Short Interest in California Water Service Group (NYSE:CWT) Increases By 23.8%

California Water Service Group (NYSE:CWT) was the target of a significant increase in short interest in the month of February. As of February 28th, there was short interest totalling 819,100 shares, an increase of 23.8% from the February 13th total of 661,600 shares. Based on an average daily volume of 360,900 shares, the days-to-cover ratio is presently 2.3 days. Approximately 1.4% of the shares of the stock are short sold.

California Water Service Group Price Performance

Shares of CWT stock opened at $46.77 on Wednesday. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. The firm’s 50-day moving average is $45.20 and its two-hundred day moving average is $48.94. California Water Service Group has a 12 month low of $41.64 and a 12 month high of $56.25. The company has a market capitalization of $2.78 billion, a PE ratio of 13.52, a price-to-earnings-growth ratio of 0.46 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last issued its earnings results on Thursday, February 27th. The utilities provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.05). California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The firm had revenue of $222.20 million for the quarter, compared to analysts’ expectations of $216.37 million. During the same period last year, the firm earned $0.52 earnings per share. Analysts predict that California Water Service Group will post 3.15 earnings per share for the current year.

California Water Service Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 21st. Shareholders of record on Monday, February 10th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, February 10th. This is an increase from California Water Service Group’s previous quarterly dividend of $0.28. This represents a $1.20 dividend on an annualized basis and a yield of 2.57%. California Water Service Group’s payout ratio is 36.70%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on CWT. StockNews.com upgraded shares of California Water Service Group from a “sell” rating to a “hold” rating in a research report on Saturday, February 8th. Wells Fargo & Company raised shares of California Water Service Group from an “equal weight” rating to an “overweight” rating and decreased their price target for the stock from $56.00 to $52.00 in a research note on Tuesday, January 7th. Finally, Bank of America initiated 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 target on the stock. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $53.25.

Hedge Funds Weigh In On California Water Service Group

A number of institutional investors have recently bought and sold shares of CWT. Norges Bank purchased a new position in California Water Service Group during the fourth quarter worth about $37,998,000. Vanguard Group Inc. lifted its holdings in shares of California Water Service Group by 2.2% in the 4th quarter. Vanguard Group Inc. now owns 7,514,709 shares of the utilities provider’s stock worth $340,642,000 after acquiring an additional 158,295 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in shares of California Water Service Group by 91.0% in the 4th quarter. JPMorgan Chase & Co. now owns 308,704 shares of the utilities provider’s stock worth $13,994,000 after acquiring an additional 147,043 shares during the last quarter. Northern Trust Corp lifted its holdings in shares of California Water Service Group by 13.1% in the 4th quarter. Northern Trust Corp now owns 979,138 shares of the utilities provider’s stock worth $44,384,000 after acquiring an additional 113,622 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of California Water Service Group by 21.2% in the 4th quarter. Bank of New York Mellon Corp now owns 634,179 shares of the utilities provider’s stock worth $28,747,000 after acquiring an additional 110,962 shares during the last quarter. 82.78% of the stock is owned by hedge funds and other institutional investors.

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.