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

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

Separately, Bank of America assumed coverage on shares of California Water Service Group in a research report 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 issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $54.50.

California Water Service Group Stock Up 0.1 %

CWT traded up $0.07 on Friday, hitting $48.51. 166,694 shares of the company were exchanged, compared to its average volume of 324,107. The stock’s fifty day moving average is $51.21 and its 200-day moving average is $51.61. California Water Service Group has a 12 month low of $43.50 and a 12 month high of $56.25. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. The company has a market cap of $2.88 billion, a PE ratio of 14.02 and a beta of 0.50.

California Water Service Group (NYSE:CWT) last announced its quarterly earnings data on Thursday, October 31st. The utilities provider reported $1.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 company had revenue of $299.60 million for the quarter, compared to the consensus estimate of $289.55 million. During the same quarter in the prior year, the company earned $0.60 EPS. The company’s revenue for the quarter was up 17.5% on a year-over-year basis. Equities research analysts predict that California Water Service Group will post 3.29 EPS for the current fiscal year.

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CWT. Blue Trust Inc. boosted its position in shares of California Water Service Group by 255.6% in the third quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock valued at $27,000 after acquiring an additional 363 shares during the period. CWM LLC grew its position in shares of California Water Service Group by 90.8% during the 2nd quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock worth $65,000 after purchasing an additional 642 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of California Water Service Group by 50.2% during the third quarter. GAMMA Investing LLC now owns 1,236 shares of the utilities provider’s stock worth $67,000 after purchasing an additional 413 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of California Water Service Group in the second quarter valued at approximately $85,000. Finally, nVerses Capital LLC bought a new stake in shares of California Water Service Group in the third quarter valued at approximately $119,000. 82.78% of the stock is owned by institutional investors and hedge funds.

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.