What is Seaport Res Ptn’s Estimate for CWT FY2024 Earnings?

California Water Service Group (NYSE:CWT) – Investment analysts at Seaport Res Ptn boosted their FY2024 earnings per share estimates for California Water Service Group in a research report issued to clients and investors on Monday, January 6th. Seaport Res Ptn analyst A. Storozynski now forecasts that the utilities provider will post earnings per share of $3.36 for the year, up from their prior forecast of $3.26. The consensus estimate for California Water Service Group’s current full-year earnings is $3.29 per share. Seaport Res Ptn also issued estimates for California Water Service Group’s FY2025 earnings at $2.31 EPS and FY2027 earnings at $2.83 EPS.

California Water Service Group (NYSE:CWT) last posted its earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The firm had revenue of $299.60 million for the quarter, compared to analyst estimates of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The firm’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 EPS.

A number of other research firms have also issued reports on CWT. StockNews.com lowered California Water Service Group from a “hold” rating to a “sell” rating in a report on Friday, December 13th. Wells Fargo & Company upgraded shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and dropped their price target for the stock from $56.00 to $52.00 in a research note on Tuesday. Finally, Bank of America initiated coverage on California Water Service Group in a report on Wednesday, December 11th. They set a “buy” rating and a $57.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $53.25.

California Water Service Group Stock Performance

Shares of CWT opened at $44.35 on Tuesday. The company’s 50 day simple moving average is $48.86 and its 200-day simple moving average is $51.33. The firm has a market cap of $2.64 billion, a PE ratio of 12.82 and a beta of 0.52. California Water Service Group has a 12-month low of $43.50 and a 12-month high of $56.25. The company has a current ratio of 0.64, a quick ratio of 0.60 and a debt-to-equity ratio of 0.64.

Hedge Funds Weigh In On California Water Service Group

Several large investors have recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its holdings in shares of California Water Service Group by 55.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 161,661 shares of the utilities provider’s stock worth $8,765,000 after purchasing an additional 57,811 shares during the last quarter. Franklin Resources Inc. increased its position in shares of California Water Service Group by 117.0% during the 3rd quarter. Franklin Resources Inc. now owns 58,258 shares of the utilities provider’s stock worth $3,100,000 after purchasing an additional 31,412 shares during the last quarter. Geode Capital Management LLC raised its holdings in California Water Service Group by 1.8% in the 3rd quarter. Geode Capital Management LLC now owns 1,337,966 shares of the utilities provider’s stock valued at $72,559,000 after buying an additional 24,275 shares during the period. Duff & Phelps Investment Management Co. lifted its position in California Water Service Group by 52.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 63,554 shares of the utilities provider’s stock valued at $3,446,000 after buying an additional 21,791 shares during the last quarter. Finally, Barclays PLC boosted its stake in 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 during the period. Institutional investors own 82.78% of the company’s stock.

Insider Transactions at California Water Service Group

In related news, VP Michael B. Luu sold 985 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the transaction, the vice president now owns 20,354 shares of the company’s stock, valued at approximately $1,048,231. This represents a 4.62 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 0.73% of the company’s stock.

California Water Service Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were paid a dividend of $0.28 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.12 annualized dividend and a yield of 2.53%. California Water Service Group’s dividend payout ratio is currently 32.37%.

California Water Service Group Company Profile

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.