Connecticut Water Service (CTWS) Rating Lowered to Sell at Zacks Investment Research

Zacks Investment Research lowered shares of Connecticut Water Service (NASDAQ:CTWS) from a hold rating to a sell rating in a research report report published on Tuesday.

According to Zacks, “Shares of Connecticut Water Services have returned lower than the industry in the last 12 months. Connecticut Water Services’ water operation is subject to stringent environment regulations. Demand for water changes with weather patterns, risk of water mains failure and contamination of water sources are headwinds. Shares of Connecticut Water Services have gained more than the industry in the last 12 months.  The company continues to strengthen its existing infrastructure through regular capital investments, which is a must in the water utility space. In addition, customer expansion through systematic acquisition and organic route is expanding its service territories, thereby boosting demand.”

A number of other research analysts have also recently weighed in on the stock. BidaskClub cut shares of Connecticut Water Service from a hold rating to a sell rating in a research note on Tuesday. Barclays lifted their target price on shares of Connecticut Water Service from $53.00 to $57.00 and gave the company an equal weight rating in a research note on Friday, September 22nd.

Connecticut Water Service (NASDAQ:CTWS) traded up $0.24 on Tuesday, hitting $61.00. 151,507 shares of the company were exchanged, compared to its average volume of 32,121. The company has a debt-to-equity ratio of 0.87, a quick ratio of 1.14 and a current ratio of 1.18. Connecticut Water Service has a 52 week low of $50.75 and a 52 week high of $65.04. The stock has a market cap of $733.27, a PE ratio of 29.50, a price-to-earnings-growth ratio of 4.77 and a beta of 0.09.

The business also recently declared a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Friday, December 1st were paid a $0.298 dividend. This represents a $1.19 annualized dividend and a yield of 1.95%. The ex-dividend date of this dividend was Thursday, November 30th. Connecticut Water Service’s payout ratio is currently 57.77%.

A number of hedge funds have recently made changes to their positions in CTWS. Teachers Advisors LLC lifted its stake in Connecticut Water Service by 2.7% in the 1st quarter. Teachers Advisors LLC now owns 17,513 shares of the utilities provider’s stock worth $931,000 after purchasing an additional 468 shares in the last quarter. Vanguard Group Inc. lifted its stake in Connecticut Water Service by 4.0% in the 1st quarter. Vanguard Group Inc. now owns 679,824 shares of the utilities provider’s stock worth $36,133,000 after purchasing an additional 26,037 shares in the last quarter. Schwab Charles Investment Management Inc. lifted its stake in Connecticut Water Service by 5.5% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 55,559 shares of the utilities provider’s stock worth $2,953,000 after purchasing an additional 2,895 shares in the last quarter. First Trust Advisors LP purchased a new stake in Connecticut Water Service in the 2nd quarter worth $3,087,000. Finally, Rhumbline Advisers lifted its stake in Connecticut Water Service by 2.3% in the 2nd quarter. Rhumbline Advisers now owns 13,463 shares of the utilities provider’s stock worth $747,000 after purchasing an additional 305 shares in the last quarter. Institutional investors and hedge funds own 46.05% of the company’s stock.

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Connecticut Water Service Company Profile

Connecticut Water Service, Inc is a non-operating holding company. The Company’s income is derived from the earnings of its subsidiary companies, including The Connecticut Water Company (Connecticut Water), The Maine Water Company (Maine Water), New England Water Utility Services, Inc (NEWUS),The Avon Water Company (AWC) and Chester Realty Company (Chester Realty).

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