California Water Service Group (NYSE:CWT) Sees Significant Increase in Short Interest

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

California Water Service Group Stock Performance

Shares of NYSE CWT remained flat at $51.19 during trading hours on Friday. The stock had a trading volume of 153,268 shares, compared to its average volume of 285,240. The company has a market capitalization of $3.04 billion, a PE ratio of 14.79 and a beta of 0.49. The company has a quick ratio of 0.60, a current ratio of 0.64 and a debt-to-equity ratio of 0.64. The firm’s 50 day moving average is $52.09 and its 200 day moving average is $51.83. California Water Service Group has a 52-week low of $43.50 and a 52-week high of $56.25.

California Water Service Group (NYSE:CWT) last released its earnings results on Thursday, October 31st. The utilities provider reported $1.03 earnings per share for the quarter, missing analysts’ consensus estimates of $1.05 by ($0.02). The business had revenue of $299.60 million during the quarter, compared to analysts’ expectations of $289.55 million. California Water Service Group had a return on equity of 13.24% and a net margin of 19.56%. The business’s revenue for the quarter was up 17.5% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.60 EPS. Equities analysts anticipate that California Water Service Group will post 3.29 EPS for the current year.

California Water Service Group Dividend Announcement

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

Insider Buying and Selling

In other California Water Service Group news, VP Michael B. Luu sold 985 shares of the firm’s stock in a transaction on Friday, November 22nd. The stock was sold at an average price of $51.50, for a total transaction of $50,727.50. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction on Wednesday, September 4th. The shares were sold at an average price of $55.09, for a total value of $30,574.95. Following the transaction, the director now owns 21,951 shares of the company’s stock, valued at $1,209,280.59. The trade was a 2.47 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.73% of the stock is owned by company insiders.

Institutional Investors Weigh In On California Water Service Group

A number of institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in California Water Service Group by 117.0% during the third quarter. Franklin Resources Inc. now owns 58,258 shares of the utilities provider’s stock valued at $3,100,000 after purchasing an additional 31,412 shares in the last quarter. Geode Capital Management LLC boosted its holdings in California Water Service Group by 1.8% in the third quarter. Geode Capital Management LLC now owns 1,337,966 shares of the utilities provider’s stock worth $72,559,000 after acquiring an additional 24,275 shares in the last quarter. Duff & Phelps Investment Management Co. boosted its holdings in California Water Service Group by 52.2% in the third quarter. Duff & Phelps Investment Management Co. now owns 63,554 shares of the utilities provider’s stock worth $3,446,000 after acquiring an additional 21,791 shares in the last quarter. Barclays PLC boosted its holdings in California Water Service Group by 135.8% in the third quarter. Barclays PLC now owns 119,645 shares of the utilities provider’s stock worth $6,486,000 after acquiring an additional 68,914 shares in the last quarter. Finally, XTX Topco Ltd boosted its holdings in California Water Service Group by 58.3% in the third quarter. XTX Topco Ltd now owns 9,475 shares of the utilities provider’s stock worth $514,000 after acquiring an additional 3,489 shares in the last quarter. Institutional investors own 82.78% of the company’s stock.

Wall Street Analyst Weigh In

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

About California Water Service Group

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.