According to Zacks, “American States Water Company’s major drawback is its dependence on a single state, California, for the majority of its earnings. Plus its highly regulated operations, ongoing drought conditions in the state and risk of water contamination leading to increase in operating costs could adversely impact results. Due to the aforesaid headwinds annual estimates have been going down ahead of the company’s Q3 earnings release. The strength of the company lies in an expanding customer base, extensive water rights and strong credit ratings. The company is yet to expand its customer base as aggressively as some of its peers, who are resorting to inorganic means. This California focused water utility has the opportunity to spread operations via acquisitions.”
A number of other equities research analysts have also issued reports on the stock. Janney Montgomery Scott upgraded shares of American States Water from a sell rating to a neutral rating and boosted their price target for the company from $35.00 to $39.00 in a report on Friday, August 5th. Barclays PLC cut their price target on shares of American States Water from $44.00 to $39.00 and set an underweight rating on the stock in a report on Tuesday, September 6th.
American States Water (NYSE:AWR) opened at 38.08 on Tuesday. The stock has a market cap of $1.39 billion, a P/E ratio of 23.67 and a beta of 0.35. American States Water has a 52 week low of $37.28 and a 52 week high of $47.24. The stock has a 50 day moving average of $39.61 and a 200-day moving average of $40.71.
American States Water (NYSE:AWR) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $0.45 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.01. American States Water had a net margin of 13.28% and a return on equity of 12.76%. The business had revenue of $111.95 million for the quarter, compared to analyst estimates of $113.01 million. During the same quarter in the previous year, the business earned $0.41 earnings per share. The firm’s revenue was down 2.3% compared to the same quarter last year. Analysts forecast that American States Water will post $1.63 earnings per share for the current year.
In related news, Director Lloyd E. Ross sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, September 1st. The shares were sold at an average price of $38.71, for a total transaction of $38,710.00. Following the transaction, the director now directly owns 54,254 shares of the company’s stock, valued at $2,100,172.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Anne M. Holloway sold 986 shares of the business’s stock in a transaction that occurred on Wednesday, August 24th. The shares were sold at an average price of $40.01, for a total transaction of $39,449.86. Following the transaction, the director now directly owns 41,583 shares in the company, valued at $1,663,735.83. The disclosure for this sale can be found here. Corporate insiders own 1.43% of the company’s stock.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its position in shares of American States Water by 77.0% in the second quarter. Victory Capital Management Inc. now owns 2,511 shares of the company’s stock worth $110,000 after buying an additional 1,092 shares during the last quarter. Tower Research Capital LLC TRC bought a new position in shares of American States Water during the second quarter worth approximately $114,000. Advisor Group Inc. bought a new position in shares of American States Water during the second quarter worth approximately $152,000. PineBridge Investments L.P. increased its position in shares of American States Water by 3.9% in the second quarter. PineBridge Investments L.P. now owns 4,636 shares of the company’s stock worth $204,000 after buying an additional 174 shares during the last quarter. Finally, GW Henssler & Associates Ltd. bought a new position in shares of American States Water during the second quarter worth approximately $206,000. 63.65% of the stock is currently owned by hedge funds and other institutional investors.
About American States Water
American States Water Company (AWR) is a holding company. The Company is the parent company of Golden State Water Company (GSWC) and American States Utility Services, Inc (ASUS), as well as various subsidiaries of ASUS. The Company’s segments include water, electric and contracted services. Within the segments, AWR has two principal business units, water and electric service utility operations, conducted through GSWC, and contracted services conducted through ASUS and its subsidiaries.
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