Seaport Res Ptn Equities Analysts Decrease Earnings Estimates for California Water Service Group (NYSE:CWT)

California Water Service Group (NYSE:CWT – Get Rating) – Analysts at Seaport Res Ptn reduced their FY2023 earnings estimates for shares of California Water Service Group in a research report issued to clients and investors on Tuesday, May 10th. Seaport Res Ptn analyst A. Storozynski now forecasts that the utilities provider will post earnings of $1.92 per share for the year, down from their previous estimate of $2.04. Seaport Res Ptn currently has a “Neutral” rating on the stock. Seaport Res Ptn also issued estimates for California Water Service Group’s FY2024 earnings at $2.01 EPS.

Separately, StockNews.com began coverage on California Water Service Group in a report on Thursday, March 31st. They set a “hold” rating for the company.

NYSE:CWT traded up $0.61 during mid-day trading on Friday, hitting $52.70. 792 shares of the company traded hands, compared to its average volume of 337,915. The stock’s fifty day moving average price is $56.31 and its 200-day moving average price is $61.08. California Water Service Group has a one year low of $49.84 and a one year high of $72.08. The company has a quick ratio of 0.93, a current ratio of 0.97 and a debt-to-equity ratio of 0.90. The firm has a market cap of $2.83 billion, a price-to-earnings ratio of 25.53 and a beta of 0.35.

California Water Service Group (NYSE:CWT – Get Rating) last issued its quarterly earnings data on Thursday, April 28th. The utilities provider reported $0.02 EPS for the quarter, missing the consensus estimate of $0.03 by ($0.01). California Water Service Group had a return on equity of 9.41% and a net margin of 12.90%. During the same period in the prior year, the business posted ($0.06) earnings per share.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 20th. Shareholders of record on Monday, May 9th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Friday, May 6th. This represents a $1.00 dividend on an annualized basis and a yield of 1.90%. California Water Service Group’s dividend payout ratio (DPR) is presently 49.02%.

Hedge funds have recently modified their holdings of the business. Aptus Capital Advisors LLC grew its stake in shares of California Water Service Group by 23.6% during the fourth quarter. Aptus Capital Advisors LLC now owns 42,923 shares of the utilities provider’s stock valued at $3,084,000 after buying an additional 8,190 shares during the last quarter. Barclays PLC grew its stake in shares of California Water Service Group by 19.1% during the third quarter. Barclays PLC now owns 53,085 shares of the utilities provider’s stock valued at $3,128,000 after buying an additional 8,515 shares during the last quarter. Skandinaviska Enskilda Banken AB publ grew its stake in shares of California Water Service Group by 261.7% during the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 109,967 shares of the utilities provider’s stock valued at $7,848,000 after buying an additional 79,567 shares during the last quarter. Wellington Management Group LLP bought a new position in shares of California Water Service Group during the third quarter valued at approximately $553,000. Finally, State Board of Administration of Florida Retirement System grew its stake in shares of California Water Service Group by 1.2% during the third quarter. State Board of Administration of Florida Retirement System now owns 22,130 shares of the utilities provider’s stock valued at $1,304,000 after buying an additional 260 shares during the last quarter. Institutional investors and hedge funds own 77.36% of the company’s stock.

About California Water Service Group (Get Rating)

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.

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