Global Water Resources increases monthly dividend by 1%, reflecting revenue growth and optimistic future outlook.
Quiver AI Summary
Global Water Resources, Inc. (NASDAQ: GWRS), a company focused on water resource management, has announced a 1% increase in its monthly cash dividend to $0.02533 per common share, raising the annualized dividend rate to $0.30396. This increase will be payable on December 30, 2024, for shareholders on record by December 16, 2024. CFO Mike Liebman attributed this decision to the company's regulated revenue and net income growth, stemming from an increase in active connections and regulated rates. Global Water operates 32 systems providing water, wastewater, and recycled water services primarily around metropolitan Phoenix, where it recycles over 1 billion gallons of water annually. The company has received awards for its effective Total Water Management approach, which integrates various water services to promote conservation and sustainability in water-scarce areas.
Potential Positives
- Global Water Resources, Inc. has announced a 1% increase in its monthly cash dividend, reflecting the company's commitment to returning value to shareholders.
- The increased dividend indicates a positive outlook for the company, supported by growth in regulated revenue and net income due to an increase in active connections and regulated rates.
- The company has been recognized nationally for its effective water resource management and superior water reuse practices, enhancing its reputation and credibility in the industry.
- The announcement contributes to a stronger financial position and investor confidence as the company continues to demonstrate growth and operational excellence in water resource management.
Potential Negatives
- The dividend increase of only 1% may indicate limited financial growth or cash flow issues, suggesting conservative management practices rather than robust financial health.
- The upcoming dividend payment could place financial strain on the company if future earnings do not sufficiently support ongoing dividend increases.
- Despite the increase in dividends, there is no mention of significant new growth initiatives or expansions, which may imply stagnation in broader business development efforts.
FAQ
What is the new monthly dividend amount for Global Water Resources?
The new monthly cash dividend is $0.02533 per common share.
When will the increased dividend be payable?
The increased dividend will be payable on December 30, 2024.
Who qualifies for the dividend payment?
Holders of record at the close of business on December 16, 2024, will qualify for the dividend payment.
What drove the decision to increase the dividend?
The decision was driven by growth in regulated revenue, net income, and an optimistic outlook from the board.
What are Global Water Resources' main services?
Global Water Resources provides water, wastewater, and recycled water services through 32 systems primarily in metropolitan Phoenix.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GWRS Insider Trading Activity
$GWRS insiders have traded $GWRS stock on the open market 9 times in the past 6 months. Of those trades, 7 have been purchases and 2 have been sales.
Here’s a breakdown of recent trading of $GWRS stock by insiders over the last 6 months:
- STEVEN D. BRILL (VP of IT Operations) has traded it 4 times. They made 4 purchases, buying 30 shares and 0 sales.
- SUZANNE MICHELLE KITTS (Vice President and Controller) sold 1,513 shares.
- CHRISTOPHER D KRYGIER (Chief Operating Officer) has traded it 2 times. They made 2 purchases, buying 1,258 shares and 0 sales.
- ANDREW M. COHN has traded it 2 times. They made 1 purchase, buying 536 shares and 1 sale, selling 536 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$GWRS Hedge Fund Activity
We have seen 29 institutional investors add shares of $GWRS stock to their portfolio, and 29 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- POLAR ASSET MANAGEMENT PARTNERS INC. removed 70,748 shares (-8.5%) from their portfolio in Q3 2024
- KENNEDY CAPITAL MANAGEMENT LLC removed 39,088 shares (-25.1%) from their portfolio in Q3 2024
- GOLDMAN SACHS GROUP INC added 35,428 shares (+108.2%) to their portfolio in Q3 2024
- JANE STREET GROUP, LLC removed 19,444 shares (-100.0%) from their portfolio in Q3 2024
- MORGAN STANLEY added 18,961 shares (+33.9%) to their portfolio in Q3 2024
- CITADEL ADVISORS LLC added 15,605 shares (+172.2%) to their portfolio in Q3 2024
- BARCLAYS PLC added 14,936 shares (+89.3%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
PHOENIX, Nov. 27, 2024 (GLOBE NEWSWIRE) -- Global Water Resources, Inc. (NASDAQ: GWRS), a pure-play water resource management company, has increased its dividend by 1% and declared under its dividend policy an increased monthly cash dividend in the amount of $0.02533 per common share.
The increased monthly distribution represents a new annualized dividend rate of $0.30396 per share, an increase of $0.003 per share from the previous annual rate of $0.30096 per share.
The dividend will be payable on December 30, 2024, to holders of record at the close of business on December 16, 2024.
“Our regulated revenue and net income growth has been driven by increases in active connections and regulated rates,” stated Global Water Resources CFO Mike Liebman. “This performance, combined with our continued optimistic outlook, guided our board of directors in their decision to increase the monthly dividend for our stockholders.”
About Global Water Resources
Global Water Resources, Inc. is a leading water resource management company that owns and operates 32 systems which provide water, wastewater, and recycled water services. The company’s service areas are located primarily in growth corridors around metropolitan Phoenix. Global Water recycles over 1 billion gallons of water annually with 17.4 billion gallons recycled since 2004.
The company has been recognized for its highly effective implementation of Total Water Management (TWM). TWM is an integrated approach to managing the entire water cycle that involves owning and operating water, wastewater and recycled water utilities within the same geographic area in order to maximize the beneficial use of recycled water. It enables smart water management programs such as remote metering infrastructure and other advanced technologies, rate designs, and incentives that result in real conservation. TWM helps protect water supplies in water-scarce areas experiencing population growth.
Global Water has received numerous industry awards, including national recognition as a ‘Utility of the Future Today’ for its superior water reuse practices by a national consortium of water and conservation organizations led by the Water Environment Federation (WEF). The company also received Cityworks’ Excellence in Departmental Practice Award for demonstrating leadership and creativity in applying public asset management strategies to daily operations and long-term planning.
To learn more, visit www.gwresources.com .
Company Contact:
Michael Liebman
CFO and SVP
Tel (480) 999-5104
Email Contact
Investor Relations Contact:
Ron Both or Grant Stude
CMA
Tel (949) 432-7566
Email contact
