BidaskClub Lowers Middlesex Water (MSEX) to Buy

BidaskClub cut shares of Middlesex Water (NASDAQ:MSEX) from a strong-buy rating to a buy rating in a report released on Friday morning.

Separately, Zacks Investment Research raised Middlesex Water from a hold rating to a buy rating and set a $50.00 target price for the company in a research note on Thursday, August 9th.

Middlesex Water stock traded up $4.04 during mid-day trading on Friday, hitting $47.82. The company had a trading volume of 2,898 shares, compared to its average volume of 28,456. The company has a current ratio of 0.38, a quick ratio of 0.32 and a debt-to-equity ratio of 0.60. Middlesex Water has a 12-month low of $33.96 and a 12-month high of $49.00. The firm has a market cap of $717.66 million, a PE ratio of 34.49 and a beta of 0.53.

Middlesex Water (NASDAQ:MSEX) last announced its earnings results on Friday, November 2nd. The utilities provider reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.09. The business had revenue of $38.71 million during the quarter, compared to the consensus estimate of $38.00 million. Middlesex Water had a return on equity of 13.28% and a net margin of 22.61%. On average, equities research analysts forecast that Middlesex Water will post 1.84 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Stockholders of record on Thursday, November 15th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a dividend yield of 2.01%. This is an increase from Middlesex Water’s previous quarterly dividend of $0.22. The ex-dividend date is Wednesday, November 14th. Middlesex Water’s dividend payout ratio is presently 64.49%.

In other Middlesex Water news, VP A Bruce Oconnor sold 3,321 shares of the firm’s stock in a transaction on Friday, October 5th. The stock was sold at an average price of $45.82, for a total value of $152,168.22. Following the completion of the sale, the vice president now directly owns 16,307 shares of the company’s stock, valued at approximately $747,186.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Lorrie Beth Ginegaw sold 760 shares of the firm’s stock in a transaction on Monday, August 13th. The stock was sold at an average price of $44.45, for a total value of $33,782.00. Following the completion of the sale, the vice president now directly owns 8,131 shares of the company’s stock, valued at $361,422.95. The disclosure for this sale can be found here. 3.48% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently modified their holdings of the business. Engineers Gate Manager LP purchased a new position in shares of Middlesex Water during the 3rd quarter worth $216,000. Cornerstone Wealth Management LLC purchased a new position in shares of Middlesex Water during the 3rd quarter worth $1,801,000. Mcrae Capital Management Inc. purchased a new position in shares of Middlesex Water during the 3rd quarter worth $213,000. Northern Trust Corp grew its holdings in shares of Middlesex Water by 3.1% during the 2nd quarter. Northern Trust Corp now owns 231,256 shares of the utilities provider’s stock worth $9,751,000 after purchasing an additional 6,895 shares during the period. Finally, Stephens Inc. AR grew its holdings in shares of Middlesex Water by 12.7% during the 2nd quarter. Stephens Inc. AR now owns 20,795 shares of the utilities provider’s stock worth $877,000 after purchasing an additional 2,347 shares during the period. 53.49% of the stock is owned by institutional investors and hedge funds.

About Middlesex Water

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.

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