Middlesex Water (NASDAQ:MSEX) Stock Price Up 5.3% – Should You Buy?

Shares of Middlesex Water (NASDAQ:MSEX) rose 5.3% during mid-day trading on Monday . The company traded as high as $50.58 and last traded at $51.24. 81,680 shares were traded during trading, a decline of 32% from the average daily volume of 120,738 shares. The stock had previously closed at $48.68.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the company. Robert W. Baird lifted their target price on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a report on Friday, November 1st. Bank of America assumed coverage on Middlesex Water in a research note on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price objective on the stock.

Middlesex Water Stock Down 1.5 %

The stock has a 50 day simple moving average of $56.12 and a 200-day simple moving average of $61.18. The firm has a market cap of $910.61 million, a PE ratio of 22.17, a PEG ratio of 1.45 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings data on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, beating 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 company had revenue of $55.10 million during the quarter, compared to analysts’ expectations of $50.00 million. During the same quarter in the prior year, the business earned $0.56 earnings per share. Sell-side analysts predict that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 3rd. Investors of record on Tuesday, February 18th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 2.67%. The ex-dividend date is Tuesday, February 18th. Middlesex Water’s dividend payout ratio is presently 59.13%.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the business. State Street Corp lifted its holdings in 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 buying an additional 53,098 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Middlesex Water by 0.8% in the 3rd quarter. Geode Capital Management LLC now owns 434,559 shares of the utilities provider’s stock valued at $28,356,000 after acquiring an additional 3,430 shares during the last quarter. Thematics Asset Management boosted its stake in shares of Middlesex Water by 5.8% in the third quarter. Thematics Asset Management now owns 181,000 shares of the utilities provider’s stock worth $11,808,000 after buying an additional 10,000 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Middlesex Water by 4.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 167,281 shares of the utilities provider’s stock valued at $10,913,000 after purchasing an additional 6,844 shares in the last quarter. Finally, Assenagon Asset Management S.A. boosted its position in 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 purchasing an additional 35,282 shares in the last quarter. 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.