American States Water Co. (NYSE:AWR) offers investors a long track record of business success, the longest dividend growth streak in the country, if not the world, and reasonably good growth prospects.
Although the above makes for a solid investment thesis, the company is looking overvalued relative to its peers and recent history. AWR might be a great company with a strong history, but it is not a buy at these levels.
- It’s a strong business with an even stronger track record of success, but its valuation is just too rich.
- It has consistently outperformed its industry and the broader market for years.
- Earnings and revenues have grown nicely throughout the years, and will likely continue to do so.
- AWR has increased its dividend every year for the past 64 years, more than any other company.