24/7 Wall St. » AWR

24/7 Wall St. Closing Bell (FSLR, PEP, PG, ILMN, CCL, ANV, AWR, BBEP, CDE, DISH, LPX, TSN, HFC, CHTR, DMD, HL, OMX, THC, WEN, DIS, VRTX, CTSH, BSFT)

Paul Ausick — Mon, 07 May 2012 20:08:20 +0000

The major US stock indexes opened lower this morning following a weekend of elections in Europe. A new Socialist party president in France and a still very cloudy future in Greece have left investors in a quandry. We have more coverage here on the French election and here on the election in Greece. By the last hour of trading, shares had recovered nearly all of the early losses and the three major indexes are either slightly positive or on the way to positive territory. The US dollar index rose today, now up 0.09% at 79.573. The GSCI commodity index is down about -2.3% at 653.60, with commodities mixed on the slightly stronger dollar. WTI crude oil closed down -0.6% at $97.94/barrel and Brent crude trades down -0.08% at $113.09/barrel. Gold settled down -0.4% today, at $1,639.10/ounce.

The unofficial closing bells put the DJIA down nearly 30 points to 13,008.53 (-0.23%), the NASDAQ rose less than 2 points (0.05%) to 2,957.76, and the S&P 500 rose 0.48% or less than 1 point to 1,369.58.

There were several analyst upgrades and downgrades today, including First Solar Inc. (NASDAQ: FSLR) cut to ‘neutral’ at Argus; Pepsico Inc. (NYSE: PEP) raised to ‘overweight’ at Morgan Stanley; Procter & Gamble (NYSE: PG) cut to ‘market perform’ at Wells Fargo; Illumina Inc. (NASDAQ: ILMN) raised to ‘outperform’ with a price target of $55 at Credit Suisse; and Carnival Corp. (NYSE: CCL) cut to ‘neutral’ at Goldman Sachs.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: Allied Nevada Gold Corp. (AMEX: ANV) is down about -10% at $25.59 after posting a new 52-week low of $25.37 earlier today; American States Water Co. (NYSE: AWR) is up 3.6% at $37.09; Breitburn Energy Partners L.P. (NASDAQ: BBEP) is down -2.4% at $17.54; Coeur d’Alene Mines Corp. (NYSE: CDE) is down -4.1% at $18.99 after posting a new 52-week low of $18.71; Dish Network Corp. (NASDAQ: DISH) is down -0.93% at $31.02; Louisiana Pacific Corp. (NYSE: LPX) is up 5.9% at $9.49; Tyson Foods Inc. (NYSE: TSN) is up 3.4% at $18.65; and HollyFrontier Corp. (NYSE: HFC) is down -2.4% at $28.82 (more coverage here).

On Tuesday we are scheduled to get earnings from Charter Communications Inc. (NASDAQ: CHTR), Demand Media Inc. (NYSE: DMD), Hecla Mining Co. (NYSE: HL), OfficeMax Inc. (NYSE: OMX), Tenet Healthcare Corp. (NYSE: THC), The Wendy’s Co. (NYSE: WEN), and Walt Disney Co. (NYSE: DIS).

Other standouts from today include the following stocks:

Vertex Pharmaceuticals Inc. (NASDAQ: VRTX) is up about 55% at $58.05. The company’s cystic fibrosis drug study showed significant positive results. More coverage here.

Cognizant Technology Solutions Corp. (NASDAQ: CTSH) is down more than -XX% at $XX. The IT-outsourcing firm showed good results, but guidance was weak. More coverage here.

BroadSoft Inc. (NASDAQ: BSFT) is down -17.6% at $33.68. The communications software maker posted good earnings, but followed that with soft guidance for the second quarter.

