California Water Service Group (NYSE:CWT) Cut to Sell at StockNews.com

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

Separately, Bank of America began coverage on shares of California Water Service Group in a research note on Wednesday. They issued a “buy” rating and a $57.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $54.50.

California Water Service Group Price Performance

CWT opened at $48.50 on Friday. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $2.88 billion, a P/E ratio of 14.02 and a beta of 0.50. The stock has a 50-day moving average price of $51.21 and a 200-day moving average price of $51.62. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $56.25.

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

Insider Buying and Selling at California Water Service Group

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of the business’s stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $51.50, for a total value of $50,727.50. Following the transaction, the vice president now owns 20,354 shares in the company, valued at approximately $1,048,231. The trade was a 4.62 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.73% of the company’s stock.

Institutional Trading of California Water Service Group

A number of institutional investors have recently modified their holdings of the company. FMR LLC raised its position in California Water Service Group by 70.5% during the 3rd quarter. FMR LLC now owns 63,625 shares of the utilities provider’s stock valued at $3,450,000 after purchasing an additional 26,299 shares during the last quarter. Assenagon Asset Management S.A. bought a new position in shares of California Water Service Group during the second quarter valued at approximately $6,823,000. Quest Partners LLC lifted its stake in California Water Service Group by 297.1% in the third quarter. Quest Partners LLC now owns 22,676 shares of the utilities provider’s stock worth $1,229,000 after acquiring an additional 16,966 shares during the period. SG Americas Securities LLC bought a new stake in California Water Service Group in the second quarter valued at $568,000. Finally, Intech Investment Management LLC purchased a new position in California Water Service Group during the 3rd quarter valued at $585,000. 82.78% of the stock is currently owned by hedge funds and other 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.