Zacks Investment Research Downgrades Connecticut Water Service (NASDAQ:CTWS) to Sell

Connecticut Water Service (NASDAQ:CTWS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Monday, Zacks.com reports.

According to Zacks, “Connecticut Water Service, Inc., is a non-operating holding company whose income comes solely from its subsidiaries. The core business is water service to people throughout towns in Connecticut and Massachusetts. “

CTWS has been the topic of several other research reports. TheStreet cut shares of Connecticut Water Service from a “b” rating to a “c+” rating in a research note on Thursday, March 7th. Wells Fargo & Co reiterated a “hold” rating on shares of Connecticut Water Service in a research note on Friday, March 1st. Finally, BidaskClub upgraded shares of Connecticut Water Service from a “sell” rating to a “hold” rating in a research note on Wednesday, March 6th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $66.50.

Shares of NASDAQ:CTWS opened at $68.08 on Monday. Connecticut Water Service has a twelve month low of $62.05 and a twelve month high of $70.44. The company has a current ratio of 0.47, a quick ratio of 0.45 and a debt-to-equity ratio of 0.88. The company has a market capitalization of $821.63 million, a PE ratio of 29.73 and a beta of -0.03.

Connecticut Water Service (NASDAQ:CTWS) last issued its quarterly earnings data on Wednesday, May 8th. The utilities provider reported $0.19 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.21 by ($0.02). Connecticut Water Service had a return on equity of 8.72% and a net margin of 16.21%. The business had revenue of $27.86 million during the quarter. As a group, analysts expect that Connecticut Water Service will post 2.3 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in Connecticut Water Service by 312.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 19,445 shares of the utilities provider’s stock worth $1,349,000 after acquiring an additional 14,725 shares during the period. Rhumbline Advisers raised its stake in Connecticut Water Service by 47.4% during the 4th quarter. Rhumbline Advisers now owns 17,818 shares of the utilities provider’s stock worth $1,191,000 after acquiring an additional 5,733 shares during the period. Advisor Group Inc. raised its stake in Connecticut Water Service by 2.9% during the 4th quarter. Advisor Group Inc. now owns 6,670 shares of the utilities provider’s stock worth $446,000 after acquiring an additional 187 shares during the period. Citigroup Inc. raised its stake in Connecticut Water Service by 3.8% during the 4th quarter. Citigroup Inc. now owns 69,903 shares of the utilities provider’s stock worth $4,674,000 after acquiring an additional 2,535 shares during the period. Finally, Metropolitan Life Insurance Co. NY raised its stake in Connecticut Water Service by 315.0% during the 4th quarter. Metropolitan Life Insurance Co. NY now owns 4,133 shares of the utilities provider’s stock worth $276,000 after acquiring an additional 3,137 shares during the period. Institutional investors own 51.12% of the company’s stock.

About Connecticut Water Service

Connecticut Water Service, Inc, together with its subsidiaries, operates as a regulated water company. The company operates through three segments: Water Operations, Real Estate Transactions, and Services and Rentals. The Water Operations segment supplies public drinking water and provides wastewater services.

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