California Wtr Svc Group Stock Price, News & Analysis

California Water Service (CWT) has officially activated Stage 2 of its Water Shortage Contingency Plan across all districts, including Antelope Valley and Salinas, in response to severe drought conditions. This plan, aligning with Governor Newsom's emergency regulations, imposes watering limits and increased penalties for water waste. Customers are urged to conserve water, with restrictions now allowing landscape irrigation only two days a week. Cal Water offers various conservation programs, including rebates for water-efficient appliances and landscaping changes, to support customers in reducing consumption.

California Water Service (CWT) received approval from the California Public Utilities Commission to acquire Skylonda Mutual Water Company's assets. The acquisition, expected to close later this year, will enable CWT to serve Skylonda's 176 customer connections from its adjacent Bear Gulch District, which currently serves approximately 60,900 residents. Post-acquisition, CWT plans to enhance Skylonda's infrastructure and improve water supply reliability across interconnected areas, benefiting both customers and emergency services.

California Water Service has secured nearly $2.4 million in grants from the State Department of Water Resources to support water supply reliability projects in drought-affected areas. The funds will enhance systems in Kernville, Coast Springs, and Tulco, benefiting approximately 2,053 service connections. Key projects include a new water intake facility and storage tanks to improve reliability and fire protection, aiming for minimal impact on customers' water bills.

California Water Service Group (NYSE: CWT) reported a net income of $1.1 million, translating to diluted earnings per share of $0.02 for Q1 2022, reversing a net loss of $3.0 million in Q1 2021. The increase was propelled by rate hikes and prior year acquisitions, despite higher expenses in wages, depreciation, and interest. Operating revenue climbed 17.1% to $173 million, while total operating expenses rose 13.2% to $163.9 million. The company anticipates further regulatory approvals for its capital programs and ongoing investments in infrastructure.

The California Water Service Group (NYSE: CWT) has declared its 309^th consecutive quarterly dividend of $0.25 per common share. This dividend will be payable on May 20, 2022, to stockholders of record on May 9, 2022. The company provides water and wastewater services to over 2 million people across several states, including California, Hawaii, New Mexico, Texas, and Washington. CWT is committed to maintaining consistent dividend payments, which reflects its financial stability and commitment to shareholders.

Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has signed an agreement to acquire Kukui’ula South Shore Community Services (KSSCS) in Kauai, Hawaii. This acquisition is subject to approval by the Hawaii Public Utilities Commission. KSSCS currently serves around 440 customers but can expand to 1,500 connections as the Kukui’ula Resort develops over the next 20 years. Hawaii Water aims to enhance service quality and community support, anticipating a seamless integration of KSSCS operations.

California Water Service Group (NYSE: CWT) has successfully acquired Animas Valley Land and Water, integrating its Morningstar Water System to enhance services for approximately 2,000 customers in northwestern New Mexico. A community welcome event is scheduled for May 5, 2022, allowing customers to familiarize themselves with the new utility services. Group President and CEO, Martin A. Kropelnicki, expressed eagerness to begin providing quality services and acknowledged the regulatory approvals from the New Mexico Public Regulation Commission.