Stay tuned for Tuesday. Richmond Fed President Jeffrey Lacker and Dallas Fed President Richard Fisher are giving speeches. We have noted the following events on the schedule (all times Eastern):

7:30 a.m. – NFIB Small Business optimism index
11:30 a.m. – 4-week bill auction
1:00 p.m. – 3-year note auction

Paul Ausick

Filed under: General Tagged: ANV, AWR, BBEP, BSFT, CCL, CDE, CHTR, CTSH, DIS, DISH, DMD, FSLR, HFC, HL, ILMN, LPX, OMX, PEP, PG, THC, TSN, VRTX, WEN

24/7 Wall St. Closing Bell (LNKD, FDX, ALL, RHT, SKS, FSLR, SPWR, AES, DUK, EL, WPO, EXC, MSG, AWR, BBEP, DNDN, DISH, LPX, KID, JKS, TSN, BAGL, DLB, BODY)

Paul Ausick — Fri, 04 May 2012 20:07:31 +0000

The major US stock indexes opened lower this morning following a weak report on non-farm payrolls (our coverage here). The lack of any further data to chew over left the markets with nothing to do but worry about slowing growth. Energy stocks led the slide as crude prices continued to fall (more coverage here). The US dollar index rose today, now up 0.35% at 79.495. The GSCI commodity index is down about -1.3% at 6769.36, with commodities mixed on the gains for the dollar. WTI crude oil closed down -4.6% at $97.81/barrel, its lowest level since mid-February, and Brent crude trades down -2.48% at $113.20/barrel. Gold settled up 0.6% today, at $1,645.20/ounce.

The unofficial closing bells put the DJIA down more than 168 points to 13,038.04 (-1.28%), the NASDAQ fell nearly 68 points (-2.25%) to 2,956.34, and the S&P 500 fell -1.62% or more than 22 points to 1,369.09.

There were several analyst upgrades and downgrades today, including LinkedIn Corp. (NYSE: LNKD) target price raised to $140 at Susquehanna; FedEx Corp. (NYSE: FDX) raised to ‘strong buy’ at Raymond James; The Allstate Corp. (NYSE: ALL) raised to ‘overweight’ at Barclays; Red Hat Inc. (NYSE: RHT) started as ‘outperform’ at BMO; and Saks Inc. (NYSE: SKS) reiterated ‘buy’ and target price of $14 at Argus.

Earnings reports since markets closed last night have led to some price changes as of the last half hour of trading today: First Solar Inc. (NASDAQ: FSLR) is down -6% at $16.98 after posting a new 52-week low of $16.80 earlier today (more solar coverage here); SunPower Corp. (NASDAQ: SPWR) is down -2.1% at $5.58; AES Corp. (NYSE: AES) is down -0.7% at $12.13 (more utilities coverage here); Duke Energy Corp. (NYSE: DUK) is up 0.9% at $21.60; Estée Lauder Companies Inc. (NYSE: EL) is down -5.8% at $60.44 (more coverage here); The Washington Post Co. (NYSE: WPO) is down -5.4% at $355.88; Exelon Corp. (NYSE: EXC) is down -0.7% at $38.54; and The Madison Square Garden Co. (NASDAQ: MSG) is up 3.7% at $37.87 after posting a new 52-week high of $38.38..

On Monday we get earnings from American States Water Co. (NYSE: AWR), Breitburn Energy Partners L.P. (NASDAQ: BBEP), Dendreon Corp. (NASDAQ: DNDN), Dish Network Corp. (NASDAQ: DISH), Louisiana Pacific Corp. (NYSE: LPX), Kid Brands Inc. (NYSE: KID), Jinkosolar Holding Co. Ltd. (NYSE: JKS), and Tyson Foods Inc. (NYSE: TSN).

Other standouts from today include the following stocks:

Einstein Noah Restaurant Group, Inc. (NASDAQ: BAGL) is up 19.9% at $16.84 after posting a new 52-week high of $17.68 earlier today. The bagel maker and restaurateur reported strong earnings and said it would begin to explore strategic options.

Dolby Laboratories Inc. (NYSE: DLB) is up 17.5% at $44.22. The company reported strong earnings and has signed a deal with Microsoft Corp. (NASDAQ: MSFT). More coverage here.

Body Central Corp. (NASDAQ: BODY) is down -47.8% at $15.11. The young women’s apparel seller reported poor earnings and forecast more of the same until at least back-to-school season.

Stay tuned for Monday. We have noted the following events on the schedule (all times Eastern):

11:30 a.m. – 3- and 6- month bill auction
3:00 p.m. – Consumer credit report

Have a great weekend.

