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CWT

California Water Service

$52.31

-0.425 (-0.81%)

08:47
10/09/19
10/09
08:47
10/09/19
08:47

California Water Service reaches settlement in 2018 General Rate Case

California Water Service jointly filed a formal settlement agreement in its 2018 General Rate Case with the Public Advocates Office of the California Public Utilities Commission covering the majority of open matters in the case. The largest component of the GRC is Cal Water's Infrastructure Improvement Plan for 2019-2021. The settlement details investment plans that the utility and the Public Advocates Office agree should be made to the company's water infrastructure to continue providing safe, reliable water service to Cal Water customers and communities. The CPUC will consider, but is not required to adopt, the settlement agreement. If the CPUC approves the settlement agreement, Cal Water would be authorized to include in rates $609M to $628M of new projects throughout the state in 2019 to 2021, along with approximately $200M for completion of additional projects begun in 2018 and prior periods. Included in these figures are $148 million of advice letter authorizations, which would not be included in rates until related projects are completed. Cal Water anticipates that if the settlement were adopted, it would plan to make capital investments of approximately $809M to $828M in the 2019-2021 period. The settlement proposes, in part, an average water main replacement rate of 0.76% annually company-wide by 2021, with higher replacement rates in some areas. A final decision on the case is expected in late 2019, with new rates going into effect in January 2020. Cal Water previously filed a request for interim rates beginning January 1, 2020 in the event a final decision is unexpectedly delayed.

CWT California Water Service
$52.31

-0.425 (-0.81%)

03/26/19
WELS
03/26/19
DOWNGRADE
Target $109
WELS
Market Perform
California Water Service, American Water downgraded at Wells Fargo on valuation
Wells Fargo analyst Jonathan Reeder downgraded California Water Service (CWT) to Underperform and American Water (AWK) to Market Perform on valuation, also lowering their price targets by $1 and $2 respectively to $49 and $109. The analyst notes that although low interest rates, strong fundamentals, and the appeal of ESG - or environmental, social, and governance - investing support water utilities, the sector has become expensive on both price-to-earnings and interest rate valuation basis. Specifically, Reeded says California Water Service and American Water now both trade at about a 25% premium on price to earnings relative to the other water peers, adding that a more in-line multiple is appropriate given his forecasted growth rates for these utilities around the 6-8% peer group average.
03/27/19
03/27/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Scotts Miracle-Gro (SMG) downgraded to Market Perform at Raymond James with analyst Joseph Altobello saying shares have bounced sharply and year-over-year comparisons in its U.S. Consumer business become notably more challenging entering the spring and are likely to limit further multiple expansion. 2. Kinder Morgan (KMI) downgraded to Neutral from Buy at Citi with analyst Mirek Zak saying after rallying 30% year-to-date, the shares shares appear fairly valued with growth opportunities looking balanced against downside risk over the near-term. 3. Acacia Communications (ACIA) downgraded to Underweight from Equal Weight at Morgan Stanley. 4. American Water (AWK) downgraded to Market Perform from Outperform at Wells Fargo, while California Water Service (CWT) was downgraded to Underperform from Market Perform. 5. Cronos Group (CRON) downgraded to Sell from Hold at Canaccord with analyst Matt Bottomley citing valuation and a soft start in the Canadian adult-use market. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
04/25/19
WELS
04/25/19
UPGRADE
WELS
Market Perform
California Water Service upgraded to Market Perform at Wells Fargo
06/10/19
BOSC
06/10/19
INITIATION
BOSC
Neutral
California Water Service initiated with a Neutral at Boenning & Scattergood
Boenning & Scattergood started California Water Service with a Neutral saying that while the company is a "well-run" California water utility, the stocks' current valuation keeps it on the sidelines.

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