American Wtr Wks Co Inc - AWK STOCK NEWS

American Water Works Company reported first-quarter 2023 earnings of $0.91 per share, up from $0.87 in 2022. The company reaffirmed its 2023 earnings guidance range of $4.72 to $4.82 and long-term growth targets of 7-9% for EPS and dividends from 2023 to 2027. In Q1, American Water invested $538 million as part of its $2.9 billion capital plan for the year. Notably, the company issued 12,650,000 shares on March 3 for net proceeds of approximately $1.7 billion. They also announced the acquisition of wastewater assets in Pennsylvania and Illinois for $104 million and $83 million, respectively. The CEO expressed confidence in the company’s growth trajectory based on infrastructure investments and successful acquisitions.

American Water Works Company (NYSE: AWK) has declared a quarterly cash dividend of $0.7075 per share, marking an 8.0% increase. This reflects the company's commitment to delivering shareholder value through sustainable dividend growth.

The anticipated dividend will be paid on June 1, 2023, to shareholders of record as of May 9, 2023. American Water aims to maintain a long-term dividend growth rate of 7-9% and a payout ratio of 55-60% of earnings.

With a compound annual growth rate of 9.7% in dividends over the past five years, American Water continues to demonstrate financial strength and strategic success.

The Virginia State Corporation Commission has approved a settlement for Virginia American Water regarding a rate adjustment following a November 2021 request. This change reflects an overall rate increase of approximately $10.75 million to support $137.6 million in infrastructure improvements, including upgrades to aging pipes and water treatment plants. Customers in various service areas will see changes in their monthly bills, with Alexandria customers experiencing a $2.54 decrease, while Hopewell customers will see a $0.71 increase. The new rates are retroactive to May 1, 2022, and Virginia American Water emphasizes its commitment to providing affordable and reliable service.

California American Water is organizing an open house for its Ventura District customers on April 20 at the Palm Garden Hotel in Thousand Oaks, CA. The event will take place from 6:00 p.m. to 7:30 p.m. Customers can interact with company representatives from various departments, ask questions, and learn about recent investments and rate case applications pending before the California Public Utilities Commission.

Furthermore, attendees will receive information on conservation programs and can collect free conservation kits containing water-saving devices. The open house aims to facilitate community engagement and education regarding water services.

Illinois American Water is launching a webinar series focused on water conservation, starting with "Water Conservation at Home" on April 17 at noon. Sponsored in partnership with the University of Illinois Extension, this initiative aims to educate Illinois residents about effective water use and conservation techniques. Participants can register for the webinar through the provided link. Future sessions will cover various conservation topics, including summer outdoor water use and preventing microplastic pollution. Illinois American Water, a subsidiary of American Water (NYSE: AWK), serves approximately 1.3 million people in Illinois, addressing both water supply and wastewater services.