Middlesex Water Company Announces Quarterly Dividend of $0.34 (NASDAQ:MSEX)

Middlesex Water Company (NASDAQ:MSEX - Get Free Report) announced a quarterly dividend on Wednesday, July 23rd, RTT News reports. Stockholders of record on Friday, August 15th will be given a dividend of 0.34 per share by the utilities provider on Tuesday, September 2nd. This represents a $1.36 annualized dividend and a dividend yield of 2.61%. The ex-dividend date is Friday, August 15th.

Middlesex Water has a dividend payout ratio of 49.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect Middlesex Water to earn $2.42 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 56.2%.

Middlesex Water Stock Down 0.9%

Shares of MSEX traded down $0.45 during trading hours on Friday, hitting $52.10. 165,045 shares of the company were exchanged, compared to its average volume of 166,821. The company has a market cap of $933.63 million, a PE ratio of 21.62, a PEG ratio of 3.59 and a beta of 0.78. The firm's 50 day moving average is $55.89 and its 200-day moving average is $56.73. Middlesex Water has a 52 week low of $48.18 and a 52 week high of $70.73. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.39 and a current ratio of 0.46.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). Middlesex Water had a return on equity of 9.76% and a net margin of 22.05%. The business had revenue of $44.30 million during the quarter, compared to the consensus estimate of $43.79 million. On average, equities research analysts forecast that Middlesex Water will post 2.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Middlesex Water by 8.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,921 shares of the utilities provider's stock worth $892,000 after purchasing an additional 1,058 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Middlesex Water by 4.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 59,222 shares of the utilities provider's stock worth $3,796,000 after acquiring an additional 2,349 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its holdings in Middlesex Water by 23.7% during the first quarter. Goldman Sachs Group Inc. now owns 190,574 shares of the utilities provider's stock worth $12,216,000 after acquiring an additional 36,540 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

MSEX has been the topic of a number of research analyst reports. Wall Street Zen lowered Middlesex Water from a "hold" rating to a "sell" rating in a research report on Thursday, May 22nd. Janney Montgomery Scott upgraded Middlesex Water from a "neutral" rating to a "buy" rating and set a $66.00 price objective on the stock in a research report on Monday, May 12th. Two equities research analysts have rated the stock with a sell rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Middlesex Water has an average rating of "Hold" and a consensus target price of $61.00.

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.