California Water Service Group (NYSE:CWT) Sees Significant Decline in Short Interest

California Water Service Group (NYSE:CWT) was the target of a significant decrease in short interest in September. As of September 15th, there was short interest totalling 493,500 shares, a decrease of 10.3% from the August 31st total of 550,300 shares. Based on an average trading volume of 295,500 shares, the days-to-cover ratio is currently 1.7 days.

California Water Service Group Stock Performance

Shares of NYSE CWT traded down $0.51 during trading on Tuesday, hitting $53.71. The company had a trading volume of 322,996 shares, compared to its average volume of 335,451. The firm has a market capitalization of $3.10 billion, a P/E ratio of 21.48 and a beta of 0.49. California Water Service Group has a 12 month low of $43.50 and a 12 month high of $56.25. The stock has a 50 day simple moving average of $53.90 and a 200 day simple moving average of $50.50. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.49 and a current ratio of 0.52.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.70 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.42 by $0.28. The business had revenue of $244.30 million for the quarter, compared to analysts’ expectations of $216.25 million. California Water Service Group had a return on equity of 11.94% and a net margin of 17.78%. The company’s revenue for the quarter was up 25.9% on a year-over-year basis. During the same period in the prior year, the firm earned $0.17 EPS. As a group, analysts anticipate that California Water Service Group will post 3.33 earnings per share for the current year.

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 23rd. Shareholders of record on Monday, August 12th were given a dividend of $0.28 per share. The ex-dividend date was Monday, August 12th. This represents a $1.12 annualized dividend and a yield of 2.09%. California Water Service Group’s dividend payout ratio (DPR) is presently 44.80%.

Insider Buying and Selling

In other California Water Service Group news, Director Thomas M. Krummel sold 1,654 shares of California Water Service Group stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $50.07, for a total transaction of $82,815.78. Following the completion of the transaction, the director now owns 24,171 shares in the company, valued at approximately $1,210,241.97. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other California Water Service Group news, Director Thomas M. Krummel sold 555 shares of the stock in a transaction on Wednesday, July 17th. The stock was sold at an average price of $52.99, for a total transaction of $29,409.45. Following the sale, the director now owns 23,616 shares in the company, valued at $1,251,411.84. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Thomas M. Krummel sold 1,654 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $50.07, for a total transaction of $82,815.78. Following the completion of the transaction, the director now owns 24,171 shares of the company’s stock, valued at $1,210,241.97. The disclosure for this sale can be found here. Insiders have sold a total of 3,874 shares of company stock valued at $202,318 over the last ninety days. 0.73% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On California Water Service Group

Large investors have recently made changes to their positions in the business. GAMMA Investing LLC grew its position in California Water Service Group by 109.9% during the second quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock valued at $40,000 after buying an additional 431 shares during the period. TFO Wealth Partners LLC increased its holdings in shares of California Water Service Group by 57,000.0% during the 4th quarter. TFO Wealth Partners LLC now owns 1,142 shares of the utilities provider’s stock worth $59,000 after buying an additional 1,140 shares during the last quarter. CWM LLC raised its position in California Water Service Group by 90.8% in the second quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock valued at $65,000 after purchasing an additional 642 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in California Water Service Group in the second quarter valued at about $85,000. Finally, Rothschild Investment LLC acquired a new stake in California Water Service Group in the 2nd quarter valued at approximately $127,000. 82.78% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wells Fargo & Company upgraded shares of California Water Service Group from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $50.00 to $57.00 in a report on Wednesday, July 31st. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, California Water Service Group currently has a consensus rating of “Hold” and an average price target of $53.67.

About California Water Service Group

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.