Middlesex Water (NASDAQ:MSEX) Shares Up 5.3% – What’s Next?

Middlesex Water (NASDAQ:MSEX) shares were up 5.3% during trading on Monday . The company traded as high as $50.58 and last traded at $51.24. Approximately 81,680 shares were traded during mid-day trading, a decline of 32% from the average daily volume of 120,738 shares. The stock had previously closed at $48.68.

Analysts Set New Price Targets

Several research analysts have recently issued reports on MSEX shares. Bank of America assumed coverage on shares of Middlesex Water in a report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 target price for the company. Robert W. Baird boosted their target price on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a report on Friday, November 1st.

Middlesex Water Stock Performance

The stock’s fifty day simple moving average is $56.12 and its 200-day simple moving average is $61.18. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The company has a market capitalization of $910.61 million, a PE ratio of 22.17, a PEG ratio of 1.45 and a beta of 0.85.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.13. The company had revenue of $55.10 million for the quarter, compared to the consensus estimate of $50.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter in the prior year, the firm earned $0.56 earnings per share. On average, research analysts predict that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th will be given a $0.34 dividend. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.67%. The ex-dividend date of this dividend is Tuesday, February 18th. Middlesex Water’s dividend payout ratio is presently 59.13%.

Hedge Funds Weigh In On Middlesex Water

Several institutional investors have recently added to or reduced their stakes in the business. Creative Financial Designs Inc. ADV grew its holdings in shares of Middlesex Water by 5.0% during the 3rd quarter. Creative Financial Designs Inc. ADV now owns 4,236 shares of the utilities provider’s stock worth $276,000 after purchasing an additional 201 shares during the period. Squarepoint Ops LLC increased its position in shares of Middlesex Water by 4.7% in the second quarter. Squarepoint Ops LLC now owns 9,462 shares of the utilities provider’s stock worth $494,000 after acquiring an additional 421 shares in the last quarter. Marshall Wace LLP raised its stake in shares of Middlesex Water by 2.4% in the 2nd quarter. Marshall Wace LLP now owns 24,685 shares of the utilities provider’s stock valued at $1,290,000 after acquiring an additional 580 shares during the period. FMR LLC raised its position in Middlesex Water by 9.7% in the third quarter. FMR LLC now owns 7,018 shares of the utilities provider’s stock valued at $458,000 after purchasing an additional 618 shares during the period. Finally, The Manufacturers Life Insurance Company lifted its position in Middlesex Water by 9.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 9,280 shares of the utilities provider’s stock worth $485,000 after acquiring an additional 767 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors and hedge funds.

About Middlesex Water

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.