American Water drops after unveiling $1 bln stock offering

American Water Works Co

04/08/2025 21:25

** Shares of American Water Works AWK.N down 2% to $144.01 in extended trading after equity offering news

** Camden, New Jersey-based utility announces $1 bln stock offering with forward sales component

** AWK to enter forward sale agreements with jt bookrunners Wells Fargo, JP Morgan and Mizuho

** Upon settlement of such agreements, expected on or prior to Dec 31, 2026, co to use net proceeds for general purposes

** AWK has ~195.1 mln shares outstanding for ~$28.7 mln market cap

** Shares on Mon rose 0.9% to close at $147

** YTD, stock up 18% vs 15% advance for S&P 500 Utilities index .SPLRCU

** Avg rating among 15 analysts is "hold" and median PT is $144.50, per LSEG data

 (Lance Tupper is a Reuters market analyst. The views expressed are his own)

 ((lance.tupper@tr.com 1-646-279-6380))