Short Interest in California Water Service Group (NYSE:CWT) Rises By 24.2%

California Water Service Group (NYSE:CWT) was the recipient of a large increase in short interest in February. As of February 27th, there was short interest totaling 1,261,100 shares, an increase of 24.2% from the February 12th total of 1,015,049 shares. Based on an average daily volume of 404,230 shares, the days-to-cover ratio is presently 3.1 days. Currently, 2.1% of the company’s stock are short sold. Currently, 2.1% of the company’s stock are short sold. Based on an average daily volume of 404,230 shares, the days-to-cover ratio is presently 3.1 days.

California Water Service Group Stock Performance

Shares of CWT stock traded down $0.84 during mid-day trading on Tuesday, reaching $44.19. 86,667 shares of the company’s stock traded hands, compared to its average volume of 371,011. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.80 and a current ratio of 0.85. The firm has a market capitalization of $2.63 billion, a PE ratio of 20.55, a price-to-earnings-growth ratio of 2.02 and a beta of 0.64. California Water Service Group has a 12 month low of $41.29 and a 12 month high of $51.63. The firm has a 50 day moving average price of $45.06 and a two-hundred day moving average price of $45.39.

California Water Service Group (NYSE:CWT) last announced its earnings results on Wednesday, February 25th. The utilities provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.25. The company had revenue of $265.61 million for the quarter, compared to analysts’ expectations of $239.10 million. California Water Service Group had a return on equity of 7.67% and a net margin of 12.82%.California Water Service Group’s revenue for the quarter was down 1.0% compared to the same quarter last year. During the same period last year, the firm earned $0.33 EPS. On average, research analysts forecast that California Water Service Group will post 3.15 EPS for the current year.

California Water Service Group Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, February 20th. Shareholders of record on Monday, February 9th were given a $0.335 dividend. The ex-dividend date was Monday, February 9th. This is a positive change from California Water Service Group’s previous quarterly dividend of $0.30. This represents a $1.34 dividend on an annualized basis and a yield of 3.0%. California Water Service Group’s dividend payout ratio (DPR) is currently 62.33%.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Farther Finance Advisors LLC grew its stake in shares of California Water Service Group by 3,318.8% during the 3rd quarter. Farther Finance Advisors LLC now owns 547 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 531 shares during the period. Danske Bank A S purchased a new position in California Water Service Group during the third quarter valued at approximately $28,000. EverSource Wealth Advisors LLC lifted its holdings in California Water Service Group by 109.9% during the second quarter. EverSource Wealth Advisors LLC now owns 697 shares of the utilities provider’s stock valued at $32,000 after purchasing an additional 365 shares in the last quarter. Hantz Financial Services Inc. boosted its position in shares of California Water Service Group by 291.1% in the third quarter. Hantz Financial Services Inc. now owns 880 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 655 shares during the period. Finally, Aster Capital Management DIFC Ltd bought a new position in shares of California Water Service Group in the third quarter worth approximately $43,000. 82.78% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reaffirmed a “hold (c)” rating on shares of California Water Service Group in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $55.00.

About California Water Service Group

California Water Service Group (NYSE: CWT) is a publicly traded holding company that provides regulated water utility services through its subsidiaries. The company delivers safe, reliable drinking water and wastewater management to residential, commercial, industrial and municipal customers across California, Hawaii and New Mexico. Its principal operating units include California Water Service, New Mexico Water Service and Hawaii Water Service, each responsible for end?to?end water supply operations—from source development and treatment to distribution and customer service.

Founded in 1926 as the California Water Service Company, the group has grown to become one of the largest investor?owned water utilities in the United States by customer count.