American Water Acquires Lowell Water System For $24.5M
This article was originally published on TipRanks.com
Public utility company American Water Works Company, Inc. (NYSE:AWK) recently revealed that its subsidiary Indiana American Water has acquired northwest Indiana based water systems operator Lowell for $24.5 million.
The acquisition will allow American Water to strengthen its position in the Indiana region, as with the addition of Lowell’s water system to its portfolio, the company will add more than 35 water and wastewater systems and about 4,000 water customers.
The President of Indiana American Water, Matt Prine, said, “The acquisition of this system will help hold future rates down for Lowell customers as needed investments are made and also provide access to operations and capital management water professionals and a number of customer service options and payment methods.”
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Recently, UBS analyst Daniel Ford reiterated a Hold rating on the stock. The analyst, however, raised the price target from $177 to $185, which implies slight downside potential from current levels.
Consensus among analysts is a Hold based on 1 Buy, 4 Holds and 2 Sells. The average American Water price target of $177.71 implies downside potential of 4.5% from current levels. Shares have gained 23.5% over the past year.
News Sentiment for American Water is Positive based on 11.25 articles over the past seven days. 100% of the articles have Bullish sentiment, compared to the sector average of 61%.
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