California Water Service Group (NYSE:CWT) Expected to Post Earnings of $0.37 Per Share

Wall Street brokerages predict that California Water Service Group (NYSE:CWT) will post earnings per share (EPS) of $0.37 for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for California Water Service Group’s earnings, with the lowest EPS estimate coming in at $0.34 and the highest estimate coming in at $0.40. California Water Service Group reported earnings per share of $0.27 in the same quarter last year, which suggests a positive year over year growth rate of 37%. The company is expected to issue its next quarterly earnings results before the market opens on Thursday, August 1st.

On average, analysts expect that California Water Service Group will report full year earnings of $1.40 per share for the current year, with EPS estimates ranging from $1.39 to $1.40. For the next financial year, analysts anticipate that the firm will post earnings of $1.59 per share, with EPS estimates ranging from $1.55 to $1.65. Zacks Investment Research’s earnings per share calculations are an average based on a survey of research analysts that that provide coverage for California Water Service Group.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings data on Thursday, April 25th. The utilities provider reported ($0.16) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by ($0.21). The business had revenue of $126.10 million for the quarter, compared to analyst estimates of $138.86 million. California Water Service Group had a return on equity of 7.76% and a net margin of 8.05%. The business’s quarterly revenue was down 6.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.05) earnings per share.

CWT has been the subject of several analyst reports. ValuEngine downgraded Zogenix from a “strong-buy” rating to a “buy” rating in a research report on Thursday, April 11th. Wells Fargo & Co reiterated a “buy” rating on shares of Allergan in a research report on Monday, June 10th. Finally, Boenning Scattergood initiated coverage on California Water Service Group in a research report on Monday, June 10th. They set a “neutral” rating for the company. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. California Water Service Group has a consensus rating of “Hold” and a consensus target price of $48.50.

Shares of NYSE CWT traded down $0.91 during midday trading on Monday, hitting $52.60. 334,220 shares of the company’s stock were exchanged, compared to its average volume of 280,863. The company has a debt-to-equity ratio of 1.00, a quick ratio of 0.49 and a current ratio of 0.50. The business’s 50 day moving average is $50.60. The stock has a market cap of $2.53 billion, a price-to-earnings ratio of 38.68, a P/E/G ratio of 3.84 and a beta of 0.35. California Water Service Group has a twelve month low of $39.85 and a twelve month high of $55.05.

In other California Water Service Group news, Director Peter C. Nelson sold 10,000 shares of the company’s stock in a transaction that occurred on Thursday, May 30th. The stock was sold at an average price of $49.10, for a total value of $491,000.00. Following the completion of the sale, the director now directly owns 39,509 shares in the company, valued at $1,939,891.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP David B. Healey sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $50.00, for a total value of $50,000.00. Following the completion of the sale, the vice president now owns 15,106 shares of the company’s stock, valued at $755,300. The disclosure for this sale can be found here. Insiders sold 12,000 shares of company stock valued at $590,230 over the last 90 days. 0.99% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CWT. Mid Atlantic Financial Management Inc. ADV increased its holdings in shares of California Water Service Group by 4.0% in the first quarter. Mid Atlantic Financial Management Inc. ADV now owns 6,119 shares of the utilities provider’s stock valued at $332,000 after buying an additional 233 shares in the last quarter. Creative Planning increased its holdings in shares of California Water Service Group by 1.6% in the first quarter. Creative Planning now owns 15,734 shares of the utilities provider’s stock valued at $854,000 after buying an additional 244 shares in the last quarter. Amalgamated Bank increased its holdings in shares of California Water Service Group by 4.2% in the fourth quarter. Amalgamated Bank now owns 6,919 shares of the utilities provider’s stock valued at $330,000 after buying an additional 276 shares in the last quarter. Oregon Public Employees Retirement Fund increased its holdings in shares of California Water Service Group by 1.6% in the second quarter. Oregon Public Employees Retirement Fund now owns 18,916 shares of the utilities provider’s stock valued at $958,000 after buying an additional 300 shares in the last quarter. Finally, Hoylecohen LLC increased its holdings in shares of California Water Service Group by 1.5% in the first quarter. Hoylecohen LLC now owns 21,907 shares of the utilities provider’s stock valued at $1,189,000 after buying an additional 327 shares in the last quarter. Hedge funds and other institutional investors own 74.32% of the company’s stock.

About California Water Service Group

California Water Service Group, through its subsidiaries, provides water utility and other related services in California, Washington, New Mexico, and Hawaii. It 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.

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Earnings History and Estimates for California Water Service Group (NYSE:CWT)

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