Middlesex Water (NASDAQ:MSEX) Shares Up 3.6% – Here’s Why

Middlesex Water (NASDAQ:MSEX)’s stock price shot up 3.6% on Thursday . The stock traded as high as $66.39 and last traded at $66.19. 18,780 shares were traded during trading, a decline of 85% from the average session volume of 129,399 shares. The stock had previously closed at $63.87.

Analyst Ratings Changes

Several research firms have recently issued reports on MSEX. Robert W. Baird upgraded shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 target price for the company in a research note on Monday, March 3rd. StockNews.com raised shares of Middlesex Water from a “sell” rating to a “hold” rating in a research report on Saturday, March 29th. Janney Montgomery Scott reissued a “neutral” rating on shares of Middlesex Water in a research report on Friday. Bank of America initiated coverage on Middlesex Water in a report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 target price for the company. Finally, Baird R W upgraded Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $58.50.

Middlesex Water Trading Down 4.2 %

The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The firm has a market cap of $1.14 billion, a P/E ratio of 27.72, a price-to-earnings-growth ratio of 1.50 and a beta of 0.79. The firm’s 50-day simple moving average is $56.32 and its 200 day simple moving average is $59.14.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The company had revenue of $47.11 million for the quarter, compared to analysts’ expectations of $45.00 million. During the same quarter in the previous year, the firm posted $0.32 EPS. As a group, analysts expect that Middlesex Water will post 2.34 earnings per share for the current year.

Middlesex Water Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a dividend of $0.34 per share. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.13%. Middlesex Water’s dividend payout ratio is presently 55.06%.

Insider Buying and Selling

In related news, Director Dennis W. Doll sold 4,067 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the transaction, the director now directly owns 52,112 shares of the company’s stock, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.86% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Middlesex Water

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of Middlesex Water by 15.3% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 56,873 shares of the utilities provider’s stock valued at $2,993,000 after purchasing an additional 7,562 shares during the period. Squarepoint Ops LLC grew its holdings in Middlesex Water by 119.0% during the 4th quarter. Squarepoint Ops LLC now owns 25,373 shares of the utilities provider’s stock valued at $1,335,000 after buying an additional 13,786 shares in the last quarter. Two Sigma Investments LP bought a new stake in shares of Middlesex Water during the fourth quarter valued at about $829,000. ProShare Advisors LLC lifted its holdings in shares of Middlesex Water by 13.5% in the fourth quarter. ProShare Advisors LLC now owns 133,629 shares of the utilities provider’s stock worth $7,033,000 after buying an additional 15,878 shares in the last quarter. Finally, Millennium Management LLC bought a new position in shares of Middlesex Water in the fourth quarter valued at approximately $2,224,000. 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.