Middlesex Water (MSEX) Rating Increased to Strong-Buy at BidaskClub

BidaskClub upgraded shares of Middlesex Water (NASDAQ:MSEX) from a buy rating to a strong-buy rating in a research report report published on Wednesday.

A number of other equities analysts have also issued reports on MSEX. ValuEngine upgraded Middlesex Water from a hold rating to a buy rating in a research note on Monday, July 2nd. Zacks Investment Research lowered Middlesex Water from a strong-buy rating to a hold rating in a research note on Tuesday, October 16th.

Shares of MSEX stock opened at $44.66 on Wednesday. The firm has a market capitalization of $754.70 million, a P/E ratio of 32.36 and a beta of 0.40. The company has a quick ratio of 0.32, a current ratio of 0.38 and a debt-to-equity ratio of 0.60. Middlesex Water has a 1 year low of $33.96 and a 1 year high of $49.00.



Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Thursday, August 2nd. The utilities provider reported $0.52 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.14. The company had revenue of $34.92 million during the quarter, compared to analyst estimates of $34.00 million. Middlesex Water had a return on equity of 11.34% and a net margin of 19.56%. Analysts forecast that Middlesex Water will post 1.84 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 3rd. Investors of record on Thursday, November 15th will be paid a $0.24 dividend. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.22. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $0.96 dividend on an annualized basis and a yield of 2.15%. Middlesex Water’s dividend payout ratio (DPR) is 64.49%.

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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MSEX. Cornerstone Wealth Management LLC purchased a new position in shares of Middlesex Water during the 3rd quarter valued at about $1,801,000. BlackRock Inc. raised its stake in shares of Middlesex Water by 5.8% during the 2nd quarter. BlackRock Inc. now owns 1,276,638 shares of the utilities provider’s stock valued at $53,835,000 after buying an additional 69,716 shares during the last quarter. Citadel Advisors LLC purchased a new position in shares of Middlesex Water during the 2nd quarter valued at about $625,000. KBC Group NV raised its stake in shares of Middlesex Water by 13.7% during the 2nd quarter. KBC Group NV now owns 70,475 shares of the utilities provider’s stock valued at $2,972,000 after buying an additional 8,482 shares during the last quarter. Finally, Private Advisor Group LLC purchased a new position in shares of Middlesex Water during the 2nd quarter valued at about $333,000. Institutional investors and hedge funds own 53.22% of the company’s stock.

Middlesex Water Company Profile

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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