Zacks: Brokerages Set $56.00 Target Price for Connecticut Water Service, Inc. (CTWS)

Shares of Connecticut Water Service, Inc. (NASDAQ:CTWS) have been assigned an average broker rating score of 3.00 (Hold) from the three analysts that cover the company, Zacks Investment Research reports. Three analysts have rated the stock with a hold recommendation.

Brokerages have set a 1 year consensus price objective of $56.00 for the company and are expecting that the company will post $0.68 earnings per share for the current quarter, according to Zacks. Zacks has also assigned Connecticut Water Service an industry rank of 98 out of 265 based on the ratings given to related companies.

Separately, Zacks Investment Research cut Connecticut Water Service from a “hold” rating to a “sell” rating in a research report on Thursday, March 30th.

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Connecticut Water Service (NASDAQ CTWS) traded down 1.68% on Monday, reaching $60.23. The company’s stock had a trading volume of 302,281 shares. The firm has a 50-day moving average of $54.52 and a 200 day moving average of $54.54. Connecticut Water Service has a 12-month low of $45.13 and a 12-month high of $62.15. The company has a market capitalization of $696.50 million, a price-to-earnings ratio of 27.92 and a beta of 0.11.

Connecticut Water Service (NASDAQ:CTWS) last announced its quarterly earnings results on Monday, May 8th. The utilities provider reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.37 by $0.01. The company had revenue of $24.21 million for the quarter. Connecticut Water Service had a net margin of 23.22% and a return on equity of 10.13%. On average, equities research analysts anticipate that Connecticut Water Service will post $2.19 EPS for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st were given a $0.2975 dividend. The ex-dividend date of this dividend was Tuesday, May 30th. This is a boost from Connecticut Water Service’s previous quarterly dividend of $0.28. This represents a $1.19 dividend on an annualized basis and a dividend yield of 1.98%. Connecticut Water Service’s payout ratio is 55.09%.

Several hedge funds have recently bought and sold shares of CTWS. Bank of Montreal Can boosted its stake in Connecticut Water Service by 137.5% in the first quarter. Bank of Montreal Can now owns 1,983 shares of the utilities provider’s stock worth $105,000 after buying an additional 1,148 shares during the period. Ladenburg Thalmann Financial Services Inc. boosted its stake in Connecticut Water Service by 0.4% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 3,333 shares of the utilities provider’s stock worth $187,000 after buying an additional 13 shares during the period. State Board of Administration of Florida Retirement System acquired a new stake in Connecticut Water Service during the fourth quarter worth approximately $204,000. GSB Wealth Management LLC acquired a new stake in Connecticut Water Service during the fourth quarter worth approximately $207,000. Finally, Teton Advisors Inc. acquired a new stake in Connecticut Water Service during the fourth quarter worth approximately $223,000. Institutional investors and hedge funds own 45.84% of the company’s stock.

Connecticut Water Service Company Profile

Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS) and Chester Realty Company (Chester Realty).

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