Janney Montgomery Scott Reaffirms “Buy” Rating for Middlesex Water Company (MSEX)
Janney Montgomery Scott reiterated their buy rating on shares of Middlesex Water Company (NASDAQ:MSEX) in a research report report published on Wednesday, MarketBeat Ratings reports. They currently have a $44.00 price target on the utilities provider’s stock.
Several other equities research analysts have also recently issued reports on MSEX. Zacks Investment Research cut shares of Middlesex Water from a hold rating to a sell rating in a research note on Friday, August 4th. ValuEngine raised shares of Middlesex Water from a sell rating to a hold rating in a research note on Friday, August 4th. Finally, BidaskClub cut shares of Middlesex Water from a hold rating to a sell rating in a research note on Thursday, August 10th.
Middlesex Water (MSEX) traded up 0.38% during trading on Wednesday, reaching $42.39. 30,399 shares of the company’s stock traded hands. The firm has a market capitalization of $692.53 million, a PE ratio of 31.99 and a beta of 0.41. Middlesex Water has a 1-year low of $32.23 and a 1-year high of $44.48. The firm has a 50 day moving average of $39.09 and a 200 day moving average of $38.10.
Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Tuesday, August 1st. The utilities provider reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by ($0.05). Middlesex Water had a return on equity of 9.95% and a net margin of 16.46%. The firm had revenue of $33.01 million for the quarter, compared to analyst estimates of $34.00 million. Equities analysts forecast that Middlesex Water will post $1.48 EPS for the current year.
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Several institutional investors have recently added to or reduced their stakes in MSEX. Vanguard Group Inc. boosted its stake in shares of Middlesex Water by 19.6% during the 1st quarter. Vanguard Group Inc. now owns 923,000 shares of the utilities provider’s stock worth $34,105,000 after purchasing an additional 150,958 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in shares of Middlesex Water by 237.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 172,266 shares of the utilities provider’s stock worth $6,365,000 after purchasing an additional 121,279 shares during the last quarter. First Trust Advisors LP acquired a new stake in shares of Middlesex Water during the 2nd quarter worth about $3,309,000. Nuance Investments LLC acquired a new stake in shares of Middlesex Water during the 2nd quarter worth about $3,011,000. Finally, Bank of New York Mellon Corp boosted its stake in shares of Middlesex Water by 50.0% during the 1st quarter. Bank of New York Mellon Corp now owns 185,619 shares of the utilities provider’s stock worth $6,859,000 after purchasing an additional 61,885 shares during the last quarter. 49.05% of the stock is currently owned by institutional investors.
About Middlesex Water
Middlesex Water Company is a water utility company. The Company owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. The Company also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware.
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