American Water Works Company, Inc - AWK STOCK NEWS

California American Water's Director of Rates and Regulatory, Jonathan Morse, will moderate a panel at the California Water Association's 2024 Annual Summit. The panel, 'Enhancing Utility Operations Through Academic Collaboration,' will explore partnerships between water utilities and academic institutions. Featuring researchers Ellen Bruno, David Feldman, and Erik Christian Porse, the discussion will focus on recent projects and potential collaborations to drive innovation in water management. The summit, scheduled for November 6-7 in Monterey, aims to address challenges like climate resiliency, aging infrastructure, and equitable water access.

American Water (NYSE: AWK) has been named to the 2024 OnCon Icon Top 10 DEI Team by OnConferences, recognizing its excellence in inclusion, diversity, and equity initiatives. The award acknowledges contributions from multiple internal groups, including Employee Business Resource Groups, Culture Champions, and the IDE Executive Council. Selection for OnCon Icon Awards is based on peer and community voting, considering factors such as organizational impact, thought leadership, innovation, and leadership excellence. The recognition highlights American Water's commitment to fostering an equitable workplace while serving diverse communities.

Pennsylvania American Water is urging customers to voluntarily reduce nonessential water use by 10-15% following a drought watch declaration by the Pennsylvania Department of Environmental Protection (DEP). The reduction equates to approximately 11-16 gallons per day per customer. The drought watch affects 25 counties where the company provides water service. The declaration, issued on Nov. 1, is based on public water supply levels and indicators including precipitation, surface water flow, groundwater level, and soil moisture. While current water sources remain adequate, the company is monitoring conditions to prevent more severe conservation measures in the future.

Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), has completed the $990,000 acquisition of Sadsbury Township's wastewater collection system in Lancaster County, serving approximately 250 customer connections. The company plans to invest over $1.5 million in system improvements over the next six years, including wastewater main and manhole replacements, technology upgrades, and lift station enhancements. The acquisition, approved by the Pennsylvania Public Utility Commission on Sept. 12, 2024, will maintain current resident rates. The township cited Pennsylvania American Water's superior financial resources and expertise in managing environmental and regulatory compliance as key factors in the sale decision.

New Jersey American Water has completed the $6.5 million acquisition of Manville's wastewater collection system, adding 4,300 new wastewater customers. The deal, approved by 83% of voters in November 2023, includes a commitment to invest $10 million in system improvements over the next decade. This marks the company's seventh acquisition in five years, adding over 18,600 customers. The acquisition will help Manville pay off municipal debt, stabilize property taxes, and secure long-term affordable rates for residents.

American Water reported strong Q3 2024 results with earnings of $1.80 per share, up from $1.66 in 2023. Year-to-date earnings reached $4.17 per share, compared to $4.03 in 2023. The company affirmed its 2024 weather-normalized EPS guidance of $5.25-$5.30 and announced 2025 EPS guidance of $5.65-$5.75. A significant milestone includes the $230 million acquisition of Butler Area Sewer Authority assets in Pennsylvania, adding 15,000 customer connections. The company also announced its 2025-2029 capital plan of $17-$18 billion and 2025-3034 plan of $40-$42 billion, while affirming long-term EPS and dividend growth targets of 7-9% CAGR.

American Water Works (NYSE: AWK) has declared a quarterly cash dividend of $0.7650 per share of common stock, payable on December 3, 2024, to shareholders of record as of November 12, 2024. This dividend continues the previously announced increase in May 2024. The company offers a dividend reinvestment and direct stock purchase plan called American Water Stock Direct, allowing shareholders to reinvest dividends and purchase additional shares without brokerage commissions or service charges.

Pennsylvania American Water has completed the $230 million acquisition of the Butler Area Sewer Authority (BASA) wastewater system. The system serves over 15,000 customer connections across 32.5 square miles in Butler County. The company plans to invest more than $75 million over five years to upgrade the infrastructure, including pump stations, electrical safety, and treatment procedures. The deal will eliminate BASA's $49 million debt and liabilities. Current wastewater rates will be maintained for at least one year, after which customers will transition from flat rate to usage-based billing. The company will also increase its hardship grant program by $3.5 million over five years and extend payment arrangements to commercial customers.

American Water (NYSE: AWK), the largest regulated water and wastewater utility company in the U.S., has announced nationwide employment opportunities across multiple departments. The company is seeking professionals in Operations, Engineering, Environmental and Safety, and Information Technology roles. The initiative aims to build a diverse workforce while providing clean, safe, reliable, and affordable water services. American Water offers competitive compensation and benefits packages to attract talented individuals interested in making an impact on public health and sustainability.