Zacks Investment Research cut shares of California Water Service Group (NYSE:CWT) from a hold rating to a sell rating in a research report report published on Thursday.
According to Zacks, “California Water Service Group is the publicly traded water utility in the United States, providing high- quality utility services to the millions of people in the communities through six subsidiaries: California Water Service (Cal Water), Hawaii Water Ser vice Company, Inc. (Hawaii Water), New Mexico Water Service Company (New Mexico Water), Washington Water Ser vice Company (Washington Water), CWS Utility Services (CWSUS), and HWS Utility Services (HWSUS). Cal Water, Hawaii Water, New Mexico Water, and Washington Water provide regulated water and wastewater utility services, while CWSUS and HWSUS conduct the Company’s non-regulated business, which includes providing billing, water quality testing, and water and wastewater system operations and management services to cities and other companies. “
Separately, Hilliard Lyons lowered California Water Service Group from a neutral rating to an underperform rating in a research note on Wednesday, January 17th. Four equities research analysts have rated the stock with a sell rating and four have given a hold rating to the company’s stock. California Water Service Group presently has a consensus rating of Hold and an average target price of $38.33.
The business also recently announced a quarterly dividend, which will be paid on Friday, February 23rd. Shareholders of record on Monday, February 12th will be paid a $0.1875 dividend. This represents a $0.75 annualized dividend and a yield of 1.90%. The ex-dividend date is Friday, February 9th. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.18. California Water Service Group’s payout ratio is 52.82%.
Hedge funds have recently modified their holdings of the company. SeaCrest Wealth Management LLC purchased a new stake in shares of California Water Service Group during the fourth quarter worth about $106,000. CoreCommodity Management LLC purchased a new stake in shares of California Water Service Group during the fourth quarter worth about $146,000. SG Americas Securities LLC purchased a new stake in shares of California Water Service Group during the third quarter worth about $160,000. HPM Partners LLC purchased a new stake in shares of California Water Service Group during the fourth quarter worth about $204,000. Finally, ACG Wealth purchased a new stake in shares of California Water Service Group during the fourth quarter worth about $207,000. Institutional investors and hedge funds own 68.35% of the company’s stock.
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California Water Service Group Company Profile
California Water Service Group is a holding company. The Company operates through the supply and distribution of water and providing water-related utility services segment. The Company, through its subsidiaries, provides non-regulated services and non-regulated services to private companies and municipalities.
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