Middlesex Water (NASDAQ:MSEX) Issues Earnings Results, Beats Expectations By $0.14 EPS

Middlesex Water (NASDAQ:MSEX) announced its quarterly earnings data on Wednesday. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.45 by $0.14, reports. Middlesex Water had a net margin of 18.96% and a return on equity of 7.61%. The company had revenue of $40.52 million during the quarter, compared to analyst estimates of $42.00 million.

Middlesex Water Stock Up 0.2 %

Shares of MSEX traded up $0.14 during mid-day trading on Friday, hitting $57.11. 24,790 shares of the company’s stock were exchanged, compared to its average volume of 161,871. The company has a market cap of $1.02 billion, a price-to-earnings ratio of 32.37 and a beta of 0.74. Middlesex Water has a fifty-two week low of $45.42 and a fifty-two week high of $84.38. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.98 and a current ratio of 1.05. The stock’s 50-day moving average is $50.55 and its 200-day moving average is $58.07.

Middlesex Water Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 3rd. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.325 per share. The ex-dividend date is Tuesday, May 14th. This represents a $1.30 annualized dividend and a dividend yield of 2.28%. Middlesex Water’s dividend payout ratio is presently 73.86%.

Insider Activity at Middlesex Water

In related news, Director James F. Jr. Cosgrove purchased 1,600 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were bought at an average cost of $51.70 per share, for a total transaction of $82,720.00. Following the completion of the purchase, the director now directly owns 9,342 shares of the company’s stock, valued at approximately $482,981.40. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.86% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Middlesex Water

A number of hedge funds and other institutional investors have recently bought and sold shares of MSEX. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Middlesex Water by 36.6% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,786 shares of the utilities provider’s stock worth $251,000 after buying an additional 1,015 shares during the last quarter. Inspire Investing LLC acquired a new stake in Middlesex Water during the 3rd quarter worth approximately $308,000. TIAA Trust National Association acquired a new stake in Middlesex Water in the third quarter valued at approximately $242,000. Daiwa Securities Group Inc. grew its position in Middlesex Water by 138.3% in the third quarter. Daiwa Securities Group Inc. now owns 2,903 shares of the utilities provider’s stock valued at $192,000 after acquiring an additional 1,685 shares in the last quarter. Finally, Victory Capital Management Inc. grew its position in Middlesex Water by 34.8% in the third quarter. Victory Capital Management Inc. now owns 9,344 shares of the utilities provider’s stock valued at $619,000 after acquiring an additional 2,411 shares in the last quarter. Institutional investors and hedge funds own 79.52% of the company’s stock.

Analyst Ratings Changes

MSEX has been the subject of a number of research analyst reports. Robert W. Baird lifted their price objective on shares of Middlesex Water from $56.00 to $58.00 and gave the company an “outperform” rating in a report on Thursday. StockNews.com upgraded shares of Middlesex Water to a “sell” rating in a research note on Thursday.

Middlesex Water Company Profile

Middlesex Water Company owns and operates regulated water utility and wastewater systems. It operates in Regulated and Non-Regulated segments. The Regulated segment collects, treats, and distributes water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers, as well as provides regulated wastewater systems in New Jersey and Delaware.