California Water Service Group (NYSE:CWT) Sees Large Growth in Short Interest

California Water Service Group (NYSE:CWT) saw a significant growth in short interest in the month of March. As of March 15th, there was short interest totalling 1,160,000 shares, a growth of 18.6% from the February 29th total of 977,800 shares. Based on an average daily trading volume, of 317,700 shares, the days-to-cover ratio is presently 3.7 days.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on CWT. StockNews.com upgraded shares of California Water Service Group to a “sell” rating in a report on Saturday, March 9th. TheStreet cut shares of California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Finally, Robert W. Baird reduced their target price on shares of California Water Service Group from $56.00 to $52.00 and set an “outperform” rating for the company in a report on Friday, March 1st. Three equities research analysts have rated the stock with a sell rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, California Water Service Group has an average rating of “Hold” and a consensus target price of $55.00.

Insider Activity

In other news, Director Thomas M. Krummel sold 555 shares of the company’s stock in a transaction that occurred on Wednesday, January 3rd. The shares were sold at an average price of $51.90, for a total value of $28,804.50. Following the completion of the transaction, the director now owns 26,066 shares in the company, valued at $1,352,825.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.88% of the company’s stock.

Hedge Funds Weigh In On California Water Service Group

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Rosenberg Matthew Hamilton bought a new stake in shares of California Water Service Group during the third quarter worth approximately $28,000. Harbour Investments Inc. bought a new stake in shares of California Water Service Group during the fourth quarter worth approximately $31,000. AdvisorNet Financial Inc boosted its holdings in shares of California Water Service Group by 42.2% during the fourth quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 220 shares during the period. Clarity Asset Management Inc. bought a new stake in shares of California Water Service Group during the fourth quarter worth approximately $40,000. Finally, Belpointe Asset Management LLC boosted its holdings in shares of California Water Service Group by 58.6% during the first quarter. Belpointe Asset Management LLC now owns 731 shares of the utilities provider’s stock worth $43,000 after acquiring an additional 270 shares during the period. Institutional investors own 82.78% of the company’s stock.

California Water Service Group Stock Performance

NYSE:CWT traded down $0.14 during mid-day trading on Tuesday, hitting $46.39. The stock had a trading volume of 10,588 shares, compared to its average volume of 323,231. California Water Service Group has a twelve month low of $44.83 and a twelve month high of $61.59. The company has a debt-to-equity ratio of 0.74, a quick ratio of 0.65 and a current ratio of 0.69. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 52.28 and a beta of 0.49. The company’s 50 day simple moving average is $46.29 and its 200 day simple moving average is $48.61.

California Water Service Group (NYSE:CWT) last posted its quarterly earnings results on Thursday, February 29th. The utilities provider reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $1.50 by ($0.98). California Water Service Group had a return on equity of 3.75% and a net margin of 6.53%. The business had revenue of $214.50 million for the quarter, compared to the consensus estimate of $269.41 million. During the same quarter in the previous year, the business posted $0.35 EPS. The company’s revenue for the quarter was up 6.8% on a year-over-year basis. On average, equities research analysts forecast that California Water Service Group will post 2.25 earnings per share for the current year.

California Water Service Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, February 23rd. Investors of record on Monday, February 12th were issued a dividend of $1.12 per share. The ex-dividend date of this dividend was Friday, February 9th. This represents a $4.48 dividend on an annualized basis and a yield of 9.66%. This is a boost from California Water Service Group’s previous quarterly dividend of $0.26. California Water Service Group’s dividend payout ratio (DPR) is presently 125.84%.

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.