What is Seaport Res Ptn’s Forecast for CWT FY2024 Earnings?

California Water Service Group (NYSE:CWT) – Stock analysts at Seaport Res Ptn raised their FY2024 earnings per share estimates for California Water Service Group in a research report issued to clients and investors on Monday, January 6th. Seaport Res Ptn analyst A. Storozynski now anticipates that the utilities provider will post earnings per share of $3.36 for the year, up from their previous estimate of $3.26. The consensus estimate for California Water Service Group’s current full-year earnings is $3.29 per share. Seaport Res Ptn also issued estimates for California Water Service Group’s FY2025 earnings at $2.31 EPS and FY2027 earnings at $2.83 EPS.

CWT has been the subject of a number of other research reports. Bank of America assumed coverage on shares of California Water Service Group in a research note on Wednesday, December 11th. They issued a “buy” rating and a $57.00 price objective for the company. Wells Fargo & Company upgraded shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and lowered their target price for the company from $56.00 to $52.00 in a research note on Tuesday. Finally, StockNews.com cut California Water Service Group from a “hold” rating to a “sell” rating in a research report on Friday, December 13th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, California Water Service Group has a consensus rating of “Hold” and a consensus price target of $53.25.

California Water Service Group Trading Up 0.9 %

Shares of CWT opened at $44.35 on Tuesday. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 12.82 and a beta of 0.52. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. California Water Service Group has a 1-year low of $43.50 and a 1-year high of $56.25. The company has a 50-day moving average of $48.86 and a 200 day moving average of $51.33.

California Water Service Group (NYSE:CWT) last released 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). The firm had revenue of $299.60 million during the quarter, compared to the consensus estimate of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The business’s revenue was up 17.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.60 EPS.

Hedge Funds Weigh In On California Water Service Group

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its position in shares of California Water Service Group by 255.6% during the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 363 shares during the last quarter. GAMMA Investing LLC increased its position 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 valued at $67,000 after acquiring an additional 413 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of California Water Service Group in the 2nd quarter valued at approximately $85,000. nVerses Capital LLC purchased a new position in shares of California Water Service Group during the 3rd quarter worth approximately $119,000. Finally, CWM LLC lifted its stake in California Water Service Group by 129.1% during the third quarter. CWM LLC now owns 3,090 shares of the utilities provider’s stock worth $168,000 after purchasing an additional 1,741 shares in the last quarter. 82.78% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at California Water Service Group

In other news, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction 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 $1,048,231. The trade was a 4.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.73% of the stock is owned by corporate insiders.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were paid a dividend of $0.28 per share. This represents a $1.12 annualized dividend and a dividend yield of 2.53%. The ex-dividend date of this dividend was Tuesday, November 12th. California Water Service Group’s payout ratio is 32.37%.

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.