Zimmer Partners LP Purchases New Stake in Middlesex Water Company $MSEX

Key Points

• Zimmer Partners LP has acquired 112,257 shares of Middlesex Water Company, representing an investment of approximately $7.2 million, which gives it a 0.63% ownership stake in the utility provider.
• Middlesex Water Company's recent earnings report showed an EPS of $0.60, falling short of expectations, with revenue of $49.32 million against an estimate of $52.60 million.
• The company declared a quarterly dividend of $0.34 per share, providing a 2.6% yield to its stockholders, with a payout ratio of 56.20%.

Zimmer Partners LP acquired a new stake in Middlesex Water Company (NASDAQ:MSEX - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 112,257 shares of the utilities provider's stock, valued at approximately $7,196,000. Zimmer Partners LP owned 0.63% of Middlesex Water as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Middlesex Water by 6,702.0% during the 1st quarter. GAMMA Investing LLC now owns 139,033 shares of the utilities provider's stock worth $8,912,000 after purchasing an additional 136,989 shares during the last quarter. Dark Forest Capital Management LP bought a new position in Middlesex Water during the 1st quarter worth approximately $3,357,000. Nuveen LLC bought a new position in Middlesex Water during the 1st quarter worth approximately $3,306,000. NFJ Investment Group LLC bought a new position in Middlesex Water during the 1st quarter worth approximately $3,213,000. Finally, Invesco Ltd. raised its holdings in Middlesex Water by 18.8% during the 1st quarter. Invesco Ltd. now owns 303,463 shares of the utilities provider's stock worth $19,452,000 after purchasing an additional 48,072 shares during the last quarter. 79.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Separately, Wall Street Zen lowered shares of Middlesex Water from a "hold" rating to a "sell" rating in a report on Thursday, May 22nd. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $61.00.

Middlesex Water Trading Up 0.1%

Shares of MSEX stock traded up $0.03 during trading hours on Friday, hitting $53.92. 174,300 shares of the company were exchanged, compared to its average volume of 146,024. The firm has a market cap of $971.64 million, a P/E ratio of 22.28, a P/E/G ratio of 3.66 and a beta of 0.83. Middlesex Water Company has a fifty-two week low of $48.18 and a fifty-two week high of $70.73. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.35 and a current ratio of 0.41. The company has a 50 day simple moving average of $53.46 and a two-hundred day simple moving average of $57.25.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.68 by ($0.08). The company had revenue of $49.32 million for the quarter, compared to the consensus estimate of $52.60 million. Middlesex Water had a return on equity of 9.67% and a net margin of 22.15%. Equities analysts anticipate that Middlesex Water Company will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 2nd. Stockholders of record on Friday, August 15th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Friday, August 15th. Middlesex Water's dividend payout ratio is 56.20%.

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.