Short Interest in California Water Service Group (NYSE:CWT) Increases By 58.5%

California Water Service Group (NYSE:CWT) was the target of a large growth in short interest in November. As of November 15th, there was short interest totalling 646,600 shares, a growth of 58.5% from the October 31st total of 407,900 shares. Based on an average daily trading volume, of 278,000 shares, the days-to-cover ratio is presently 2.3 days.

California Water Service Group Price Performance

CWT remained flat at $51.19 during trading on Friday. The company had a trading volume of 153,268 shares, compared to its average volume of 285,240. The firm’s fifty day moving average price is $52.09 and its 200-day moving average price is $51.83. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.60 and a current ratio of 0.64. California Water Service Group has a 52-week low of $43.50 and a 52-week high of $56.25. The stock has a market cap of $3.04 billion, a PE ratio of 14.79 and a beta of 0.49.

California Water Service Group (NYSE:CWT) last posted its earnings results 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). California Water Service Group had a net margin of 19.56% and a return on equity of 13.24%. The business had revenue of $299.60 million during the quarter, compared to analyst estimates of $289.55 million. During the same quarter last year, the firm earned $0.60 earnings per share. California Water Service Group’s revenue was up 17.5% compared to the same quarter last year. Research analysts anticipate that California Water Service Group will post 3.29 earnings per share for the current fiscal year.

California Water Service Group Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Shareholders of record on Tuesday, November 12th were given a dividend of $0.28 per share. The ex-dividend date was Tuesday, November 12th. This represents a $1.12 dividend on an annualized basis and a yield of 2.19%. California Water Service Group’s payout ratio is currently 32.37%.

Analyst Upgrades and Downgrades

Separately, StockNews.com lowered California Water Service Group from a “hold” rating to a “sell” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, California Water Service Group currently has a consensus rating of “Hold” and an average price target of $53.67.

Insider Buying and Selling

In related news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction that occurred on Wednesday, September 4th. The shares were sold at an average price of $55.09, for a total transaction of $30,574.95. Following the transaction, the director now owns 21,951 shares in the company, valued at $1,209,280.59. This trade represents a 2.47 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Michael B. Luu sold 985 shares of the company’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $51.50, for a total value of $50,727.50. Following the completion of the sale, the vice president now owns 20,354 shares of the company’s stock, valued at approximately $1,048,231. This trade represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.73% of the company’s stock.

Institutional Trading of California Water Service Group

Several large investors have recently modified their holdings of the company. Assenagon Asset Management S.A. acquired a new stake in California Water Service Group in the 2nd quarter valued at approximately $6,823,000. Tidal Investments LLC acquired a new stake in shares of California Water Service Group in the first quarter worth $535,000. Quest Partners LLC increased its position in California Water Service Group by 297.1% during the third quarter. Quest Partners LLC now owns 22,676 shares of the utilities provider’s stock worth $1,229,000 after acquiring an additional 16,966 shares during the period. SG Americas Securities LLC acquired a new position in California Water Service Group during the 2nd quarter valued at $568,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in California Water Service Group by 95.8% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 49,861 shares of the utilities provider’s stock valued at $2,703,000 after purchasing an additional 24,402 shares during the period. 82.78% of the stock is owned by 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.