Freedom Broker Forecasts Strong Price Appreciation for Middlesex Water (NASDAQ:MSEX) Stock

Key Points

• Freedom Broker raised Middlesex Water’s price target from $56 to $58 but maintained a “Hold” rating; the target implies roughly 0.6% downside from the stock’s $58.33 price. The broader analyst consensus is also “Hold,” with an average target of $60.75.
• MSEX shares rose 2.7% in midday trading and are near their 52-week high of $59.80, with a market capitalization of approximately $1.1 billion.
• Middlesex Water exceeded quarterly expectations, reporting EPS of $0.95 versus the $0.82 consensus and revenue of $60.21 million versus $59.90 million expected.

Middlesex Water (NASDAQ:MSEX - Get Free Report) had its target price raised by investment analysts at Freedom Broker from $56.00 to $58.00 in a report issued on Monday, Benzinga reports. The firm currently has a "hold" rating on the utilities provider's stock. Freedom Broker's price objective points to a potential downside of 0.57% from the stock's current price.

A number of other brokerages have also weighed in on MSEX. Weiss Ratings upgraded shares of Middlesex Water from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, October 12th. New Street Research set a $64.00 target price on Middlesex Water in a report on Thursday, July 9th. Finally, Robert W. Baird set a $66.00 target price on Middlesex Water in a research note on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $60.75.

Middlesex Water Trading Up 2.7%

MSEX stock traded up $1.54 during midday trading on Monday, hitting $58.33. The company had a trading volume of 219,931 shares, compared to its average volume of 145,767. The company has a current ratio of 0.51, a quick ratio of 0.42 and a debt-to-equity ratio of 0.72. Middlesex Water has a 52 week low of $44.17 and a 52 week high of $59.80. The stock's 50 day moving average price is $55.50 and its 200 day moving average price is $54.19. The stock has a market cap of $1.10 billion, a price-to-earnings ratio of 21.06 and a beta of 0.74.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its earnings results on Thursday, October 29th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.13. The firm had revenue of $60.21 million for the quarter, compared to analysts' expectations of $59.90 million. Middlesex Water had a net margin of 24.50% and a return on equity of 10.08%.

Insider Activity

In related news, VP Lorrie Ginegaw sold 615 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the sale, the vice president directly owned 3,978 shares of the company's stock, valued at approximately $229,172.58. This trade represents a 13.39% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.92% of the company's stock.

Institutional Investors Weigh In On Middlesex Water

Large investors have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. purchased a new stake in shares of Middlesex Water in the second quarter valued at approximately $25,000. Parallel Advisors LLC grew its stake in Middlesex Water by 68.6% in the first quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider's stock worth $27,000 after purchasing an additional 212 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Middlesex Water during the 2nd quarter worth $27,000. Integrated Wealth Concepts LLC purchased a new position in Middlesex Water during the 2nd quarter worth $28,000. Finally, Western Wealth Management LLC bought a new stake in Middlesex Water during the 1st quarter valued at $33,000. 79.52% of the stock is owned by hedge funds and other institutional investors.

Middlesex Water Company Profile

Middlesex Water Company NASDAQ: MSEX is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.

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