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SJW Group Common Stock (symbol: SJW) is a U.S.-based holding company that primarily offers water utility services. With headquarters in San Jose, California, the company is dedicated to providing, storing, purifying, and distributing water to several Californian municipalities, as well as other states across the nation. SJW Group operates through two main segments: Water Utility Services and Real Estate Services.
The Water Utility Services segment is the cornerstone of the company's operations, accounting for the majority of its revenue. This segment focuses on ensuring the reliable delivery of clean and safe water to residential, commercial, and industrial customers. SJW Group emphasizes stringent water quality standards and employs advanced purification technologies to meet regulatory requirements and customer expectations.
The Real Estate Services segment complements the water utility operations by managing the company's real estate assets. This includes the strategic acquisition, development, and leasing of properties to maximize value. While not the primary revenue driver, this segment provides additional financial stability and growth opportunities.
Recently, SJW Group has been involved in several key projects aimed at enhancing infrastructure and expanding service coverage. For example, the company has initiated upgrades to aging water pipelines and treatment facilities to improve efficiency and reliability. Additionally, SJW Group is exploring sustainable water sourcing options to address the challenges posed by climate change and growing demand.
Financially, SJW Group maintains a solid position with consistent revenue growth and prudent management of resources. The company has formed strategic partnerships to bolster its service offerings and enhance customer satisfaction. These collaborations often involve local governments, environmental agencies, and technology providers.
Overall, SJW Group is committed to upholding the highest standards in water utility services while exploring innovative solutions to meet future demands. Investors and stakeholders can feel confident in SJW Group's ability to adapt and thrive in a dynamic industry landscape.
SJW Group (NYSE: SJW) will announce its 2020 financial results after market close on February 18, 2021. A webcast presentation featuring CEO Eric Thornburg and CFO James Lynch is scheduled for February 19 at 8:00 a.m. PT. The company serves nearly 1.5 million people through its water utilities, focusing on service quality and sustainability. SJW emphasizes community engagement and operational investment to enhance shareholder value. Forward-looking statements are included, highlighting risks such as regulatory decisions and potential impacts from COVID-19.
San Jose Water (SJW) donated $285,000 in 2020, marking a 26% increase from 2019, with funds directed to local non-profits affected by COVID-19. The company emphasizes community commitment through financial support and employee volunteerism. Contributions included aid for racial equality and educational initiatives. SJW’s Supplier Diversity Program showed significant growth, with purchases from Diverse Business Enterprises projected to rise from 13% in 2019 to 30% in 2020. SJW aims to continue supporting youth and educational programs in 2021.
SJW Group announced a 6.3% increase in its 2021 annual dividend to $1.36 per share, up from $1.28 in 2020. A quarterly dividend of $0.34 will be payable on March 1, 2021, to shareholders on record by February 8, 2021. The company has consistently raised its annual dividend for the past 53 years, showcasing its commitment to rewarding shareholders. With a current dividend yield of 2.1%, SJW Group continues to exhibit strong financial health and growth potential in the water utility sector.
Connecticut Water, a subsidiary of SJW Group (NYSE: SJW), has filed an application with the Connecticut Public Utilities Regulatory Authority (PURA) to amend customer rates. This move follows over $265 million in infrastructure investments since 2010. If approved, annual revenues would increase by approximately $20.2 million (19.9%). A typical residential customer may see a rate hike of about 35 cents per day. The proposal includes a low-income discount and conservation-oriented rate tiers. The process allows public comment and PURA has 200 days for review.
San Jose Water Company, a subsidiary of SJW Group (NYSE: SJW), has filed its 2021 General Rate Case application with the California Public Utilities Commission. The proposal includes a $435 million capital investment plan aimed at enhancing water system safety and resilience, essential for over one million customers. Key projects involve replacing 72 miles of water mains and improving emergency preparedness for various challenges. The CPUC will review the application over the next 12 months, ensuring reasonable rates while allowing for necessary infrastructure investments.
SJW Group reported a strong Q3 2020, posting a net income of $26.1 million, up from $9.5 million in Q3 2019. Diluted EPS rose to $0.91 from $0.33. The increase in operating revenue to $165.9 million was primarily driven by the CTWS merger, contributing $37.1 million, alongside higher customer usage and water rate increases. However, operating expenses increased to $124.0 million, leading to rising costs in water production and general operations. The company reaffirmed its earnings guidance of $1.95 to $2.05 per share for 2020.
SJW Group (NYSE:SJW) has declared a quarterly cash dividend of $0.32 per share, payable on December 1 to shareholders of record by the close of business on November 9. This marks the company's 309th consecutive dividend payment and reflects 53 years of uninterrupted dividend increases, positioning SJW among an exclusive group on the NYSE. The annualized dividend amounts to $1.28 per share, with a current dividend yield of 2.0% based on the market closing price from October 27.
SJW Group (NYSE:SJW) announced it will release its third-quarter 2020 financial results after market close on Nov. 4, 2020. A live webcast is scheduled for Nov. 5, 2020, at 8:00 a.m. PT to review these results. SJW Group, the second-largest investor-owned water utility in the U.S., serves nearly 1.5 million people and emphasizes sustainable operations, community engagement, and shareholder value. Stakeholders can access the webcast at www.sjwgroup.com.
SJW Group has announced that its subsidiary, SJWTX Inc., intends to acquire the Clear Water Estates Water System in Canyon Lake, Texas. The application for this acquisition is under review by the Public Utilities Commission of Texas (PUCT) as the first case to apply the Fair Market Value legislation. This strategic move aims to enhance service quality and expand customer base, as Clear Water Estates has additional water resources for community growth. If approved, this will mark SJWTX's 13th acquisition since 2006, increasing its customer connections significantly.
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