FY2024 EPS Estimates for California Water Service Group Increased by Analyst (NYSE:CWT)

California Water Service Group (NYSE:CWT) – Seaport Res Ptn upped their FY2024 earnings per share (EPS) estimates for California Water Service Group in a note issued to investors on Wednesday, April 24th. Seaport Res Ptn analyst A. Storozynski now expects that the utilities provider will post earnings of $3.26 per share for the year, up from their prior forecast of $2.25. The consensus estimate for California Water Service Group’s current full-year earnings is $2.59 per share.

Other analysts have also recently issued research reports about the stock. TheStreet cut shares of California Water Service Group from a “b-” rating to a “c+” rating in a research note on Wednesday, February 14th. Robert W. Baird increased their price target on shares of California Water Service Group from $52.00 to $55.00 and gave the company an “outperform” rating in a research report on Friday. StockNews.com upgraded California Water Service Group from a “sell” rating to a “hold” rating in a research report on Friday. Finally, UBS Group upgraded California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price target for the company in a report on Thursday, April 4th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $54.25.

California Water Service Group Stock Up 1.0 %

Shares of NYSE CWT opened at $48.42 on Monday. The company has a quick ratio of 0.52, a current ratio of 0.56 and a debt-to-equity ratio of 0.72. The stock has a market cap of $2.80 billion, a PE ratio of 19.37 and a beta of 0.49. The business has a 50-day moving average price of $46.13 and a 200 day moving average price of $48.31. California Water Service Group has a 52-week low of $43.50 and a 52-week high of $58.30.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings data on Thursday, April 25th. The utilities provider reported $1.21 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $1.00. The company had revenue of $270.75 million for the quarter, compared to the consensus estimate of $183.85 million. California Water Service Group had a net margin of 15.42% and a return on equity of 10.09%. The company’s quarterly revenue was up 106.5% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.40) EPS.

California Water Service Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Stockholders of record on Monday, May 6th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.31%. California Water Service Group’s payout ratio is currently 44.80%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of CWT. AdvisorNet Financial Inc lifted its stake in shares of California Water Service Group by 42.2% in the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock worth $38,000 after buying an additional 220 shares during the last quarter. Signaturefd LLC lifted its position in California Water Service Group by 64.4% during the 3rd quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 417 shares during the last quarter. TFO Wealth Partners LLC boosted its holdings in California Water Service Group by 57,000.0% during the fourth quarter. TFO Wealth Partners LLC now owns 1,142 shares of the utilities provider’s stock valued at $59,000 after acquiring an additional 1,140 shares during the period. Global Retirement Partners LLC boosted its holdings in California Water Service Group by 47.3% during the first quarter. Global Retirement Partners LLC now owns 2,910 shares of the utilities provider’s stock valued at $135,000 after acquiring an additional 935 shares during the period. Finally, Quadrant Capital Group LLC grew its position in shares of California Water Service Group by 93.3% in the fourth quarter. Quadrant Capital Group LLC now owns 3,748 shares of the utilities provider’s stock valued at $194,000 after purchasing an additional 1,809 shares during the last quarter. 82.78% of the stock is owned by institutional investors and hedge funds.

California Water Service Group Company Profile

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.