California Water Service Group (NYSE:CWT) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Monday.
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. “
Get California Water Service Group alerts:A number of other analysts also recently commented on the company. Robert W. Baird upgraded California Water Service Group from a “neutral” rating to an “outperform” rating and set a $50.00 price objective for the company in a report on Thursday, December 6th. ValuEngine upgraded California Water Service Group from a “buy” rating to a “strong-buy” rating in a report on Tuesday, February 12th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $44.20.
Shares of CWT stock traded up $0.08 on Monday, reaching $50.93. 190,521 shares of the stock were exchanged, compared to its average volume of 208,841. The company has a market cap of $2.45 billion, a price-to-earnings ratio of 36.38, a PEG ratio of 5.13 and a beta of 0.38. The company has a quick ratio of 0.60, a current ratio of 0.62 and a debt-to-equity ratio of 1.00. California Water Service Group has a 1-year low of $35.25 and a 1-year high of $52.22.
A number of hedge funds and other institutional investors have recently made changes to their positions in CWT. CENTRAL TRUST Co increased its holdings in California Water Service Group by 100.0% in the 4th quarter. CENTRAL TRUST Co now owns 608 shares of the utilities provider’s stock valued at $29,000 after purchasing an additional 304 shares in the last quarter. Advisors Asset Management Inc. increased its holdings in California Water Service Group by 47.5% in the 4th quarter. Advisors Asset Management Inc. now owns 649 shares of the utilities provider’s stock valued at $31,000 after purchasing an additional 209 shares in the last quarter. Parkside Financial Bank & Trust increased its holdings in California Water Service Group by 1,700.0% in the 4th quarter. Parkside Financial Bank & Trust now owns 756 shares of the utilities provider’s stock valued at $36,000 after purchasing an additional 714 shares in the last quarter. FMR LLC acquired a new stake in California Water Service Group in the 3rd quarter valued at $110,000. Finally, Strs Ohio increased its holdings in California Water Service Group by 333.3% in the 4th quarter. Strs Ohio now owns 2,600 shares of the utilities provider’s stock valued at $123,000 after purchasing an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 73.99% of the company’s stock.
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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