UBS Group started coverage on shares of California Water Service Group (NYSE:CWT) in a report published on Thursday morning, www.benzinga.com reports. The brokerage issued a sell rating and a $34.00 price target on the utilities provider’s stock.
Several other research firms have also recently commented on CWT. Zacks Investment Research cut shares of California Water Service Group from a hold rating to a sell rating in a research report on Wednesday, December 27th. Hilliard Lyons cut shares of California Water Service Group from a neutral rating to an underperform rating in a research report on Wednesday, January 17th. Finally, ValuEngine raised shares of California Water Service Group from a hold rating to a buy rating in a research report on Thursday, March 1st. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. The stock presently has a consensus rating of Hold and an average price target of $37.25.
Shares of California Water Service Group (NYSE CWT) opened at $37.75 on Thursday. The company has a market cap of $1,812.43, a price-to-earnings ratio of 26.96, a P/E/G ratio of 4.41 and a beta of 0.62. California Water Service Group has a 52-week low of $32.75 and a 52-week high of $46.15. The company has a debt-to-equity ratio of 0.74, a current ratio of 0.46 and a quick ratio of 0.45.
The business also recently disclosed a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Monday, February 12th were given a $0.1875 dividend. This is a boost from California Water Service Group’s previous quarterly dividend of $0.18. This represents a $0.75 annualized dividend and a yield of 1.99%. The ex-dividend date of this dividend was Friday, February 9th. California Water Service Group’s payout ratio is currently 53.57%.
In related news, Director George A. Vera acquired 869 shares of the business’s stock in a transaction that occurred on Tuesday, March 6th. The shares were acquired at an average cost of $35.40 per share, with a total value of $30,762.60. Following the transaction, the director now owns 41,509 shares of the company’s stock, valued at approximately $1,469,418.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders purchased a total of 876 shares of company stock worth $31,048 over the last ninety days. 0.97% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Elkfork Partners LLC acquired a new stake in California Water Service Group in the 4th quarter valued at $292,000. Xact Kapitalforvaltning AB acquired a new stake in California Water Service Group in the 4th quarter valued at $214,000. MetLife Investment Advisors LLC acquired a new stake in California Water Service Group in the 4th quarter valued at $1,028,000. Magellan Asset Management Ltd increased its stake in California Water Service Group by 5.3% in the 4th quarter. Magellan Asset Management Ltd now owns 32,394 shares of the utilities provider’s stock valued at $1,469,000 after buying an additional 1,624 shares during the last quarter. Finally, Hoylecohen LLC acquired a new stake in California Water Service Group in the 4th quarter valued at $979,000. Hedge funds and other institutional investors own 70.15% of the company’s stock.
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About California Water Service Group
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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