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American Water Works Company, Inc. is a leading player in the water and wastewater services sector, boasting a market cap of has underperformed compared to AWK. Shares of Essential Utilities have risen 4.7% over the past 52 weeks and 5.7% on a YTD basis.
Given AWK's weak price action over the past year, analysts remain cautiously optimistic about its prospects. With 11 analysts covering the stock, there is a consensus rating of "Moderate Buy," and it is currently trading above the mean price target of $143.33.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policyhere.
How much a stock's price changes over time is a significant driver for most investors. Not only can price performance impact your portfolio, but it can help you compare investment results across sectors and industries as well.
Another thing that can drive investing is the fear of missing out, or FOMO. This particularly applies to tech giants and popular consumer-facing stocks.
What if you'd invested in American Water Works (AWK) ten years ago? It may not have been easy to hold on to AWK for all that time, but if you did, how much would your investment be worth today?
American Water Works' Business In-Depth
With that in mind, let's take a look at American Water Works' main business drivers.
The water supply and wastewater service provider, American Water Works Company, was founded in 1886. It provides essential water services to over 14 million customers in 24 states and has an employee strength of 6,500. The company also acquires small water service providers to expand its customer base.
As of Feb 4, 2024, there were 194,755,320 shares of the company’s outstanding common stock held by nearly 2,101 recorded holders. Different institutions jointly own 89.48% of the outstanding shares of American Water Works Company and all insiders have control over 0.2% of the outstanding shares.
American Water Works’ contracts with the U.S. government for work on various military installations, which will expire between 2051 and 2073, have remaining performance obligations (RPOs) of $7.2 billion as of Mar 31, 2024, as measured by estimated remaining contract revenue. Contracts with municipalities and commercial customers, that will expire between 2026 and 2038, have RPOs of $666 million as of Mar 31, 2024, which indicates that the company has a very strong long-term revenue base.
American Water Works operates a large water and wastewater infrastructure to efficiently serve the expanding customer base in the United States. It operates 80 surface water treatment plants, 540 groundwater treatment plants, 175 wastewater treatment plants, 53,700 miles of transmission, distribution and collection mains and pipes, 1,200 groundwater wells, 1,700 water and wastewater pumping stations, 1,100 treated water storage facilities as well as 74 dams. The company has plans to invest $34-$38 billion of capital over the 2024-2033 period to strengthen and expand its water and wastewater infrastructures.
American Water Works primarily operates through the Regulated Businesses segment. This segment’s operating revenues were $3.9 billion, $3.5 billion and $3.38 billion, accounting for 92.6%, 92% and 86% of the company’s total operating revenues for 2023, 2022 and 2021, respectively.
Bottom Line
While anyone can invest, building a lucrative investment portfolio takes research, patience, and a little bit of risk. If you had invested in American Water Works ten years ago, you're probably feeling pretty good about your investment today.
A $1000 investment made in September 2014 would be worth $3,014.45, or a gain of 201.44%, as of September 16, 2024, according to our calculations. This return excludes dividends but includes price appreciation.
The S&P 500 rose 183.35% and the price of gold increased 100.86% over the same time frame in comparison.
Analysts are anticipating more upside for AWK.
American Water Works has been gaining from contributions coming from acquired assets and military contracts. Investments in infrastructure will assist AWK to efficiently serve its customers. New water and wastewater rate hikes are also boosting its performance. American Water Works continues to expand its operations through organic and inorganic initiatives. Our model projects total revenues to increase year-over-year in 2024-2026 period. The company has ample liquidity to meet its debt obligations. The stock has outperformed its industry in the past six months. Yet, the still-high interest rate will increase project expenses. Demand for water keeps changing with weather conditions and its operations are subject to stringent regulations. The timely approval of rate cases is a concern. Pipeline breaks and related contamination are other headwinds. Over the past four weeks, shares have rallied 5.07%, and there have been 3 higher earnings estimate revisions in the past two months for fiscal 2024 compared to none lower. The consensus estimate has moved up as well.
Zacks Investment Research
Designed to provide broad exposure to the Industrials ETFs category of the market, the Invesco Water Resources ETF (PHO) is a smart beta exchange traded fund launched on 12/06/2005.
What Are Smart Beta ETFs?
Market cap weighted indexes were created to reflect the market, or a specific segment of the market, and the ETF industry has traditionally been dominated by products based on this strategy.
Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.
However, some investors believe in the possibility of beating the market through exceptional stock selection, and choose a different type of fund that tracks non-cap weighted strategies: smart beta.
Based on specific fundamental characteristics, or a combination of such, these indexes attempt to pick stocks that have a better chance of risk-return performance.
This area offers many different investment choices, such as simplest equal-weighting, fundamental weighting and volatility/momentum based weighting methodologies; however, not all of these strategies can deliver superior results.
Fund Sponsor & Index
Managed by Invesco, PHO has amassed assets over $2.21 billion, making it one of the larger ETFs in the Industrials ETFs. This particular fund seeks to match the performance of the NASDAQ OMX US Water Index before fees and expenses.
