California Wtr Svc Group Stock Price, News & Analysis

Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has received approval from the Hawaii Public Utilities Commission to acquire the assets of Kapalua Water Company and Kapalua Waste Treatment Company from Maui Land and Pineapple Company. This acquisition allows Hawaii Water to provide services to 1,000 connections in the Kapalua resort area, including homes and businesses. Hawaii Water currently serves 5,000 customers across various Hawaiian communities. This strategic acquisition aims to enhance service quality and expand operational capacity for future developments.

California Water Service Group (NYSE: CWT) reported a net income of $96.8 million for 2020, up from $63.1 million in 2019, with diluted earnings per share of $1.97 compared to $1.31. The increase was attributed to a $40.9 million rise in operating revenue, mainly from the adoption of the 2018 general rate case and other rate increases. Despite this, total operating expenses rose by $42.5 million. The company plans to continue investing in infrastructure and has authorized $700 million in long-term debt and equity financing to support its capital improvement program.

California Water Service Group (NYSE: CWT) will announce its fourth quarter and year-end 2020 earnings on February 25, 2021, at 9:00 a.m. ET, followed by a teleconference at 11:00 a.m. ET. Stockholders and investors can join the call by dialing 1-833-832-5130 or 1-509-844-0151, using ID# 6114986. A replay of the call will be accessible until April 22, 2021. The call will feature key executives, including President and CEO Martin A. Kropelnicki. A slide presentation will be available on their website at the same time as the earnings release.

The California Water Service Group (NYSE: CWT) announced a quarterly dividend of $0.23 per share, marking its 304th consecutive payment. This reflects an annual increase of 8.2%, raising the total dividend from $0.85 to $0.92. This increase represents the company's 54th consecutive annual dividend rise. The dividend will be paid on February 19, 2021, to stockholders on record by February 8, 2021. The company serves approximately 2 million customers across four states.

California Water Service (CWT) announced the launch of the seventh annual Cal Water H₂O Challenge, encouraging K-12 students to engage in water conservation projects. This year's initiative incorporates distance learning and offers resources like expert Teacher Ambassadors and virtual meetings. Participants are tasked with identifying and developing solutions for local water issues over four to eight weeks. The winning classroom will receive $3,500, and each student will earn a $1,000 scholarship. The project aims to enhance science education and community connection.

California Water Service (CWT) has received the Division Best Paper award from the American Water Works Association (AWWA) for its collaboration with San Jose State University. The award recognizes their article, “Spatiotemporal and Deterioration Assessment of Water Main Failures,” highlighting significant findings that aid water utilities in understanding water main failures. This partnership, established in 2015, aims at improving operational decision-making in the water sector. Cal Water serves approximately 2 million people in California and has been operating since 1926.

Hawaii Water Service, a subsidiary of California Water Service Group (CWT), has reached an agreement to acquire the wastewater system assets of Keauhou Community Services, Inc. (KCSI). This deal will enable Hawaii Water to offer wastewater services to over 1,500 customers in the Keauhou region, including several commercial entities and local parks. The acquisition is pending due diligence and approval from the Hawaii Public Utilities Commission. Hawaii Water has been managing the Keauhou system since 2018 and aims to enhance local infrastructure for improved service reliability.

California Water Service Group (NYSE: CWT) has announced the promotion of Michael B. Luu to Vice President, Information Technology and Chief Risk Officer, effective January 1, 2021. Luu, who has been with the company since 1999, will oversee IT, cyber security, and emergency preparedness. Previously serving as Vice President of Customer Service and Chief Information Officer, Luu's experience includes roles that enhance the company's focus on safety and security for customers and shareholders. This strategic move reflects the Group's commitment to risk management.