California Water Service Group (CWT) Posts Quarterly Earnings Results, Misses Estimates By $0.21 EPS

California Water Service Group (NYSE:CWT) released its quarterly earnings data on Thursday. The utilities provider reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.21), MarketWatch Earnings reports. California Water Service Group had a net margin of 8.71% and a return on equity of 8.58%. The firm had revenue of $126.10 million during the quarter, compared to analyst estimates of $138.86 million. During the same period in the prior year, the company earned ($0.05) EPS. The business’s quarterly revenue was down 6.3% compared to the same quarter last year.

NYSE:CWT traded down $0.06 on Thursday, reaching $49.89. 627,073 shares of the stock traded hands, compared to its average volume of 206,803. The company has a market capitalization of $2.40 billion, a PE ratio of 36.68, a P/E/G ratio of 5.05 and a beta of 0.40. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.57 and a current ratio of 0.59. California Water Service Group has a 1-year low of $37.70 and a 1-year high of $55.05.

In other California Water Service Group news, insider Elissa Y. Ouyang sold 1,000 shares of the stock in a transaction that occurred on Wednesday, March 13th. The shares were sold at an average price of $54.03, for a total transaction of $54,030.00. Following the completion of the sale, the insider now owns 3,680 shares of the company’s stock, valued at approximately $198,830.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.00% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the business. BlackRock Inc. increased its position in California Water Service Group by 2.1% during the 4th quarter. BlackRock Inc. now owns 7,470,871 shares of the utilities provider’s stock valued at $356,064,000 after purchasing an additional 155,103 shares during the period. Vanguard Group Inc increased its position in California Water Service Group by 2.3% during the 3rd quarter. Vanguard Group Inc now owns 5,337,436 shares of the utilities provider’s stock valued at $228,976,000 after purchasing an additional 118,398 shares during the period. Vanguard Group Inc. increased its position in California Water Service Group by 2.3% during the 3rd quarter. Vanguard Group Inc. now owns 5,337,436 shares of the utilities provider’s stock valued at $228,976,000 after purchasing an additional 118,398 shares during the period. Dimensional Fund Advisors LP increased its position in California Water Service Group by 1.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,602,002 shares of the utilities provider’s stock valued at $76,351,000 after purchasing an additional 16,628 shares during the period. Finally, Bank of New York Mellon Corp increased its position in California Water Service Group by 3.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 702,362 shares of the utilities provider’s stock valued at $30,132,000 after purchasing an additional 23,715 shares during the period. 73.40% of the stock is owned by institutional investors and hedge funds.

Several research analysts have recently issued reports on CWT shares. Zacks Investment Research raised California Water Service Group from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Thursday, January 3rd. ValuEngine raised California Water Service Group from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, February 12th. Finally, Wells Fargo & Co upped their price objective on California Water Service Group from $45.00 to $49.00 and gave the company a “market perform” rating in a research note on Monday, March 4th. Three analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $48.50.

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About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. It 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.

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

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