Middlesex Water (NASDAQ:MSEX) Issues Earnings Results

Middlesex Water (NASDAQ:MSEX) posted its earnings results on Thursday. The utilities provider reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.82 by $0.13, FiscalAI reports. The firm had revenue of $60.21 million for the quarter, compared to analyst estimates of $59.90 million. Middlesex Water had a net margin of 24.50% and a return on equity of 10.29%.

Middlesex Water Trading Up 2.6%

Shares of NASDAQ MSEX traded up $1.44 during midday trading on Friday, reaching $56.79. The stock had a trading volume of 174,955 shares, compared to its average volume of 140,020. The company’s 50 day moving average price is $55.50 and its 200 day moving average price is $54.19. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50. Middlesex Water has a twelve month low of $44.17 and a twelve month high of $59.80. The firm has a market cap of $1.07 billion, a price-to-earnings ratio of 20.50 and a beta of 0.74.

Middlesex Water Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be given a $0.38 dividend. This is an increase from Middlesex Water’s previous quarterly dividend of $0.36. The ex-dividend date is Monday, November 16th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.7%. Middlesex Water’s dividend payout ratio is presently 55.60%.

Analysts Set New Price Targets

Several brokerages recently weighed in on MSEX. New Street Research set a $64.00 price objective on shares of Middlesex Water in a research note on Thursday, July 9th. Weiss Ratings upgraded Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, October 12th. Finally, Robert W. Baird set a $66.00 target price on Middlesex Water in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, Middlesex Water currently has an average rating of “Moderate Buy” and an average target price of $61.67.

Insider Buying and Selling at Middlesex Water

In related news, VP Lorrie Ginegaw sold 615 shares of Middlesex Water stock in a transaction on Friday, August 7th. The shares were sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the transaction, the vice president owned 3,978 shares of the company’s stock, valued at $229,172.58. This trade represents a 13.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.92% of the stock is currently owned by company insiders.

About Middlesex Water

Middlesex Water Company (NASDAQ:MSEX) is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.