Is Aqua America, Inc. (WTR) a Buy?

The slow-and-steady rise of water stocks over the years is pretty simple to understand. Companies that maintain and upgrade the nation's water distribution and wastewater management infrastructure are guaranteed to grow over time, as each investment comes with the promise to earn slightly higher rates granted by state regulators.

But in 2017, some analysts noted that this constant ascent was beginning to result in some frothy valuations around the industry.