Global Water Resources (NASDAQ:GWRS) Upgraded to “Buy” by Zacks Investment Research

Zacks Investment Research upgraded shares of Global Water Resources (NASDAQ:GWRS) from a hold rating to a buy rating in a research note released on Saturday morning, Zacks.com reports. Zacks Investment Research currently has $13.00 price objective on the utilities provider’s stock.

According to Zacks, “Global Water Resources, Inc. is a water resource management company. It owns and operates regulated water, wastewater and recycled water utilities. Global Water Resources, Inc. is headquartered in Phoenix, Arizona. “

Separately, BidaskClub cut shares of Global Water Resources from a strong-buy rating to a buy rating in a report on Thursday, August 8th.

NASDAQ GWRS opened at $11.26 on Friday. The business has a fifty day moving average of $11.37. The stock has a market capitalization of $242.46 million and a PE ratio of 75.07. Global Water Resources has a 12-month low of $9.00 and a 12-month high of $13.33. The company has a current ratio of 1.79, a quick ratio of 1.79 and a debt-to-equity ratio of 4.24.

Global Water Resources (NASDAQ:GWRS) last posted its quarterly earnings results on Wednesday, August 7th. The utilities provider reported $0.04 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.04. The business had revenue of $9.12 million during the quarter, compared to analysts’ expectations of $9.30 million. Global Water Resources had a net margin of 5.73% and a return on equity of 6.95%. On average, sell-side analysts forecast that Global Water Resources will post 0.15 earnings per share for the current year.

The business also recently declared a dividend, which will be paid on Thursday, August 29th. Shareholders of record on Thursday, August 15th will be issued a $0.0239 dividend. The ex-dividend date is Wednesday, August 14th. This is a boost from Global Water Resources’s previous dividend of $0.02. Global Water Resources’s dividend payout ratio (DPR) is currently 193.33%.

Several hedge funds and other institutional investors have recently bought and sold shares of GWRS. Wasatch Advisors Inc. raised its holdings in shares of Global Water Resources by 39.2% in the second quarter. Wasatch Advisors Inc. now owns 400,365 shares of the utilities provider’s stock worth $4,180,000 after buying an additional 112,787 shares during the last quarter. BlackRock Inc. raised its holdings in shares of Global Water Resources by 19.2% during the second quarter. BlackRock Inc. now owns 608,511 shares of the utilities provider’s stock worth $6,353,000 after purchasing an additional 98,189 shares during the last quarter. Granite Investment Partners LLC raised its holdings in shares of Global Water Resources by 87.8% during the first quarter. Granite Investment Partners LLC now owns 77,156 shares of the utilities provider’s stock worth $757,000 after purchasing an additional 36,066 shares during the last quarter. Clear Harbor Asset Management LLC purchased a new position in shares of Global Water Resources during the first quarter worth $245,000. Finally, SG Americas Securities LLC purchased a new position in shares of Global Water Resources during the first quarter worth $110,000. 28.16% of the stock is owned by institutional investors and hedge funds.

About Global Water Resources

Global Water Resources, Inc, a water resource management company, owns, operates, and manages regulated water, wastewater, and recycled water utilities primarily in metropolitan Phoenix, Arizona. As of December 31, 2018, it served approximately 55,000 people in 21,000 homes. The company was founded in 2003 and is based in Phoenix, Arizona.

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