California Water Service Group (NYSE:CWT) Senior Vice President of Corporate Services and Chief Risk Officer, Michael B. Luu, has sold a portion of his company holdings. According to a recent SEC filing, Luu sold 985 shares of common stock at a price of $51.50 per share, totaling $50,727. Following this transaction, Luu retains ownership of 20,354.07 shares in the company. The sale was executed in a single transaction on November 22, 2024.
In other recent news, California Water Service Group has reported a remarkable growth in its third-quarter earnings for 2024. Operating revenue climbed by 17.5% to reach $299.6 million, with net income escalating to $60.7 million, equivalent to $1.03 per share. This surge is attributed to increased customer rates and usage. The company's operating expenses also rose to $232.8 million, primarily due to higher water production costs and taxes.
In the same vein, the company's year-to-date revenue hit $814.6 million, with a net income of $171.1 million. California Water Service Group has invested $332.2 million in capital for the first nine months, targeting a total of $385 million for the full year. The company declared a dividend of $0.28 per share for its stockholders.
Moving forward, the firm plans to invest $1.6 billion from 2025 to 2027, primarily focusing on infrastructure. It is also expected to collect approximately $94.2 million over the next three years from regulatory balances. These recent developments highlight California Water Service Group's strong financial performance and commitment to significant capital investments.
InvestingPro Insights
California Water Service Group (NYSE:CWT) continues to demonstrate financial resilience despite the recent insider sale. According to InvestingPro data, the company boasts a market capitalization of $3.1 billion and a P/E ratio of 15.06, suggesting a reasonable valuation relative to its earnings.
Notably, CWT has maintained an impressive track record of dividend payments. An InvestingPro Tip reveals that the company has raised its dividend for 32 consecutive years, underlining its commitment to shareholder returns. This consistency is further reinforced by another InvestingPro Tip indicating that CWT has maintained dividend payments for 54 consecutive years. The current dividend yield stands at 2.17%, offering a steady income stream for investors.
The company's financial health appears robust, with revenue growth of 31.76% over the last twelve months as of Q3 2024. This strong top-line performance is complemented by a healthy gross profit margin of 56.98% for the same period.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 7 more InvestingPro Tips available for CWT, providing a deeper understanding of the company's financial position and growth prospects.
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