Q2 2024 EPS Estimates for California Water Service Group (NYSE:CWT) Decreased by Analyst

California Water Service Group (NYSE:CWTFree Report) – Zacks Research dropped their Q2 2024 earnings per share (EPS) estimates for California Water Service Group in a research report issued to clients and investors on Thursday, May 9th. Zacks Research analyst J. Saha now expects that the utilities provider will earn $0.40 per share for the quarter, down from their previous forecast of $0.44. The consensus estimate for California Water Service Group’s current full-year earnings is $3.15 per share. Zacks Research also issued estimates for California Water Service Group’s FY2024 earnings at $3.13 EPS.

A number of other equities analysts have also recently commented on CWT. StockNews.com raised shares of California Water Service Group from a “sell” rating to a “hold” rating in a research note on Friday, April 26th. TheStreet lowered shares of California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. UBS Group upgraded shares of California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price objective on the stock in a research note on Thursday, April 4th. Finally, Robert W. Baird boosted their price objective on shares of California Water Service Group from $52.00 to $55.00 and gave the stock an “outperform” rating in a research note on Friday, April 26th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $54.25.

View Our Latest Report on CWT

California Water Service Group Stock Performance

Shares of CWT opened at $52.92 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 business has a 50-day simple moving average of $47.26 and a two-hundred day simple moving average of $48.58. The stock has a market cap of $3.06 billion, a price-to-earnings ratio of 21.17 and a beta of 0.47. 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:CWTGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.21 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.21 by $1.00. The firm had revenue of $270.75 million for the quarter, compared to the consensus estimate of $183.85 million. California Water Service Group had a return on equity of 10.09% and a net margin of 15.42%. The company’s quarterly revenue was up 106.5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.40) earnings per share.

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 of this dividend is Friday, May 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.12%. California Water Service Group’s payout ratio is 44.80%.

Insider Activity

In related news, Director Thomas M. Krummel sold 2,220 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $50.00, for a total transaction of $111,000.00. Following the completion of the transaction, the director now directly owns 23,873 shares of the company’s stock, valued at $1,193,650. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.73% of the company’s stock.

Institutional Trading of California Water Service Group

Several large investors have recently modified their holdings of the business. Raymond James & Associates raised its stake in California Water Service Group by 35.7% during the third quarter. Raymond James & Associates now owns 175,973 shares of the utilities provider’s stock worth $8,325,000 after purchasing an additional 46,303 shares during the period. Raymond James Financial Services Advisors Inc. raised its stake in shares of California Water Service Group by 5.1% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 65,799 shares of the utilities provider’s stock valued at $3,113,000 after acquiring an additional 3,174 shares during the period. New York State Teachers Retirement System raised its stake in shares of California Water Service Group by 9.1% in the 3rd quarter. New York State Teachers Retirement System now owns 62,989 shares of the utilities provider’s stock valued at $2,980,000 after acquiring an additional 5,247 shares during the period. IFM Investors Pty Ltd raised its stake in shares of California Water Service Group by 11.9% in the 3rd quarter. IFM Investors Pty Ltd now owns 7,700 shares of the utilities provider’s stock valued at $364,000 after acquiring an additional 817 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of California Water Service Group by 14.1% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 31,854 shares of the utilities provider’s stock valued at $1,507,000 after acquiring an additional 3,929 shares during the period. 82.78% of the stock is currently owned by institutional investors and hedge funds.

California Water Service Group Company Profile

(Get Free Report)

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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Earnings History and Estimates for California Water Service Group (NYSE:CWT)

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