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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 (SJW) has priced its public offering of 1,030,000 shares at $59.00 each, aiming for gross proceeds of approximately $60.77 million. The underwriters hold a 30-day option to purchase an additional 154,500 shares. The offering concludes on or about March 11, 2021. Proceeds will be used to repay debt and fund general corporate needs, including infrastructure improvements. J.P. Morgan and RBC Capital Markets are the lead underwriters, with the offering conducted under an effective SEC registration statement.
SJW Group (NYSE: SJW) has initiated a public offering of 1,030,000 shares of common stock, with an option for underwriters to purchase an additional 154,500 shares. The net proceeds will primarily be used to repay existing debt and for general corporate purposes, possibly including infrastructure improvements and working capital. J.P. Morgan is the sole book-running manager for this offering, which is conducted under an effective shelf registration statement with the SEC. Investors are encouraged to review the preliminary prospectus for comprehensive details.
SJW Group reported a net income of $61.5 million for 2020, up from $23.4 million in 2019, with diluted earnings per share of $2.14. Operating revenue rose to $564.5 million, driven by higher customer usage and cumulative rate increases, primarily from the CTWS merger. Operating expenses increased to $446.9 million due to higher production costs. In Q4, net income was $13.3 million versus a $5.5 million loss in 2019. The company announced a dividend increase to $1.36 per share, marking 53 years of consecutive dividend increases.
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.
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