Gabelli Maintains Buy on Aqua America

Gabelli is out with its report today on Aqua America

, maintaining Buy. In a note to clients, Gabelli writes, "We regard WTR as a well-managed, low-risk, high quality conservative utility with ample growth opportunities. WTR shares currently trade at 22.7x and 20.5x our 2011 and 2012 earnings estimates and 256% of book value, which compares to group multiples of 20.0x and 18.6x and 179% of book value. We believe WTR shares warrant premium multiples given the company's national presence, strong financial condition, successful track record, EPS outlook, and strong reputation. Over the past ten years, WTR shares have traded between 15-35x forward earnings and significant premium multiples to the group. Our 2011 PMV is $27 per share." Shares of WTR closed Monday at $22.30.