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

California Water Service Group (NYSE:CWT) was the recipient of a large increase in short interest in 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 days-to-cover ratio is currently 2.3 days.

Analyst Upgrades and Downgrades

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

California Water Service Group Stock Performance

Shares of CWT opened at $51.19 on Friday. The company has a 50-day moving average of $52.21 and a two-hundred day moving average of $51.85. The stock has a market cap of $3.04 billion, a price-to-earnings ratio of 14.79 and a beta of 0.49. The company has a debt-to-equity ratio of 0.64, a current ratio of 0.64 and a quick ratio of 0.60. California Water Service Group has a one year low of $43.50 and a one year high of $56.25.

California Water Service Group (NYSE:CWT) last issued its quarterly earnings results on Thursday, October 31st. The utilities provider reported $1.03 EPS for the quarter, missing the consensus estimate 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 firm had revenue of $299.60 million during the quarter, compared to analysts’ expectations of $289.55 million. During the same quarter last year, the company posted $0.60 EPS. The firm’s revenue was up 17.5% compared to the same quarter last year. On average, equities research analysts expect that California Water Service Group will post 3.29 earnings per share for the current year.

California Water Service Group Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, November 22nd. Stockholders of record on Tuesday, November 12th were given a $0.28 dividend. The ex-dividend date was Tuesday, November 12th. This represents a $1.12 annualized dividend and a dividend yield of 2.19%. California Water Service Group’s dividend payout ratio (DPR) is presently 32.37%.

Insider Buying and Selling at California Water Service Group

In other news, Director Thomas M. Krummel sold 555 shares of the firm’s stock in a transaction dated Wednesday, September 4th. The shares were sold at an average price of $55.09, for a total transaction of $30,574.95. Following the completion of the transaction, the director now owns 21,951 shares in the company, valued at approximately $1,209,280.59. This trade represents a 2.47 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, VP Michael B. Luu sold 985 shares of California Water Service Group stock in a transaction that occurred 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 directly owns 20,354 shares in the company, valued at $1,048,231. This represents a 4.62 % decrease in their position. The disclosure for this sale can be found here. 0.73% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. boosted its position in California Water Service Group by 255.6% during the 3rd quarter. Blue Trust Inc. now owns 505 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 363 shares during the period. GAMMA Investing LLC boosted its holdings in shares of California Water Service Group by 109.9% during the second quarter. GAMMA Investing LLC now owns 823 shares of the utilities provider’s stock worth $40,000 after purchasing an additional 431 shares during the period. CWM LLC grew its position in California Water Service Group by 90.8% during the second quarter. CWM LLC now owns 1,349 shares of the utilities provider’s stock valued at $65,000 after purchasing an additional 642 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in California Water Service Group during the second quarter valued at approximately $85,000. Finally, nVerses Capital LLC acquired a new position in California Water Service Group in the 3rd quarter valued at approximately $119,000. Hedge funds and other institutional investors own 82.78% of the company’s stock.

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.