Middlesex Water (NASDAQ:MSEX) Sees Strong Trading Volume – Should You Buy?

Middlesex Water (NASDAQ:MSEX) shares saw unusually-strong trading volume on Tuesday . Approximately 303,892 shares traded hands during trading, an increase of 130% from the previous session’s volume of 131,930 shares.The stock last traded at $53.50 and had previously closed at $53.66.

Wall Street Analysts Forecast Growth

MSEX has been the subject of a number of recent research reports. Bank of America initiated coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 target price for the company. Robert W. Baird upped their price target on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a research report on Friday, November 1st.

Middlesex Water Stock Down 0.3 %

The business has a fifty day moving average of $63.69 and a 200 day moving average of $61.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The stock has a market capitalization of $955.24 million, a price-to-earnings ratio of 23.26, a PEG ratio of 1.82 and a beta of 0.82.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The business had revenue of $55.10 million during the quarter, compared to analysts’ expectations of $50.00 million. During the same period in the prior year, the business posted $0.56 EPS. As a group, equities analysts predict that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Friday, November 15th were issued a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.54%. The ex-dividend date was Friday, November 15th. This is an increase from Middlesex Water’s previous quarterly dividend of $0.33. Middlesex Water’s dividend payout ratio (DPR) is 59.13%.

Institutional Investors Weigh In On Middlesex Water

Several institutional investors and hedge funds have recently modified their holdings of MSEX. State Street Corp lifted its position in shares of Middlesex Water by 7.0% during the third quarter. State Street Corp now owns 813,455 shares of the utilities provider’s stock worth $53,070,000 after purchasing an additional 53,098 shares in the last quarter. Duff & Phelps Investment Management Co. acquired a new position in shares of Middlesex Water in the second quarter worth $2,016,000. Assenagon Asset Management S.A. increased its position in shares of Middlesex Water by 89.0% during the third quarter. Assenagon Asset Management S.A. now owns 74,946 shares of the utilities provider’s stock worth $4,889,000 after acquiring an additional 35,282 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Middlesex Water by 12.5% in the second quarter. Bank of New York Mellon Corp now owns 219,119 shares of the utilities provider’s stock valued at $11,451,000 after acquiring an additional 24,400 shares in the last quarter. Finally, Barclays PLC boosted its holdings in Middlesex Water by 349.4% in the third quarter. Barclays PLC now owns 29,919 shares of the utilities provider’s stock valued at $1,952,000 after purchasing an additional 23,262 shares during the period. Hedge funds and other institutional investors own 79.52% of the company’s stock.

Middlesex Water Company Profile

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.