SAN JOSE, Calif., Oct. 31, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (“Group” or “Company,” NYSE: CWT), a leading publicly traded water utility serving California, Hawaii, New Mexico, Washington, and Texas, today reported financial results for the third quarter of 2024. Highlights included: Recorded diluted earnings per share of $1.03 in Q3 2024 and $2.93 year-to-date, compared to $0.60 in Q3 and $0.38 year-to-date in 2023.Invested a record $332.2 million of capital in infrastructure during th ...

SAN JOSE, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) -- At its meeting on October 30, 2024, the California Water Service Group (NYSE: CWT) Board of Directors declared the company's 319th consecutive quarterly dividend in the amount of $0.28 per common share. It will be payable on November 22, 2024 to stockholders of record as of the close of business on November 12, 2024. California Water Service Group is the parent company of regulated utilities California Water Service, Hawaii Water Service, New Mexico Water ...

SAN JOSE, Calif., Oct. 21, 2024 (GLOBE NEWSWIRE) -- NYSE: CWT—For the utility’s commitment to improving the lives of those in its local communities, the National Association for the Advancement of Colored People (NAACP) Butte County Chapter has honored California Water Service (Cal Water) with the 2024 Excellence in Community Grants & Scholarships Award. The award recognizes Cal Water’s efforts to invest in the future of Butte County’s youth. Cal Water, which provides water utility service to Chico and Orov ...

SAN JOSE, Calif., Oct. 14, 2024 (GLOBE NEWSWIRE) -- For its commitment to and advancements in sustainability, California Water Service Group (Group) (NYSE: CWT) has been named one of "America's Greenest Companies" by Newsweek. The magazine recognized eight companies in the utilities category, with Group being one of only two water utilities honored. Newsweek partnered with Plant-A Insights Group and GIST Impact to recognize the top 500 U.S. companies committed to reducing their environmental impact based on ...

California Water Service Group (CWT) gains from the company's organic and inorganic initiatives and planned capital investment to strengthen and expand its water infrastructure. The company is efficiently managing its debt levels and has enough financial strength to meet CWT's near-term interest obligations. Depending on a single state for the majority of its earnings and changes in regulations are major concerns for this water utility. Factors Acting as Tailwind for CWT Stock California Water Service's pri ...

SAN JOSE, Calif., Oct. 10, 2024 (GLOBE NEWSWIRE) -- California Water Service Group (NYSE: CWT) today announced that its 2024 third quarter earnings results will be released at 9:00 a.m. ET with its earnings conference call to follow at 11:00 a.m. ET on Thursday, October 31, 2024. All stockholders and interested investors are invited to attend the conference call. To attend, please dial 1-800- 715-9871 or 1-646-307-1963 and key in ID# 2796844, or you may access the live audio webcast at https://edge.media-se ...

SAN JOSE, Calif., Sept. 30, 2024 (GLOBE NEWSWIRE) -- NYSE: CWT—For the second year in a row, the U.S. Environmental Protection Agency (EPA) has honored California Water Service (Cal Water) with its WaterSense® Excellence in Promoting WaterSense Labeled Products Award. EPA presented the 2024 national award to Cal Water for the utility's commitment to, and partnership in, helping customers become more waterefficient. This award recognizes a partner that goes above and beyond to help consumers understand the v ...

SAN JOSE, Calif., Sept. 19, 2024 (GLOBE NEWSWIRE) -- California Water Service (Cal Water), in partnership with DoGoodery, has launched its 11th annual water conservation education program for schools and students in kindergarten through 12th grade. Tap Into Learning offers multiple opportunities for students, classrooms, and school-based clubs in Cal Water service areas to engage in activities related to water conservation and sustainability throughout the 2024-25 academic year. Program components include: ...

Core Viewpoint - California Water Service is positioned as a long-term buy for dividend growth investors due to recent positive financial results, regulatory approvals, and a low valuation compared to historical levels [1][15]. Company Overview - California Water Service Group, established in 1926, is the third largest publicly traded water and wastewater utility in the U.S., operating in five states and serving over two million people [2]. - The company reported total revenue of over $794.6 million in 2023 and $984.5 million in the last twelve months [2]. Revenue and Earnings Growth - In Q2 2024, the company reported a 26% increase in operating revenue, with diluted EPS rising approximately 311% due to regulatory approval and lower expenses [3]. - The share price has increased by about 6.0% in 2024 and 11.2% over the last twelve months [3]. Financial Performance - Q2 2024 financials showed operating revenue of $515.0 million, a 58.4% increase from $325.1 million in YTD 2023, while operating expenses rose by 19.1% [4]. - Net income attributable to California Water Service was $110.5 million, a significant recovery from a loss of $12.7 million in the previous year [4]. Growth Drivers - Revenue growth has averaged about 3% annually over the past five and ten years, driven by acquisitions and periodic rate cases [5]. - The company plans to invest $1.6 billion in infrastructure from 2025 to 2027, with requested revenue increases of $140.6 million (17.1%) for 2026, $74.2 million (7.7%) for 2027, and $83.6 million (8.1%) for 2028 [8][9]. Competitive Advantages - California Water Service operates as a regulated monopoly, providing a stable demand for freshwater and wastewater treatment insulated from economic cycles [10]. Dividend Analysis - The company has a 57-year streak of dividend increases, with a forward yield of approximately 2.04%, above its five-year average of 1.79% [11][12]. - The forward payout ratio is around 38%, indicating strong dividend safety supported by operating cash flow [13]. Valuation - The current share price of approximately $54.98 suggests the stock is slightly undervalued compared to a fair value estimate of $58.80 based on a P/E ratio of 20 [14]. - Sensitivity calculations indicate a fair value range from $55.86 to $61.74, with the stock price at 89% to 98% of the fair value estimate [14]. Final Thoughts - Water utilities like California Water Service are considered excellent long-term investments, providing value and growing dividends, with the company being slightly undervalued based on historical metrics [15].

Core Points - The National Association of Water Companies honored John (Kani) Kadowaki with the Living Water Award for his leadership during the Lahaina wildfire, ensuring water supply to local communities [1][2] - Kadowaki, as Maui Operations Manager of Hawaii Water Service, led his team to maintain a reliable water supply despite personal losses and operational challenges during the wildfire [2][3] - Hawaii Water was the only water provider in West Maui that did not implement a boil water advisory or experience service outages during the crisis, showcasing effective management under pressure [3][4] Company Overview - California Water Service Group (CWT) is the largest regulated water utility in the western United States, serving over 2.1 million people across multiple states including California and Hawaii [5] - The company focuses on enhancing quality of life through responsible investments in water infrastructure, sustainability initiatives, and community well-being [6] - California Water Service Group has received recognition as one of "America's Most Responsible Companies" and "World's Most Trustworthy Companies" by Newsweek, highlighting its commitment to integrity and community care [6]