Robert W. Baird analysts anticipate Aqua America's stock price will benefit from upcoming rate reliefs. The 12-month target price has been set at $19.
Aqua America purchases Weatherford, TX-based Saddle Club Water Co. for $420,000.
Aqua America closes the acquisition of South Haven Sewer Works, Inc, in northwest Indiana. The $9.7M purchase increases Aqua America's Indiana customer base by 4,000 customers and helps Aqua America increase its burgeoning expansion in Indiana.
Overall revenue in this quarter increased .1%, largely due to additional revenues from an increased customer base. However, operations expenses increased by 2.9% due to new acquisitions and higher fuel costs for service vehicles. General net income for the quarter, as a result, decreased by 5.0% compared to the same quarter in 2007.
The state public service commission of Putnam County is expected to decide on Aqua Utilities’ (Florida) request to double the cost of water in Putnam in January. The decision will be announced after the customers have spoken to the commission in the hearings scheduled in October.