California Water Service Group (NYSE:CWT) Downgraded to Sell Rating by StockNews.com

California Water Service Group (NYSE:CWT) was downgraded by equities researchers at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Wednesday.

Separately, Wells Fargo & Company raised shares of California Water Service Group from an “underweight” rating to an “equal weight” rating and raised their target price for the company from $50.00 to $57.00 in a research note on Wednesday, July 31st. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $53.67.

California Water Service Group Stock Up 0.5 %

Shares of CWT traded up $0.23 during mid-day trading on Wednesday, hitting $51.19. 322,495 shares of the company’s stock were exchanged, compared to its average volume of 324,530. The company has a market cap of $3.04 billion, a PE ratio of 14.79 and a beta of 0.49. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $56.25. The company has a 50-day simple moving average of $52.28 and a 200 day simple moving average of $51.86. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.05 by ($0.02). The business had revenue of $299.60 million for the quarter, compared to the consensus estimate of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. California Water Service Group’s revenue was up 17.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.60 earnings per share. On average, research analysts forecast that California Water Service Group will post 3.29 earnings per share for the current fiscal year.

Insider Activity at California Water Service Group

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of the transaction, the vice president now directly owns 20,354 shares of the company’s stock, valued at $1,048,231. The trade was a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Thomas M. Krummel sold 555 shares of California Water Service Group stock in a transaction on Wednesday, September 4th. The stock was sold at an average price of $55.09, for a total transaction of $30,574.95. Following the transaction, the director now directly owns 21,951 shares of the company’s stock, valued at approximately $1,209,280.59. This trade represents a 2.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Hedge Funds Weigh In On California Water Service Group

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CWT. Wulff Hansen & CO. boosted its position in California Water Service Group by 4,565.4% during the second quarter. Wulff Hansen & CO. now owns 1,053,688 shares of the utilities provider’s stock worth $51,093,000 after purchasing an additional 1,031,103 shares during the period. Assenagon Asset Management S.A. acquired a new stake in shares of California Water Service Group during the second quarter worth $6,823,000. Barclays PLC lifted its holdings in shares of California Water Service Group by 135.8% during the third quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock worth $6,486,000 after buying an additional 68,914 shares in the last quarter. Arjuna Capital acquired a new stake in shares of California Water Service Group during the third quarter worth $3,724,000. Finally, Marshall Wace LLP lifted its holdings in shares of California Water Service Group by 354.9% during the second quarter. Marshall Wace LLP now owns 76,851 shares of the utilities provider’s stock worth $3,727,000 after buying an additional 59,956 shares in the last quarter. 82.78% of the stock is 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.