Boenning & Scattergood Starts Aqua America (WTR) at Neutral
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Rating Summary:
5 Buy, 7 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 8 | New: 8
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Boenning & Scattergood initiated coverage on Aqua America (NYSE: WTR) with a Neutral rating. Analyst Ryan M. Connors said strong fundamentals are priced in.
"Aqua America is a major bellwether in the niche regulated water utility sector, and boasts a number of key positives for investors, including concentrated exposure to the industry’s most attractive regulatory jurisdiction (PA), a track record of consistent operational execution, and the scale and geographic diversity to be a major player in an accelerating municipal privatization story. Still, these positives are largely priced into the stock at current levels (WTR trades at a P/E of 23.2 times, about in-line with the peer group average of 23.6 times), and the company’s near-term growth will likely be below-trend due to rate case timing issues in its largest territory of Pennsylvania. As a result, we initiate coverage of WTR with a Neutral rating," said Connors.
For an analyst ratings summary and ratings history on Aqua America click here. For more ratings news on Aqua America click here.
Shares of Aqua America closed at $31.45 yesterday.
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