American States Water: Buy And Let It Drip

American States Water Company is a regulated utility with strong dividend growth, a 71-year increase streak, and a nearly decade-high 2.63% yield. Favorable CPUC rate case resolutions, expanding water/wastewater connections, and long-term military installation contracts underpin robust top- and bottom-line growth for AWR. AWR is undervalued at ~$75.10, trading at ~20.3x 2026E EPS versus a fair value estimate of $85.10 (23x), with consensus EPS growth to $3.70 in 2026.