The NASDAQ OMX US Water Index tracks the performance of US exchange-listed companies that create products designed to conserve and purify water for homes, businesses and industries.
Cost & Other Expenses
Investors should also pay attention to an ETF's expense ratio. Lower cost products will produce better results than those with a higher cost, assuming all other metrics remain the same.
Operating expenses on an annual basis are 0.60% for this ETF, which makes it on par with most peer products in the space.
PHO's 12-month trailing dividend yield is 0.47%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
Representing 57.90% of the portfolio, the fund has heaviest allocation to the Industrials sector; Utilities and Information Technology round out the top three.
Taking into account individual holdings, American Water Works Co Inc (AWK) accounts for about 8.70% of the fund's total assets, followed by Ecolab Inc (ECL) and Roper Technologies Inc (ROP).
Its top 10 holdings account for approximately 59.62% of PHO's total assets under management.
Performance and Risk
The ETF has added about 12.20% so far this year and was up about 25.37% in the last one year (as of 09/16/2024). In the past 52-week period, it has traded between $49.77 and $69.84.
The ETF has a beta of 0.98 and standard deviation of 19.39% for the trailing three-year period, making it a medium risk choice in the space. With about 40 holdings, it has more concentrated exposure than peers.
Alternatives
Invesco Water Resources ETF is an excellent option for investors seeking to outperform the Industrials ETFs segment of the market. There are other ETFs in the space which investors could consider as well.
Invesco S&P Global Water Index ETF (CGW) tracks S&P GLOBAL WATER INDEX and the First Trust Water ETF (FIW) tracks ISE Clean Edge Water Index. Invesco S&P Global Water Index ETF has $994.32 million in assets, First Trust Water ETF has $1.80 billion. CGW has an expense ratio of 0.56% and FIW charges 0.53%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Industrials ETFs.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
A month has gone by since the last earnings report for Consolidated Water (CWCO). Shares have lost about 5.3% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Consolidated Water due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Consolidated Water’s Q2 Earnings & Sales Lag Estimates
Consolidated Water Co. Ltd. delivered second-quarter 2024 earnings per share of 26 cents, which lagged the Zacks Consensus Estimate of 34 cents by 23.5%. The bottom line also decreased 44.7% from last year’s 47 cents.
Total Revenues
The company’s total revenues for the quarter were $32 million, which missed the Zacks Consensus Estimate of $37 million by 12.5%. The top line declined 27.3% from the year-ago quarter’s figure of $44 million.
Segment Details
Retail revenues totaled $8.18 million, up 8.1% from $7.57 million in the year-ago quarter. The rise was due to an 8% increase in the volume of water sold.
Bulk revenues amounted to $8.44 million, down 0.5% from $8.48 million in the prior year. The decrease in bulk segment revenues was due to a decline in energy costs for CW-Bahamas. This reduced the energy pass-through component of CW-Bahamas’ rates.
Manufacturing revenues for the quarter totaled $3.9 million, down 3.9% from $4.08 million in the previous year.
Services revenues amounted to $11.9 million, down 50.6% from $24.1 million in the last year. The decrease in services segment revenues was due to a $16.5 million decline in plant construction revenues.
Highlights of the Release
General and administrative expenses increased nearly 10.4% to $6.6 million.
Net income from continuing operations amounted to $11.5 million compared with $11.9 million in the year-ago quarter.
The volume of retail water sold in the company’s utility service area in Grand Cayman increased 10% year over year. The company completed the construction and commissioning of the new 2.6 million gallons per day Red Gate desalination plant for the Water Authority of the Cayman Islands. It began operating the facility under a 10-year operations and maintenance agreement.
Financial Highlights
Cash and cash equivalents totaled $96.7 million as of Jun 30, 2024, compared with $42.6 million as of Dec 31, 2023. Working capital amounted to $131.2 million as of the same date.
Total long-term debt was $0.15 million as of Jun 30, 2024, lower than $0.19 million at 2023-end.
Cash flow from operating activities in the first half of 2024 totaled $26.9 million compared with $4.5 million in the year-ago period.
How Have Estimates Been Moving Since Then?
It turns out, estimates revision have trended upward during the past month.
VGM Scores
At this time, Consolidated Water has an average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Charting a somewhat similar path, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Consolidated Water has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry Player
Consolidated Water belongs to the Zacks Utility - Water Supply industry. Another stock from the same industry, American Water Works (AWK), has gained 3.6% over the past month. More than a month has passed since the company reported results for the quarter ended June 2024.
American Water Works reported revenues of $1.15 billion in the last reported quarter, representing a year-over-year change of +4.7%. EPS of $1.42 for the same period compares with $1.44 a year ago.
American Water Works is expected to post earnings of $1.83 per share for the current quarter, representing a year-over-year change of +10.2%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.9%.
American Water Works has a Zacks Rank #2 (Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of D.
Zacks Investment Research
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