Middlesex Water (NASDAQ:MSEX) Announces Quarterly Earnings Results

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

Middlesex Water Stock Performance

MSEX opened at $56.79 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50. The company has a market cap of $1.07 billion, a PE ratio of 20.50 and a beta of 0.74. The stock has a 50-day moving average of $55.50 and a 200-day moving average of $54.19. Middlesex Water has a 52-week low of $44.17 and a 52-week high of $59.80.

Middlesex Water Increases Dividend

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

Wall Street Analyst Weigh In

A number of research firms recently commented on MSEX. New Street Research set a $64.00 price target on 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 research note on Monday, October 12th. Finally, Robert W. Baird set a $66.00 target price on Middlesex Water in a report on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $61.67.

Insider Buying and Selling at Middlesex Water

In related news, VP Lorrie Ginegaw sold 615 shares of the business’s stock in a transaction dated Friday, August 7th. The stock was 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 approximately $229,172.58. The trade was a 13.39% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 1.92% of the company’s stock.

Middlesex Water Company Profile

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.