Paul Ausick

Filed under: HI/LOW, Market Close Tagged: AES, ALL, AWR, BAGL, BBEP, BODY, DISH, DLB, DNDN, DUK, EL, EXC, FDX, FSLR, JKS, KID, LNKD, LPX, MSG, RHT, SKS, SPWR, TSN, WPO

Huge Upside Valuation Calls in Water Utilities (AWK, WTR, CWT, AWR)

Administrator — Wed, 16 Nov 2011 16:42:42 +0000

There remains substantial value, growth, and income opportunity in the water sector. This has been our take for some time, and a report out of Gabelli & Company this morning is further highlighting this. In fact, Gabelli’s “private market value” is far more aggressive than our own internal model and they have an implied upside of close to 30% to 50% higher on average if you look out to the end of 2013. Keep in mind that these are not exactly official price targets, but they are upside valuation calls under deal, restructuring, and other forms of valuation.

The water utilities covered by Gabelli were American Water Works Company, Inc. (NYSE: AWK), Aqua America Inc. (NYSE: WTR), California Water Service Group (NYSE: CWT), and American States Water Company (NYSE: AWR).

Gabelli’s research noted, “Water utility stocks and the S&P Composite are unchanged year-to-date, which compares to an 11% advance for the S&P Utilities Index… we believe the water and wastewater industry is ripe for new rounds of consolidation and privatization as the sector is in the early stages of an extended period of restructuring.”

American Water Works Company, Inc. (NYSE: AWK) currently trades at $30.80 and it remains our own personal favorite for water investors. We think this can go to the mid-$30′s or even get closer to $40 ultimately, but we are way short of Gabelli’s “private market value.” Thomson Reuters has a consensus price target of $34.00, but Gabelli’s “PMV” is all the way up at $44.00 for this year, $47.00 for 2012, and $49.00 for 2013. Cited are strong earnings growth, proposed water rate hikes, acquisitions, and asset changes.

Aqua America Inc. (NYSE: WTR) currently trades around $22.00 is also given high upside marks by Gabelli and its private market values are as follows: $27.00 for 2011, $28 for $2012, and $30 for 2013. This upside is based upon strong credit ratings and a low-risk business model which has both a cost-driven model and a growth oriented culture. Thomson Reuters has a consensus price target of about $24.60.

California Water Service Group (NYSE: CWT) trades around $18.80 and Gabelli calls it a high-quality water utility with a strong balance sheet (46% common equity) with an A+ investment-grade rating. Recent and pending rate relief were also cited as strengths. Gabelli’s private market value is $24.00 for 2011, $27.00 for 2012, and $28.00 for 2013. Thomson Reuters has a consensus price target of $21.00.

American States Water Company (NYSE: AWR) trades around $35.50 and Gabelli noted a strong balance sheet (53% common equity), an ‘A+’ investment-grade ratings, recent and pending rate activity, a 3.2% dividend, and privatization contracts. Gabelli gives a private market value rating as follows: $48.00 for 2011, $50.00 in 2012, and $53.00 in 2013. Thomson Reuters has a consensus price target of $38.34.

Again, these private market value ratings are not exact price targets. They are meant to show implied upside bands under certain situations. The Thomson Reuters consensus price targets are generally 10% above current share prices.

JON C. OGG

Filed under: Analyst Calls, Infrastructure, Utilities, Value Investing, Water Tagged: AWK, AWR, CWT, WTR

9 Utilities Set To Raise Dividends (DUK, AWK, AWR, XEL, DTE, AEP, CEG, D, ETR, FE, NEE, PNW, PPL, PGN)

Administrator — Wed, 06 Jul 2011 10:31:23 +0000

If you have seen one trend that has lasted in 2011 it is that companies are hiking their dividend payouts for their shareholders. Many classic investment models are based almost entirely around dividend growth, and the utility sector is one of the more classic dividend-paying sectors for income investors. It just so happens that these can also be considered in many cases as defensive investments due to a relatively predictable earnings stream and due to those high dividends.

Some of the more recent dividend hikes in the utility sector have been in shares of Duke Energy Corporation (NYSE: DUK), American Water Works Company, Inc. (NYSE: AWK), American States Water Company (NYSE: AWR), Xcel Energy Inc. (NYSE: XEL), and DTE Energy Co. (NYSE: DTE). What we are trying to show you is that the trend of dividend hikes is not without precedent in utilities.

