of America initiated coverage on California Water Service Group in a research report on Wednesday, December 11th. They set a "buy" rating and a $57.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $53.25.

California Water Service Group Trading Down 3.2 %

CWT stock opened at $41.88 on Monday. The company has a market capitalization of $2.49 billion, a PE ratio of 12.10 and a beta of 0.52. The company's 50 day moving average price is $48.36 and its two-hundred day moving average price is $51.21. California Water Service Group has a one year low of $41.82 and a one year high of $56.25. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64.

California Water Service Group (NYSE:CWT - Get Free Report) last issued its quarterly 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). The firm had revenue of $299.60 million for the quarter, compared to the consensus estimate of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The company's revenue for the quarter was up 17.5% on a year-over-year basis. During the same period last year, the firm earned $0.60 EPS.

Institutional Investors Weigh In On California Water Service Group

A number of hedge funds have recently added to or reduced their stakes in CWT. JPMorgan Chase & Co. boosted its stake in shares of California Water Service Group by 55.7% in the 3rd quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider's stock worth $8,765,000 after buying an additional 57,811 shares during the last quarter. Franklin Resources Inc. lifted its holdings in California Water Service Group by 117.0% in the third quarter. Franklin Resources Inc. now owns 58,258 shares of the utilities provider's stock valued at $3,100,000 after acquiring an additional 31,412 shares during the period. Geode Capital Management LLC lifted its holdings in California Water Service Group by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,337,966 shares of the utilities provider's stock valued at $72,559,000 after acquiring an additional 24,275 shares during the period. Duff & Phelps Investment Management Co. boosted its position in California Water Service Group by 52.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 63,554 shares of the utilities provider's stock worth $3,446,000 after purchasing an additional 21,791 shares during the last quarter. Finally, Barclays PLC grew its stake in shares of California Water Service Group by 135.8% during the 3rd quarter. Barclays PLC now owns 119,645 shares of the utilities provider's stock valued at $6,486,000 after purchasing an additional 68,914 shares during the period. 82.78% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, VP Michael B. Luu sold 985 shares of the 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 transaction, the vice president now owns 20,354 shares in the company, valued at $1,048,231. This represents a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.73% of the company's stock.

California Water Service Group Announces Dividend

The firm also recently announced 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 was Tuesday, November 12th. This represents a $1.12 annualized dividend and a yield of 2.67%. California Water Service Group's dividend payout ratio is 32.37%.

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.