Middlesex Water (NASDAQ:MSEX) Shares Gap Down on Disappointing Earnings

Middlesex Water (NASDAQ:MSEX - Get Free Report)'s share price gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $62.79, but opened at $57.85. Middlesex Water shares last traded at $59.48, with a volume of 13,860 shares.

The utilities provider reported $0.53 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The firm had revenue of $44.30 million for the quarter, compared to the consensus estimate of $43.79 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date of this dividend is Thursday, May 15th. Middlesex Water's dividend payout ratio (DPR) is currently 56.43%.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MSEX shares. Robert W. Baird raised shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price on the stock in a research note on Monday, March 3rd. Baird R W upgraded shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. StockNews.com cut shares of Middlesex Water from a "hold" rating to a "sell" rating in a research report on Tuesday. Finally, Janney Montgomery Scott reaffirmed a "neutral" rating on shares of Middlesex Water in a research report on Friday, April 4th. Two analysts have rated the stock with a sell rating, one has issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus price target of $58.50.

Insider Buying and Selling at Middlesex Water

In other news, Director Dennis W. Doll sold 4,067 shares of Middlesex Water stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the transaction, the director now owns 52,112 shares of the company's stock, valued at $3,129,325.60. This trade represents a 7.24 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Company insiders own 1.32% of the company's stock.

Hedge Funds Weigh In On Middlesex Water

Several institutional investors and hedge funds have recently made changes to their positions in the company. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Middlesex Water in the first quarter valued at approximately $656,000. Crestwood Advisors Group LLC acquired a new position in Middlesex Water during the first quarter worth about $208,000. Cable Hill Partners LLC boosted its position in Middlesex Water by 10.6% in the first quarter. Cable Hill Partners LLC now owns 4,293 shares of the utilities provider's stock valued at $271,000 after buying an additional 413 shares in the last quarter. Victory Capital Management Inc. acquired a new position in shares of Middlesex Water in the first quarter valued at approximately $238,000. Finally, Nisa Investment Advisors LLC raised its position in Middlesex Water by 128.3% during the 1st quarter. Nisa Investment Advisors LLC now owns 662 shares of the utilities provider's stock worth $42,000 after purchasing an additional 372 shares during the last quarter. Institutional investors and hedge funds own 79.52% of the company's stock.

Middlesex Water Price Performance

The stock has a market cap of $1.08 billion, a P/E ratio of 26.24, a price-to-earnings-growth ratio of 1.50 and a beta of 0.88. The business has a 50-day simple moving average of $61.62 and a 200 day simple moving average of $58.67. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.

About Middlesex Water

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.