Share prices for U.S. water utilities are rising as investors inject more money into socially responsible companies. While most utility shares are outperforming the markets, water utility stocks are being boosted by fears of water shortages and the rapid increase in assets of sustainable funds known as ESG.
"A lot of those ESG funds use water utilities as a proxy of water scarcity,'' says Angie Storozynski, managing director and senior analyst at Macquarie Capital. "They have been doing particularly well because there is this additional environmental oversight."
Storozynski says that the issue of water scarcity is a misguided investment angle as many publicly traded U.S. water utilities are in the Northeast where there isn't a lack of water supply like in other areas of the world. Poor ratings haven't stopped Impax Asset Management from investing in Aqua America, which is up about 33% in 2019. The group, which is the eighth-largest shareholder of the Pennsylvania-based utility, considers ESG criteria when assessing companies and says it makes investments towards a more sustainable economy. Though, it does not label itself as an ESG fund.
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