Middlesex Water (NASDAQ:MSEX) Releases Earnings Results, Beats Expectations By $0.13 EPS

Key Points

• Middlesex Water reported quarterly EPS of $0.95, exceeding analysts’ $0.82 estimate by $0.13. Revenue reached $60.21 million, slightly above the $59.90 million consensus.
• The company increased its quarterly dividend to $0.38 per share from $0.36, implying an annualized dividend of $1.52 and a 2.7% yield.
• Shares traded near $55.35, while analysts maintained a “Moderate Buy” consensus with an average price target of $61.67.

Middlesex Water (NASDAQ:MSEX - Get Free Report) issued its earnings results on Thursday. The utilities provider reported $0.95 EPS for the quarter, beating analysts' consensus estimates of $0.82 by $0.13, FiscalAI reports. Middlesex Water had a return on equity of 9.59% and a net margin of 23.26%. The firm had revenue of $60.21 million for the quarter, compared to analyst estimates of $59.90 million.

Middlesex Water Stock Performance

Middlesex Water stock traded down $0.03 during midday trading on Thursday, hitting $55.35. 121,065 shares of the company were exchanged, compared to its average volume of 145,270. The firm has a market capitalization of $1.04 billion, a PE ratio of 21.37 and a beta of 0.74. Middlesex Water has a fifty-two week low of $44.17 and a fifty-two week high of $59.80. The business has a fifty day simple moving average of $55.61 and a two-hundred day simple moving average of $54.15. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.41 and a current ratio of 0.50.

Middlesex Water Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be paid a $0.38 dividend. The ex-dividend date is Monday, November 16th. This is a positive change from Middlesex Water's previous quarterly dividend of $0.36. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.7%. Middlesex Water's dividend payout ratio (DPR) is currently 55.60%.

Insiders Place Their Bets

In other Middlesex Water news, VP Lorrie Ginegaw sold 615 shares of the business'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 value of $35,430.15. Following the completion of the transaction, the vice president directly owned 3,978 shares of the company's stock, valued at approximately $229,172.58. The trade was a 13.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.92% of the company's stock.

Analyst Upgrades and Downgrades

MSEX has been the subject of several research reports. New Street Research set a $64.00 price objective on shares of Middlesex Water in a research note on Thursday, July 9th. Weiss Ratings upgraded shares of Middlesex Water from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, October 12th. Finally, Robert W. Baird set a $66.00 price objective on shares of Middlesex Water in a research note on Friday, July 31st. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.67.

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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