Middlesex Water (NASDAQ:MSEX) Releases Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Middlesex Water (NASDAQ:MSEX - Get Free Report) announced 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), Zacks reports. The business had revenue of $44.30 million during the quarter, compared to analysts' expectations of $43.79 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%.

Middlesex Water Trading Down 0.9 %

NASDAQ MSEX traded down $0.52 during mid-day trading on Thursday, hitting $60.04. The company's stock had a trading volume of 88,560 shares, compared to its average volume of 132,169. The firm has a market capitalization of $1.08 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 1.50 and a beta of 0.88. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. Middlesex Water has a 52-week low of $48.18 and a 52-week high of $70.73. The stock's fifty day simple moving average is $61.83 and its two-hundred day simple moving average is $58.68.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Stockholders of record on Thursday, May 15th will be issued a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.27%. The ex-dividend date is Thursday, May 15th. Middlesex Water's payout ratio is currently 56.43%.

Wall Street Analysts Forecast Growth

MSEX has been the subject of several recent analyst reports. StockNews.com cut Middlesex Water from a "hold" rating to a "sell" rating in a report on Tuesday. Robert W. Baird upgraded shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price for the company in a report on Monday, March 3rd. Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. Finally, Janney Montgomery Scott reiterated a "neutral" rating on shares of Middlesex Water in a report on Friday, April 4th. Two research analysts have rated the stock with a sell rating, one has given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $58.50.

Insiders Place Their Bets

In related news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction on Friday, March 21st. The shares were sold at an average price of $60.05, for a total transaction of $244,223.35. Following the transaction, the director now owns 52,112 shares in the company, valued at approximately $3,129,325.60. The trade was a 7.24 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.32% of the stock is owned by insiders.

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.