Zimmer Partners LP Invests $7.20 Million 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 purchased a new position in Middlesex Water Company (NASDAQ:MSEX - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 112,257 shares of the utilities provider's stock, valued at approximately $7,196,000. Zimmer Partners LP owned about 0.63% of Middlesex Water at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the business. CX Institutional acquired a new stake in shares of Middlesex Water in the 1st quarter worth $38,000. Nisa Investment Advisors LLC raised its stake in Middlesex Water by 128.3% in the first quarter. Nisa Investment Advisors LLC now owns 662 shares of the utilities provider's stock valued at $42,000 after buying an additional 372 shares during the last quarter. Costello Asset Management INC acquired a new stake in Middlesex Water in the first quarter worth about $50,000. Meeder Asset Management Inc. purchased a new stake in shares of Middlesex Water during the first quarter worth about $203,000. Finally, Crestwood Advisors Group LLC purchased a new stake in shares of Middlesex Water during the first quarter worth about $208,000. 79.52% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Middlesex Water Stock Performance

Middlesex Water stock traded up $0.03 during mid-day trading on Friday, reaching $53.92. 174,300 shares of the company traded hands, compared to its average volume of 131,273. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.41 and a quick ratio of 0.35. 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 market capitalization of $971.64 million, a price-to-earnings ratio of 22.28, a price-to-earnings-growth ratio of 3.73 and a beta of 0.83. The firm's fifty day moving average is $53.43 and its two-hundred day moving average is $57.35.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings results 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). Middlesex Water had a net margin of 22.15% and a return on equity of 9.67%. The company had revenue of $49.32 million for the quarter, compared to analyst estimates of $52.60 million. On average, equities research analysts expect that Middlesex Water Company will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Dividend Announcement

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