California Water Service Group (NYSE:CWT) Hits New 12-Month Low – Here’s Why

California Water Service Group (NYSE:CWT) shares reached a new 52-week low on Wednesday . The company traded as low as $43.44 and last traded at $43.71, with a volume of 32514 shares. The stock had previously closed at $44.36.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and reduced their price objective for the company from $56.00 to $52.00 in a research note on Tuesday. StockNews.com cut California Water Service Group from a “hold” rating to a “sell” rating in a research note on Friday, December 13th. Finally, Bank of America started coverage on California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 target price on the stock. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, California Water Service Group presently has an average rating of “Hold” and an average target price of $53.25.

California Water Service Group Trading Down 3.6 %

The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. The firm has a market capitalization of $2.54 billion, a P/E ratio of 12.36 and a beta of 0.52. The business has a 50 day moving average of $48.86 and a 200-day moving average of $51.33.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The company had revenue of $299.60 million for the quarter, compared to analyst estimates 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 was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 earnings per share. Analysts anticipate that California Water Service Group will post 3.29 EPS for the current fiscal year.

California Water Service Group Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Investors of record on Tuesday, November 12th were given a $0.28 dividend. This represents a $1.12 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group’s dividend payout ratio is presently 32.37%.

Insider Buying and Selling at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of the firm’s stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares in the company, valued at $1,048,231. This trade represents a 4.62 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.73% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. lifted its stake in California Water Service Group by 255.6% in the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock valued at $27,000 after purchasing an additional 363 shares during the last quarter. GAMMA Investing LLC lifted its position in shares of California Water Service Group by 50.2% in the third quarter. GAMMA Investing LLC now owns 1,236 shares of the utilities provider’s stock valued at $67,000 after buying an additional 413 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of California Water Service Group during the 2nd quarter worth approximately $85,000. nVerses Capital LLC acquired a new position in shares of California Water Service Group during the 3rd quarter worth approximately $119,000. Finally, CWM LLC raised its stake in California Water Service Group by 129.1% in the 3rd quarter. CWM LLC now owns 3,090 shares of the utilities provider’s stock valued at $168,000 after acquiring an additional 1,741 shares during the period. 82.78% of the stock is currently owned by institutional investors.

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.