California Water Service Group (NYSE:CWT) Director Thomas M. Krummel has sold 1,654 shares of the company's common stock, according to the latest SEC filing. The transaction, dated July 11, 2024, was executed at a price of $50.07 per share, resulting in a total value of $82,815.
The sale has adjusted Krummel's holdings in the water utility company, leaving him with a total of 24,171 shares following the transaction. The price per share at which the stock was sold indicates a market value transaction, as the director disposed of the shares directly.
Investors often monitor insider transactions as they provide insights into how the company's executives and directors view the stock's valuation and future prospects. While the reasons behind Krummel's sale were not disclosed in the SEC filing, such transactions are a routine part of personal portfolio management for many corporate insiders.
California Water Service Group, headquartered in San Jose, California, is a water utility company that serves customers in the state. The company's stock is publicly traded on the New York Stock Exchange under the ticker symbol CWT.
The SEC filing was signed on behalf of Thomas Krummel by Michelle Mortensen, as indicated in the document. Insider transactions are publicly disclosed to ensure transparency and to comply with federal securities laws.
In other recent news, California Water Service Group has reported significant growth in its Q1 2024 earnings. The company's operating revenue saw a substantial increase of 106.5% to $270.7 million, while net income came in at $69.9 million, a marked improvement from a loss in the previous year. This strong performance is attributed to regulatory mechanisms from the 2021 general rate case and considerable capital investments. The company also secured $83 million in COVID relief funds to aid customers with overdue balances.
In addition, California Water Service Group is making strides in its sustainability efforts, aiming to reduce its greenhouse gas emissions by 63% by 2023. The company's rate base is projected to grow to $2.36 billion by the end of 2024, with capital investments planned to be around $380 million for the year. Despite an increase in operating expenses due to higher water production costs and income taxes, the company maintains a positive outlook, actively seeking grants and exploring third-party liability to address PFAS costs. These are among the recent developments for the California Water Service Group.
InvestingPro Insights
In light of the recent insider selling by Director Thomas M. Krummel of California Water Service Group (NYSE:CWT), investors might be curious about the company's financial health and future prospects. According to InvestingPro data, CWT holds a market capitalization of $2.96 billion with a P/E ratio of 20.31, which adjusts to 19.83 on a last twelve months basis as of Q1 2024. This valuation comes as the company experiences a robust revenue growth of 16.13% over the last twelve months, signaling a positive trend in its business operations.
Moreover, the InvestingPro Tips for CWT highlight that the company has not only raised its dividend for 31 consecutive years but has also maintained dividend payments for an impressive 54 consecutive years. This consistent dividend history may be particularly appealing to income-focused investors. Additionally, analysts are optimistic about the company's performance, expecting a net income growth this year and predicting that CWT will be profitable, as it has been over the last twelve months.
For investors interested in a deeper dive into the company's financials and future outlook, there are additional InvestingPro Tips available, which can be accessed at Investing.com. Subscribers can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription. With these insights and more, investors can make more informed decisions regarding their investment in California Water Service Group.
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