Evercore ISI Initiates Coverage on American States Water (AWR)

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Equities researchers at Evercore ISI initiated coverage on shares of American States Water (NYSE:AWR) in a research report issued to clients and investors on Monday, September 17th, Marketbeat Ratings reports. The brokerage set an “underperform” rating and a $54.00 price target on the utilities provider’s stock. Evercore ISI’s price target points to a potential downside of 8.32% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the stock. Zacks Investment Research upgraded shares of American States Water from a “sell” rating to a “hold” rating in a research note on Monday, August 27th. Wells Fargo & Co reduced their price target on shares of American States Water from $54.00 to $52.00 and set an “underperform” rating on the stock in a research note on Friday, August 24th. Three analysts have rated the stock with a sell rating, one has issued a hold rating and one has issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $52.75.

American States Water stock traded down $0.39 during trading hours on Monday, reaching $58.90. 197,662 shares of the stock were exchanged, compared to its average volume of 248,145. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 34.44, a PEG ratio of 5.94 and a beta of 0.10. The company has a quick ratio of 1.05, a current ratio of 1.09 and a debt-to-equity ratio of 0.66. American States Water has a twelve month low of $50.06 and a twelve month high of $62.50.

American States Water (NYSE:AWR) last announced its quarterly earnings data on Monday, August 6th. The utilities provider reported $0.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.03). The firm had revenue of $106.90 million for the quarter, compared to analyst estimates of $114.80 million. American States Water had a return on equity of 11.55% and a net margin of 14.18%. The company’s quarterly revenue was down 5.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.62 earnings per share. On average, sell-side analysts expect that American States Water will post 1.72 earnings per share for the current year.

In other news, VP Paul J. Rowley sold 727 shares of the firm’s stock in a transaction that occurred on Monday, August 13th. The shares were sold at an average price of $59.32, for a total value of $43,125.64. Following the sale, the vice president now directly owns 1,644 shares in the company, valued at approximately $97,522.08. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director James F. Mcnulty sold 8,897 shares of the firm’s stock in a transaction that occurred on Thursday, August 23rd. The shares were sold at an average price of $60.81, for a total transaction of $541,026.57. Following the completion of the sale, the director now owns 18,278 shares in the company, valued at $1,111,485.18. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,478 shares of company stock worth $819,760. 1.41% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Bruderman Asset Management LLC bought a new position in American States Water in the 1st quarter valued at approximately $126,000. Sei Investments Co. raised its holdings in American States Water by 181.2% in the 1st quarter. Sei Investments Co. now owns 2,714 shares of the utilities provider’s stock valued at $144,000 after buying an additional 1,749 shares during the last quarter. Kiley Juergens Wealth Management LLC bought a new position in American States Water in the 3rd quarter valued at approximately $183,000. SG Americas Securities LLC bought a new position in American States Water in the 1st quarter valued at approximately $176,000. Finally, Eldridge Investment Advisors Inc. bought a new position in American States Water during the 2nd quarter worth approximately $200,000. Institutional investors and hedge funds own 73.30% of the company’s stock.

American States Water Company Profile

American States Water Company, through its subsidiaries, provides water and electric services to residential, industrial, and other customers in the United States. It operates through three segments: Water, Electric, and Contracted Services. The company purchases, produces, distributes, and sells water, as well as distributes electricity.

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