The Prudent Investor


Another Look at American States Water Co.
February 1, 2007, 1:37 pm
Filed under: Water Utilities

American States Water Co. (AWR) website is located at www.gswater.com. They clearly state their mission and immediately explain that they serve a quarter of a million customers. Contact information is offered, which is nice, since access to information is going to be a key component.

In my last post I mentioned that California Water Service Group offered email alerts, and the same is true with American States Water. I signed up to receive them and so far have gotten good news. This news is that the company has declared their 249th consecutive quarterly dividend, which is also their 40th consecutive annual dividend increase. Since we are looking for a company that will deliver a level of comfort, this is very helpful indeed. Yesterday I got a flood of 11 emails which were all Form 4 SEC Filings. A Form 4 is a statement of changes in beneficial ownership of securities. I haven’t looked at all of them, but a brief glance indicates that a number of people are selling. Looking at the list of filings I see seven previously entered Form 4/A, which is an amendment to a previously filed Form 4. I need to understand what is going on here before I base any decision with this as a basis.

Finally sifting through seemingly endless Form 4 reports I finally find the 10-Q, which is the quarterly filing. Again, this is available in Word, Excel, and PDF, which is a nice choice.

The company does have a dividend reinvestment plan, though that fact is not readily available. As is the case with California Water Service Group, are fee-free, which is a big advantage, but also similar is the fact that the minimum purchase is $100. I would rather that be a smaller amount, but since our purchases will be at least that much then this is not a real concern.

So nothing here knocks the company out of the running, and I’ll move on to Middlesex Water Co. in my next post.

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