Brokers Offer Predictions for California Water Service Group’s FY2024 Earnings (NYSE:CWT)
California Water Service Group (NYSE:CWT – Free Report) – Stock analysts at Zacks Research increased their FY2024 EPS estimates for California Water Service Group in a research report issued to clients and investors on Wednesday, January 3rd. Zacks Research analyst T. Sarawagi now expects that the utilities provider will earn $2.24 per share for the year, up from their previous forecast of $2.23. The consensus estimate for California Water Service Group’s current full-year earnings is $1.91 per share. Zacks Research also issued estimates for California Water Service Group’s Q3 2025 earnings at $0.90 EPS and FY2025 earnings at $2.37 EPS.
California Water Service Group (NYSE:CWT – Get Free Report) last released its quarterly earnings results on Thursday, October 26th. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.54 by $0.06. The firm had revenue of $254.98 million for the quarter, compared to the consensus estimate of $235.23 million. California Water Service Group had a return on equity of 3.04% and a net margin of 5.29%.
CWT has been the topic of a number of other research reports. TheStreet raised shares of California Water Service Group from a “c+” rating to a “b-” rating in a research report on Thursday, December 28th. StockNews.com upgraded shares of California Water Service Group to a “sell” rating in a research note on Wednesday, November 1st. Finally, Wells Fargo & Company downgraded California Water Service Group from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $56.00 to $47.00 in a research report on Wednesday, October 25th. Three analysts have rated the stock with a sell rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, California Water Service Group currently has an average rating of “Hold” and a consensus target price of $56.50.
Get Our Latest Research Report on CWT
California Water Service Group Trading Down 1.3 %
NYSE CWT opened at $51.24 on Thursday. The stock has a market capitalization of $2.96 billion, a price-to-earnings ratio of 71.16 and a beta of 0.50. California Water Service Group has a 52 week low of $45.44 and a 52 week high of $63.92. The stock’s 50 day moving average price is $51.35 and its two-hundred day moving average price is $50.59. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.75 and a current ratio of 0.79.
California Water Service Group Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, November 17th. Investors of record on Monday, November 6th were paid a $0.26 dividend. The ex-dividend date of this dividend was Friday, November 3rd. This represents a $1.04 annualized dividend and a yield of 2.03%. California Water Service Group’s dividend payout ratio (DPR) is currently 144.44%.
Insider Buying and Selling
In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction on Wednesday, December 20th. The shares were sold at an average price of $53.45, for a total transaction of $29,664.75. Following the completion of the transaction, the director now directly owns 26,621 shares of the company’s stock, valued at $1,422,892.45. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, insider Michelle R. Mortensen sold 675 shares of the firm’s stock in a transaction that occurred on Tuesday, December 12th. The shares were sold at an average price of $52.56, for a total transaction of $35,478.00. Following the transaction, the insider now directly owns 8,983 shares of the company’s stock, valued at $472,146.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $53.45, for a total value of $29,664.75. Following the completion of the transaction, the director now owns 26,621 shares in the company, valued at approximately $1,422,892.45. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 4,005 shares of company stock worth $204,875. Company insiders own 0.88% of the company’s stock.
Hedge Funds Weigh In On California Water Service Group
Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its holdings in shares of California Water Service Group by 0.3% during the 2nd quarter. BlackRock Inc. now owns 10,331,349 shares of the utilities provider’s stock valued at $533,408,000 after acquiring an additional 30,785 shares in the last quarter. Vanguard Group Inc. boosted its stake in shares of California Water Service Group by 4.0% during the third quarter. Vanguard Group Inc. now owns 7,099,486 shares of the utilities provider’s stock valued at $335,877,000 after purchasing an additional 270,786 shares in the last quarter. State Street Corp grew its holdings in shares of California Water Service Group by 27.0% during the second quarter. State Street Corp now owns 5,369,713 shares of the utilities provider’s stock worth $298,288,000 after purchasing an additional 1,140,204 shares during the last quarter. T. Rowe Price Investment Management Inc. increased its stake in shares of California Water Service Group by 5.8% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,330,347 shares of the utilities provider’s stock valued at $141,313,000 after buying an additional 126,979 shares during the period. Finally, Price T Rowe Associates Inc. MD raised its holdings in California Water Service Group by 0.4% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 2,278,162 shares of the utilities provider’s stock valued at $126,552,000 after buying an additional 9,949 shares during the last quarter. Institutional investors own 80.63% of the company’s stock.
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.
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