Middlesex Water (NASDAQ:MSEX) has been assigned an average broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy rating.
Analysts have set a 12-month consensus target price of $64.00 for the company and are forecasting that the company will post $0.72 earnings per share for the current quarter, according to Zacks. Zacks has also given Middlesex Water an industry rank of 110 out of 256 based on the ratings given to its competitors.
A number of equities analysts have recently issued reports on the stock. Zacks Investment Research lowered shares of Middlesex Water from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 7th. Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and upped their target price for the stock from $58.00 to $66.00 in a research report on Wednesday, May 8th. Finally, BidaskClub upgraded shares of Middlesex Water from a “hold” rating to a “buy” rating in a research report on Tuesday, August 13th.
Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.49 EPS for the quarter, missing the Zacks’ consensus estimate of $0.55 by ($0.06). The firm had revenue of $33.39 million during the quarter, compared to analyst estimates of $36.00 million. Middlesex Water had a net margin of 24.95% and a return on equity of 13.43%. Analysts anticipate that Middlesex Water will post 1.97 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 3rd. Shareholders of record on Thursday, August 15th will be paid a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.58%. The ex-dividend date is Wednesday, August 14th. Middlesex Water’s payout ratio is presently 48.98%.
In other Middlesex Water news, VP Robert K. Fullagar sold 500 shares of the company’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $61.39, for a total value of $30,695.00. Following the completion of the sale, the vice president now owns 1,900 shares of the company’s stock, valued at $116,641. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Lorrie Beth Ginegaw sold 650 shares of the stock in a transaction on Friday, July 5th. The stock was sold at an average price of $61.48, for a total transaction of $39,962.00. Following the sale, the vice president now directly owns 5,779 shares of the company’s stock, valued at approximately $355,292.92. The disclosure for this sale can be found here. Insiders sold 1,955 shares of company stock valued at $118,890 in the last ninety days. Insiders own 3.49% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. CENTRAL TRUST Co acquired a new position in Middlesex Water during the second quarter worth $30,000. Tortoise Capital Advisors L.L.C. lifted its stake in Middlesex Water by 3,800.0% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 702 shares of the utilities provider’s stock valued at $42,000 after acquiring an additional 684 shares during the last quarter. Krane Funds Advisors LLC acquired a new stake in Middlesex Water in the second quarter valued at $56,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Middlesex Water by 95.7% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock valued at $77,000 after acquiring an additional 673 shares during the last quarter. Finally, Advisory Services Network LLC lifted its stake in Middlesex Water by 9.5% in the second quarter. Advisory Services Network LLC now owns 2,078 shares of the utilities provider’s stock valued at $123,000 after acquiring an additional 181 shares during the last quarter. 54.41% of the stock is owned by institutional investors.
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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