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

AMERICAN WATER WORKS COMPANY, INC.

(AWK)
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West Virginia American Water : and Page-Kincaid Public Service District Reach Agreement on System Acquisition

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09/17/2020 | 05:28pm EDT

Joint petition seeks approval from the Public Service Commission for West Virginia American Water to provide service to the Fayette County community

West Virginia American Water and Page-Kincaid Public Service District have reached an agreement that will allow West Virginia American Water to purchase the community’s water system and provide safe, reliable service to its customers.

Page-Kincaid Public Service District, which serves approximately 650 customers along Rt. 61 in Fayette County, has struggled to maintain adequate service to its customers in recent years. The community’s water system needs substantial infrastructure upgrades, primarily associated with water quality concerns and service reliability.

“The people of Page-Kincaid have been suffering with inadequate water supply and service for a long time,” said West Virginia American Water president Robert Burton. “We have remained steadfast in our commitment to address the concerns of this community, and we are pleased to reach this agreement. The path forward will be a tedious transition, but the result will be a healthier, safer community for generations to come in Page-Kincaid.”

West Virginia American Water will acquire Page-Kincaid Public Service District’s water distribution system and reinforce an interconnection between the company’s water lines in Fayette County and the community’s water system. The community will be served from the company’s New River water treatment plant located in Beckwith. The transition to this new source will occur in a series of phases, with some customers receiving service from West Virginia American Water within a matter of days. The entire transition period is expected to last up to one year before all customers receive water service from West Virginia American Water.

Under the agreement, West Virginia American Water will make needed investments in the community’s water distribution system to reduce leakage and improve water quality. During the transition period, the company will repair and replace water pipe, replace water meters and flush water storage tanks. The company will provide additional details to local residents on its investment and transition plan in the coming months. In addition, West Virginia American Water, the District, and the Public Service Commission continue to discuss the long-term future of the District’s wastewater system.

Upon closing, West Virginia American Water will own and operate the water lines as part of its New River water system. All customers currently served by the Public Service District will continue to be billed by the District during the transition period and will become customers of West Virginia American Water when the acquisition is complete. The proposed agreement requires the approval of the Public Service Commission.

West Virginia American Water, a subsidiary of American Water (NYSE: AWK), is the largest investor-owned water utility in the state, providing high-quality and reliable water services to approximately 565,000 people. With a history dating back to 1886, American Water is the largest and most geographically diverse U.S. publicly traded water and wastewater utility company. The company employs more than 6,800 dedicated professionals who provide regulated and market-based drinking water, wastewater and other related services to 15 million people in 46 states. American Water provides safe, clean, affordable and reliable water services to our customers to make sure we keep their lives flowing. For more information, visit amwater.com and follow American Water on Twitter, Facebook and LinkedIn.

Connect with us: Facebook.com/wvamwaterTwitter.com/wvamwaterYouTube.com/wvamwater ● Instagram: @wvamwater

© Business Wire 2020

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Financials (USD)
Sales 2020 3 793 M - -
Net income 2020 694 M - -
Net Debt 2020 10 071 M - -
P/E ratio 2020 39,1x
Yield 2020 1,42%
Capitalization 27 572 M 27 572 M -
EV / Sales 2020 9,92x
EV / Sales 2021 9,54x
Nbr of Employees 6 800
Free-Float 96,8%
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Mean consensus OUTPERFORM
Number of Analysts 16
Average target price 144,81 $
Last Close Price 150,51 $
Spread / Highest target 12,9%
Spread / Average Target -3,79%
Spread / Lowest Target -27,6%
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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
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