Middlesex Water Company Declares 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. Investors of record on Friday, August 15th will be paid a dividend of 0.34 per share by the utilities provider on Tuesday, September 2nd. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.62%. 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. Equities 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 Performance

Shares of MSEX stock traded down $0.72 during mid-day trading on Friday, reaching $51.83. The stock had a trading volume of 85,931 shares, compared to its average volume of 147,877. The business's fifty day moving average is $56.02 and its 200-day moving average is $56.63. The company has a current ratio of 0.46, a quick ratio of 0.39 and a debt-to-equity ratio of 0.78. The firm has a market cap of $928.72 million, a price-to-earnings ratio of 21.58, a PEG ratio of 3.71 and a beta of 0.78. Middlesex Water has a 1-year low of $48.18 and a 1-year high of $70.73.

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

Hedge Funds Weigh In On Middlesex Water

Institutional investors have recently added to or reduced their stakes in the stock. Goldman Sachs Group Inc. lifted its position 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 buying an additional 36,540 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position 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 buying an additional 2,349 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in 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 buying an additional 1,058 shares in the last quarter. Hedge funds and other institutional investors own 79.52% of the company's stock.

Analysts Set New Price Targets

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