Middlesex Water (MSEX) to Issue Quarterly Dividend of $0.34 on March 3rd

Middlesex Water (NASDAQ:MSEX) declared a quarterly dividend on Tuesday, January 28th,RTT News reports. Stockholders of record on Tuesday, February 18th will be given a dividend of 0.34 per share by the utilities provider on Monday, March 3rd. This represents a $1.36 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Tuesday, February 18th.

Middlesex Water has raised its dividend by an average of 5.9% per year over the last three years and has increased its dividend every year for the last 21 years. Middlesex Water has a dividend payout ratio of 53.5% meaning its dividend is sufficiently covered by earnings. Research analysts expect Middlesex Water to earn $2.42 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 56.2%.

Middlesex Water Trading Down 0.4 %

Shares of MSEX stock opened at $50.50 on Friday. The stock has a market cap of $901.43 million, a P/E ratio of 21.96, a price-to-earnings-growth ratio of 1.49 and a beta of 0.85. Middlesex Water has a 1 year low of $45.42 and a 1 year high of $70.73. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The stock has a 50 day simple moving average of $52.45 and a 200 day simple moving average of $60.03.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Robert W. Baird upped their price objective on Middlesex Water from $58.00 to $61.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Bank of America initiated coverage on shares of Middlesex Water in a report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 target price for the company.

About Middlesex Water

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.