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MarketScreener Homepage  >  Equities  >  Nyse  >  American Water Works Company, Inc.    AWK

AMERICAN WATER WORKS COMPANY, INC.

(AWK)
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American Water Resources : and the Philadelphia Energy Authority Offer New Home Warranty Products for Philadelphia Homeowners Through Partnership

11/19/2020 | 11:02am EST

Partnership expansion includes multi-year contract that helps save homeowners money for costly repairs

American Water Resources (AWR), a subsidiary of American Water, the nation’s largest publicly traded water and wastewater utility company, announced today it has added new optional home warranty coverage options for Philadelphia homeowners as part of a renewed multi-year contract with the Philadelphia Energy Authority (PEA).

“Since 2018, we have been working with the Philadelphia Energy Authority to reduce the high cost of common water and sewer line repairs that are not typically covered by standard homeowner’s insurance,” said Eric Palm, President of American Water Resources. “We are proud of the current savings our home warranties provide to customers, but product expansion through our partnership is imperative to meet the needs of our 85,000+ customers in Philadelphia.”

For the last two years, the partnership between AWR and PEA offered homeowners protection from the unexpected through the optional Water Line and Sewer Line Protection Plan. Expanded coverage options are now available for Philadelphia homeowners through AWR’s partnership with the PEA. Bundled products include electric line, gas line and surge, offered for a discounted monthly rate of $11.98/month, as well as in-home plumbing clog ($7.99/month) and water heater repair and replacement ($9.99/month).

“Philadelphia's infrastructure is aging, making the water and sewer lines that homeowners are responsible for more susceptible to leaks and breaks,” said Alon Abramson, Program Manager, Philadelphia Energy Authority. “We’re glad to extend and expand our partnership with American Water Resources, under the leadership of Councilmember Derek Green to spread awareness of these issues and present a clear solution to our customers.”

Alongside the financial uncertainties that Philadelphians may be facing from the COVID-19 public health emergency, these older infrastructure challenges make AWR’s program extremely important. In just two years, the programs offered by AWR through PEA have provided hassle free repairs to Philadelphia homeowners. During that time, AWR has also earned a 92% customer claim satisfaction rating in Philadelphia.

“This partnership is meaningful because of the breadth of benefits it brings to the citizens of Philadelphia,” said Councilmember Derek Green (At-Large). “Not only have these programs protected homeowners from the burden of unexpected and unavoidable repairs, but it has also contributed to new job opportunities in our City. As we’re all spending more time at home these days, we’re putting more pressure on our homes and increasing the chances of unexpected damage. Because of this, local contractors have seen greater business and hiring opportunities.”

American Water Resources also continues to remain committed to supplier diversity. To that end, minority contractors have received over 70% of the work in Philadelphia to date.

To learn more about these programs, visit AWRUSA.com/Philadelphia or call 1-844-765-7260.

About American Water Resources

American Water Resources offers protection programs to homeowners in 43 states and Washington, D.C. The company currently services over 2 million home warranty contracts and has been providing protection programs for 20 years. More than nine out of 10 customers are satisfied, and the company holds an A+ rating from the Better Business Bureau. American Water Resources also provides its protection programs to homeowners through municipal partnerships with the New York City Department of Environmental Protection, Orlando Utilities Commission, Nashville Metro Water Services and others. For more information, visit American Water Resources at awrusa.com.

About Philadelphia Energy Authority

PEA is an independent municipal authority focused on issues of energy affordability and sustainability for Philadelphia. In early 2016, in partnership with City Council President Darrell Clarke, PEA launched the Philadelphia Energy Campaign, a $1 billion, 10-year investment in energy efficiency and clean energy projects in 4 sectors: city buildings, public schools, low- and moderate-income housing, and small businesses. PEA believes that energy is an important vehicle for reducing poverty, improving education, strengthening communities and leveraging public investment.


© Business Wire 2020
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Financials (USD)
Sales 2020 3 807 M - -
Net income 2020 705 M - -
Net Debt 2020 10 105 M - -
P/E ratio 2020 41,3x
Yield 2020 1,33%
Capitalization 29 168 M 29 168 M -
EV / Sales 2020 10,3x
EV / Sales 2021 9,91x
Nbr of Employees 6 800
Free-Float 96,8%
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Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 162,22 $
Last Close Price 160,91 $
Spread / Highest target 15,0%
Spread / Average Target 0,82%
Spread / Lowest Target -29,8%
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Managers and Directors
NameTitle
Walter J. Lynch President, CEO, Chief Operating Officer & Director
Karl F. Kurz Non-Executive Chairman
M. Susan Hardwick Chief Financial Officer & Executive Vice President
George F. MacKenzie Independent Director
Julia L. Johnson Independent Director