Delta Investment Management LLC Takes $207,000 Position in California Water Service Group (NYSE:CWT)

Delta Investment Management LLC purchased a new stake in shares of California Water Service Group (NYSE:CWT) in the fourth quarter, according to its most recent disclosure with the SEC. The firm purchased 4,000 shares of the utilities provider’s stock, valued at approximately $207,000.

Other large investors have also added to or reduced their stakes in the company. AdvisorNet Financial Inc grew its holdings in California Water Service Group by 42.2% during the 4th quarter. AdvisorNet Financial Inc now owns 741 shares of the utilities provider’s stock valued at $38,000 after purchasing an additional 220 shares in the last quarter. Signaturefd LLC grew its holdings in California Water Service Group by 64.4% during the 3rd quarter. Signaturefd LLC now owns 1,065 shares of the utilities provider’s stock worth $50,000 after acquiring an additional 417 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in California Water Service Group by 124.2% during the 3rd quarter. Daiwa Securities Group Inc. now owns 4,181 shares of the utilities provider’s stock worth $198,000 after acquiring an additional 2,316 shares in the last quarter. Stewart & Patten Co. LLC acquired a new position in California Water Service Group during the 4th quarter worth $207,000. Finally, Sonen Capital LLC acquired a new position in California Water Service Group during the 4th quarter worth $231,000. 82.78% of the stock is owned by institutional investors and hedge funds.

California Water Service Group Stock Performance

NYSE:CWT traded down $0.12 during mid-day trading on Friday, hitting $47.93. The stock had a trading volume of 401,414 shares, compared to its average volume of 462,623. The stock has a market capitalization of $2.76 billion, a price-to-earnings ratio of 19.17 and a beta of 0.49. The company has a 50 day simple moving average of $46.11 and a 200-day simple moving average of $48.31. California Water Service Group has a 52 week low of $43.50 and a 52 week high of $58.30. The company has a current ratio of 0.56, a quick ratio of 0.65 and a debt-to-equity ratio of 0.72.

California Water Service Group (NYSE:CWT) last released its quarterly earnings results on Thursday, April 25th. The utilities provider reported $1.21 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $1.00. California Water Service Group had a net margin of 15.42% and a return on equity of 10.09%. The company had revenue of $270.75 million for the quarter, compared to the consensus estimate of $183.85 million. During the same period in the previous year, the firm earned ($0.40) EPS. California Water Service Group’s revenue was up 106.5% on a year-over-year basis. On average, research analysts expect that California Water Service Group will post 2.25 earnings per share for the current fiscal year.

California Water Service Group Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, May 17th. Investors of record on Monday, May 6th will be issued a $0.28 dividend. The ex-dividend date is Friday, May 3rd. This represents a $1.12 dividend on an annualized basis and a dividend yield of 2.34%. California Water Service Group’s payout ratio is currently 44.80%.

Analyst Upgrades and Downgrades

CWT has been the subject of several research reports. UBS Group raised shares of California Water Service Group from a “sell” rating to a “neutral” rating and set a $49.00 price target for the company in a report on Thursday, April 4th. Robert W. Baird lifted their price target on shares of California Water Service Group from $52.00 to $55.00 and gave the company an “outperform” rating in a report on Friday. TheStreet lowered shares of California Water Service Group from a “b-” rating to a “c+” rating in a report on Wednesday, February 14th. Finally, StockNews.com upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat, California Water Service Group has a consensus rating of “Hold” and an average price target of $54.25.

California Water Service Group 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.