California Water Service Group to Post FY2024 Earnings of $2.10 Per Share, Seaport Res Ptn Forecasts (NYSE:CWT)

California Water Service Group (NYSE:CWT – Get Rating) – Analysts at Seaport Res Ptn raised their FY2024 earnings estimates for California Water Service Group in a research report issued on Wednesday, May 24th. Seaport Res Ptn analyst A. Storozynski now expects that the utilities provider will post earnings per share of $2.10 for the year, up from their prior forecast of $2.05. The consensus estimate for California Water Service Group’s current full-year earnings is $1.84 per share. Seaport Res Ptn also issued estimates for California Water Service Group’s FY2025 earnings at $2.20 EPS.

California Water Service Group (NYSE:CWT – Get Rating) last posted its quarterly earnings results on Thursday, March 2nd. The utilities provider reported $0.35 earnings per share for the quarter, topping analysts’ consensus estimates of $0.22 by $0.13. California Water Service Group had a net margin of 9.04% and a return on equity of 5.69%. The firm had revenue of $200.94 million for the quarter, compared to the consensus estimate of $180.14 million. During the same quarter in the previous year, the company earned $0.07 earnings per share.

Separately, StockNews.com assumed coverage on California Water Service Group in a research note on Thursday, May 18th. They set a “sell” rating for the company.

California Water Service Group Stock Down 0.7 %

Shares of NYSE CWT opened at $55.74 on Thursday. The company has a market cap of $3.12 billion, a price-to-earnings ratio of 41.60 and a beta of 0.48. California Water Service Group has a 12-month low of $48.46 and a 12-month high of $66.12. The company has a quick ratio of 0.73, a current ratio of 0.77 and a debt-to-equity ratio of 0.81. The firm’s 50-day simple moving average is $57.35 and its 200 day simple moving average is $59.81.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Ruedi Wealth Management Inc. bought a new position in shares of California Water Service Group during the 4th quarter worth $27,000. Belpointe Asset Management LLC bought a new position in shares of California Water Service Group during the 4th quarter worth $28,000. Grey Fox Wealth Advisors LLC bought a new position in shares of California Water Service Group during the 4th quarter worth $31,000. FinTrust Capital Advisors LLC bought a new position in shares of California Water Service Group during the 4th quarter worth $46,000. Finally, Tower Research Capital LLC TRC grew its stake in shares of California Water Service Group by 80.0% during the 1st quarter. Tower Research Capital LLC TRC now owns 1,742 shares of the utilities provider’s stock worth $101,000 after acquiring an additional 774 shares during the period. Institutional investors own 79.01% of the company’s stock.

Insider Activity at California Water Service Group

In related news, VP Robert J. Kuta sold 1,000 shares of the stock in a transaction on Friday, May 5th. The stock was sold at an average price of $56.79, for a total value of $56,790.00. Following the completion of the sale, the vice president now directly owns 12,916 shares of the company’s stock, valued at approximately $733,499.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 0.97% of the stock is currently owned by insiders.

California Water Service Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 19th. Stockholders of record on Monday, May 8th were given a dividend of $0.26 per share. This represents a $1.04 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date was Friday, May 5th. California Water Service Group’s payout ratio is 77.61%.

About California Water Service Group

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California Water Service Group is a holding company, which engages in provision of water utility and other related services in California, Washington, New Mexico, and Hawaii through its wholly-owned subsidiaries. The firm 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.