24/7 Wall St. is looking for utility dividend hike candidates after some recent hikes in the sector. We have evaluated 9 large-cap or mid-cap dividend producing utility stocks for investors where you can expect a dividend hike in the coming months. These include, in alphabetic order: American Electric Power Co., Inc. (NYSE: AEP), Constellation Energy Group, Inc. (NYSE: CEG), Dominion Resources, Inc. (NYSE: D), Entergy Corporation (NYSE: ETR), FirstEnergy Corp. (NYSE: FE), NextEra Energy, Inc. (NYSE: NEE), Pinnacle West Capital Corporation (NYSE: PNW), PPL Corporation (NYSE: PPL), and Progress Energy Inc. (NYSE: PGN).

Now that the Supreme Court has rejected some carbon-cutting measures, some additional drag has been removed from this sector that might have otherwise been victim to higher ten-year Treasury yields. We would also like to note that we have tried to consider mergers in our analysis as this sector continues to consolidate. Our basis is more of a standalone merger basis rather than solely due to mergers into consideration here because we are looking for the companies which can grow their dividends based solely upon their own metrics.

American Electric Power Co., Inc. (NYSE: AEP) is perhaps our favorite utility and it was named as one of our ten stocks to own for the next decade. Its shares recently traded at $38.18 and has a current dividend yield of 4.9%. Its 52-week trading range is $30.34 to $38.99. Thomson Reuters has estimates of $3.13 EPS for 2011 and $3.22 EPS for 2012. AEP has had three straight quarters of a $0.46 dividend and this is likely to be grown in the months ahead. The prior $0.42 quarterly dividend was only in place for two quarters before being raised. The current pace comes to $1.84 per year. Our take, look for $0.48 per quarter. We are not looking for an equal hike this time around as earnings growth is only expected to be almost 3% next year.

Constellation Energy Group, Inc. (NYSE: CEG) is often treated as a controversial stock in the world of utilities. While we said we are not taking M&A into consideration, it is in a pending deal with Excelon and we are still evaluating this on a standalone basis. It recently traded at $37.70 and has a current dividend yield of 2.55%. Its 52-week trading range is $27.24 to $37.87. Thomson Reuters has estimates of $3.20 EPS for 2011 and $2.46 EPS for 2012. Its dividend used to be far higher and has been $0.24 per quarter for about ten quarters in a row. It is hard to know about the “when” but the “if” seems a shoe-in if it somehow is not merged.

Dominion Resources, Inc. (NYSE: D) recently traded at $48.61 and has a current dividend yield of almost 4.1%. Its 52-week trading range is $36.98 to $49.07. Thomson Reuters has estimates of $3.14 EPS for 2011 and $3.25 EPS for 2012. The company has been in the habit of hiking payouts more than once a year if the last hike was a sign. If no dividend hike is made in the fall, it could be announced late this year. The current payout is $1.97 per year, leaving well more than $1.00 per share for operations ahead.

Filed under: Dividend, Editor's Picks, Utilities, Value Investing Tagged: AEP, AWK, AWR, CEG, D, DTE, DUK, ETR, FE, NEE, PGN, PNW, PPL, XEL

The Best Water Stock for 2011 (WTR, AWK, AWR, CWT, LAYN, TTEK, WTS, PHO, PIO)

Administrator — Thu, 30 Dec 2010 19:10:50 +0000

Water is perhaps one of the most misunderstood and most under-invested themes for most investors looking for income and stability year after year. It is also exceedingly harder and harder to invest in due to consolidation and due to unforeseen risks that are present in the economy. Throughout the year we evaluate sectors and make our outlook picks. Water is one of those sectors and it should be a part of most long-term investment portfolios. Today marks the goal of picking the top water stock investment pick for 2011.

Looking through water investments is often a price-sensitive effort and investors rarely get to buy their favorite water stocks at big discounts. In utilities, our review for the top pick in 2011 focused on Aqua America Inc. (NYSE: WTR), American Water Works Company, Inc. (NYSE: AWK), American States Water Company (NYSE: AWR) and California Water Service Group (NYSE: CWT). We also went through the valuations and the outlook for Layne Christensen Company (NASDAQ: LAYN), Tetra Tech Inc. (NASDAQ: TTEK), and Watts Water Technologies, Inc. (NYSE: WTS). In the land of ETFs, there are the PowerShares Water Resources (NYSE: PHO) and the PowerShares Global Water (NYSE: PIO) depending upon your geographic focus.

