Middlesex Water (NASDAQ:MSEX) released its quarterly earnings results on Friday. The utilities provider reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04, MarketWatch Earnings reports. The business had revenue of $35.28 million for the quarter, compared to analysts’ expectations of $35.00 million. Middlesex Water had a return on equity of 11.75% and a net margin of 25.78%.
Shares of NASDAQ:MSEX opened at $64.06 on Friday. The business’s fifty day moving average price is $66.28 and its two-hundred day moving average price is $63.85. The stock has a market cap of $1.12 billion, a PE ratio of 30.36 and a beta of 0.26. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.43 and a current ratio of 0.50. Middlesex Water has a one year low of $48.79 and a one year high of $72.41.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a dividend of $0.256 per share. This represents a $1.02 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date is Thursday, August 13th. Middlesex Water’s dividend payout ratio (DPR) is presently 50.75%.
A number of equities research analysts recently weighed in on the company. Zacks Investment Research upgraded Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $70.00 price target on the stock in a report on Friday, May 8th. BidaskClub cut Middlesex Water from a “buy” rating to a “hold” rating in a report on Thursday, July 9th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $73.00.
In other Middlesex Water news, VP Georgia M. Simpson sold 500 shares of the stock in a transaction on Thursday, May 21st. The stock was sold at an average price of $62.48, for a total transaction of $31,240.00. Following the sale, the vice president now owns 2,471 shares in the company, valued at approximately $154,388.08. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Dennis W. Doll sold 2,000 shares of the stock in a transaction on Wednesday, June 17th. The shares were sold at an average price of $70.26, for a total value of $140,520.00. Following the sale, the chief executive officer now owns 52,569 shares in the company, valued at approximately $3,693,497.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 6,050 shares of company stock worth $403,828. 3.13% of the stock is owned by insiders.
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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