American Water Works Company, Inc.: WTRG Merger Remains on Pace for 1Q27 Close; PA Rate Case Outcome Underpins PAPUC Independence and Constructive Ratemaking Climate; 2026 Guide Reaffirmed; 2Q26 EPS Beat

研报英文原文证据摘录

American Water Works Company, Inc.: WTRG Merger Remains on Pace for 1Q27 Close; PA Rate Case Outcome Underpins PAPUC Independence and Constructive Ratemaking Climate; 2026 Guide Reaffirmed; 2Q26 EPS Beat

J P M O R G A N North America Equity Research

29 July 2026

American Water Works Company,

Inc.

WTRG Merger Remains on Pace for 1Q27 Close; PA Neutral

Rate Case Outcome Underpins PAPUC Independence AWK, AWK US

and Constructive Ratemaking Climate; 2026 Guide Price (29 Jul 26):$138.09

Reaffirmed; 2Q26 EPS Beat

Head of North America Power,

• No sleep till Bryn Mawr: WTRG striding along for 1Q27 close with focus Utilities, Midstream, LNG, and Nuclear

on remaining state approvals. Following successful approvals

from shareholders, the KY PSC, and the VA SCC, AWK’s pending WTRG Jeremy Tonet, CFA AC

merger continues to advance through the necessary checkpoints required to (1-212) 622-4915

jeremy.b.tonet@jpmorgan.com

consummate the deal by the end of 1Q27. Moving forward, AWK seeks

North American Utilities

regulatory approvals across PA, TX, NC, NJ, and IL. While PA, TX, NC, and

NJ do not have statutory deadlines, we expect an uptick in progress over the Aidan C Kelly

coming months (settlement reached in principle in TX). Here, PA’s review (A- (1-212) 622-4912

aidan.x.kelly@jpmchase.com

2025-305892) resonates as the bellwether given the large state presence, with

Diana Niles focus on AWK’s ability to demonstrate an affirmative public benefit and the

(1-212) 622-3328

prospects for reaching a settlement ahead of hearings in August. We expect the diana.niles@jpmorgan.com

merger to incrementally enhance AWK’s 7-9% EPS CAGR visibility and J.P. Morgan Securities LLC

expect the company to divest the WTRG-owned LDC after merger approval to

maintain its pure-play water profile.