There is a clear winner for 2011 and we followed it up with a “runner-up selection” as to which water stock is the best pick for investors in 2011. We have a basic table below for performance metrics and have added color with support for our top water pick for 2011.

Stock	Current	Mean Target	52-week Range
WTR	$22.78	$22.50	16.45 – 22.97
AWK	$25.30	$27.25	19.41 – 25.82
AWR	$35.01	$39.50	31.20 – 39.61
CWT	$37.94	$41.33	33.81 – 39.70
LAYN	$35.00	$35.40	22.97 – 36.92
TTEK	$25.67	$26.84	18.00 – 28.18
WTS	$37.09	$38.00	27.51 – 37.41

Filed under: Analyst Calls, Cult Stock, Editor's Picks, Value Investing, Water Tagged: AWK, AWR, CWT, LAYN, PHO, PIO, TTEK, WTR, WTS

Top Analyst Upgrades & Downgrades (ARO, AEO, APEI, AWR, ADSK, CECO, COCO, DV, KLIC, RTP, RIG)

Administrator — Fri, 06 Aug 2010 12:15:33 +0000

These are some of the top analyst upgrades, downgrades, and initiations seen from Wall Street research calls this Friday morning:

Aeropostale, Inc. (NYSE: ARO) Cut to Market Perform at Wells Fargo.
American Eagle Outfitters, Inc. (NYSE: AEO) Cut to Market Perform at Wells Fargo.
American Public Education, Inc. (NASDAQ: APEI) Cut to Market Perform at BMO.
American States Water Company (NYSE: AWR) Cut to Hold at Brean Murray.
Autodesk Inc. (NASDAQ: ADSK) Cut to Hold at Jefferies.
Career Education (NASDAQ: CECO) Cut to Market Perform at BMO.
Corinthian Colleges, Inc. (NASDAQ: COCO) Cut to Market Perform at BMO.
Devry, Inc. (NYSE: DV) Cut to Market Perform at BMO.
Kulicke & Soffa Industries Inc. (NASDAQ: KLIC) Cut to Underperform at BofA/Merrill Lynch.
Rio Tinto plc (NYSE: RTP) Raised to Outperform at BNP Paribas.
Transocean Ltd. (NYSE: RIG) Cut to Underweight at JPMorgan.

You can join our free daily email distribution list to hear more about dividend trends, analyst upgrades and downgrades, top day trader and active trader alerts, news on Buffett and other investment gurus, IPOs, secondary offerings, private equity, and more.

JON C. OGG

Filed under: Analyst Calls Tagged: ADSK, AEO, APEI, ARO, AWR, CECO, COCO, DV, KLIC, RIG, RTP

New Wave of Secondary Offerings (AWR, ENR, FIG, PL, SMTB, WAL)

247wallst — Fri, 15 May 2009 11:37:06 +0000

We are seeing yet another wave of secondary offerings that have priced between yesterday’s close and this morning. The offerings we have seen come to more than $1 billion and are from American States Water (NYSE: AWR), Energizer Holdings Inc. (NYSE: ENR), Fortress Investment Group LLC (NYSE: FIG), Protective Life Corp. (NYSE: PL), Smithtown Bancorp (NASDAQ: SMTB), and Western Alliance Bancorporation (NYSE: WAL).

We have broken these down by price and size, along with the difference of the pricing from yesterday’s close and from highs earlier this week.

American States Water (AWR) priced a 1 million share secondary at 31.00 per shares. It closed at $31.21 Thursday.

Energizer Holdings Inc. (ENR) priced its expected secondary offering of 9.5 million shares at $49.00 per share after closing at $49.69 yesterday and after being at $54.00 on Monday.

Fortress Investment Group LLC (FIG) raised $200 million after pricing a 40 million unit offering at $5.00 per unit. This was after a $5.26 close on Thursday and after units had hit $7.00 last week before financial offerings came fast down the pipe.

Protective Life Corp. (PL) priced a 13.5 million share secondary offering at $9.00 per share. That is after closing at $9.23 on Thursday.

Smithtown Bancorp (SMTB) priced a 2.8 million share secondary offering at $10.00 per share after closing at $11.24 on Thursday. SHares were $13.00 on Tuesday.

Western Alliance Bancorporation (WAL) priced a 29.2 million share secondary offering at $6.00 per share after closing at $6.26 yesterday and after closing at $8.73 monday.

JON C. OGG

May 15, 2009

Posted in Banking, Secondary Offering Tagged: AWR, ENR, FIG, PL, SMTB, WAL

The ‘Safety Premium’ In Water Investing (AWK, WTR, AWR, CWT)

247wallst — Mon, 23 Mar 2009 15:35:33 +0000

We have been investigating several of the “safe sectors” for investing to identify which ones may have seen the worst or which ones could continue to have issues regardless of whether or not recent stock market strength holds up or not. Water is supposed to be one of those immune sectors as people have to drink water every day and just about every aspect of life revolves around water. So we are starting out with domestic water utilities, because this is the first line of defense in the water sector and the most defensive portion of the water sector. In theory, these do not require any new community growth or new water-intensive industries for the “defensive” thesis to hold up. We briefly wanted to review American Water Works Company, Inc. (NYSE: AWK), Aqua America Inc. (NYSE: WTR), American States Water Company (NYSE: AWR), and California Water Service Group (NYSE: CWT).

American Water Works Company, Inc. (NYSE: AWK) was one of 2008′s largest IPO’s, which was actually a Re-IPO after being acquired. It provides water and wastewater services to residential, commercial, and industrial customers (approximately 15 million) in 32 U.S. states and in Ontario, Canada. Currently, the company has a $2.9 billion market cap, and its $18.06 stock price gives it an implied forward P/E ratio of almost 14-times expected 2009 earnings. Its 52-week trading range is $16.22 to $23.65.

Aqua America Inc. (NYSE: WTR) operates regulated utilities which offer community-wide water or wastewater services for residential, commercial, and industrial customers in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, New York, Florida, Indiana, Virginia, Maine, Missouri, and South Carolina. The stock has recovered substantially off of its lows. It had roughly 3 million customers. The company has a $2.6 billion market cap, and with a $19.30 price it trades an an implied forward P/E ratio of 22.7 against 2009 expected earnings. Its 52-week trading range is $12.20 to $22.00.

American States Water Company (NYSE: AWR) offers water and electric service utility operations for residential and commercial customers. The difference is that this is not as geographically diverse and it serves many areas which have been hit by the woes of the declining real estate market on top of other issues. It also distributes electricity in 1 customer service area and 3 water service regions operating within 75 communities in 10 counties in California, as well as provides water service in 21 customer service areas with close to 250,000 water customers and about 23,000 electric customers in California, and it operated 2,724 miles of pipeline of water transmission and distribution systems; it also served 13,488 water-service customers in Arizona and operated 184 miles of pipeline of water transmission and distribution systems. The $650 million market cap based on a $37.53 stock price gives it an implied forward P/E ratio of 21.4 times expected 2009 earnings. Its 52-week trading range is $27.00 to $42.00.

California Water Service Group (NYSE: CWT) provides water utility and other related services in California, Washington, New Mexico, and Hawaii. California Water Service Group provides service to approximately 463,000 customers in 83 communities (2007 data). With a $42.80 stock price, this trades at an implied 20.8-times forward 2009 expected earnings. Its 52-week trading range is $27.68 to $48.28.

Where this gets interesting is that the bulk of these four trade much closer to their highs than to lows, with the exception of American Water Works. But it also trades at the largest discount to its forward 2009 earnings estimates. Part of the problem is that it is a recent IPO after the Germans sold it back to the US public markets. All of the other stocks in these four are expensive if you consider a mere forward-P/E ratio compared to the market today. That is because of the defensive nature of the stocks and probably also because of inherent regional monopolies they hold. Have you ever inquired to see if you could get a new water company of competitive quotes for water service? You can get a new water provider, if you move to a new market.

Again, this is just four of the companies we cover in the domestic utility side of the water sector equation. This is also one of the most defensive stock sectors for US investors. The sector never really gets “cheap” if you are just using P/E ratio comparative analysis. Traditionally, these might not rally as much as the markets if we go into a bull market mode. Again, that is “traditionally” and you will be surprised if you look at just how much these have recovered since the lows of October and November of 2008. We will be looking separately as filtration, infrastructure, and other services in different pieces this week.

Jon C. Ogg
March 23, 2009

Posted in Defensive Stocks, Water Tagged: AWK, AWR, CWT, WTR