Middlesex Water (NASDAQ:MSEX - Get Free Report) gapped down before the market opened on Friday following a dissappointing 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 traded.
The utilities provider reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The business had revenue of $44.30 million during the quarter, compared to analyst estimates of $43.79 million.
Middlesex Water Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 2nd. Investors of record on Thursday, May 15th will be issued a $0.34 dividend. The ex-dividend date is Thursday, May 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.32%. Middlesex Water's dividend payout ratio is presently 55.06%.
Analysts Set New Price Targets
A number of brokerages have issued reports on MSEX. Robert W. Baird raised Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price for the company in a research note on Monday, March 3rd. Janney Montgomery Scott reaffirmed a "neutral" rating on shares of Middlesex Water in a research note on Friday, April 4th. Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 3rd. Finally, StockNews.com raised shares of Middlesex Water from a "sell" rating to a "hold" rating in a research report on Friday, April 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $58.50.
Read Our Latest Report on Middlesex Water
Insider Activity at Middlesex Water
In other Middlesex Water 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 transaction of $244,223.35. Following the completion of the sale, the director now directly owns 52,112 shares in the company, valued at $3,129,325.60. This trade represents a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.86% of the stock is owned by insiders.
Hedge Funds Weigh In On Middlesex Water
A number of hedge funds have recently made changes to their positions in MSEX. Nisa Investment Advisors LLC lifted its stake in Middlesex Water by 128.3% during the first quarter. Nisa Investment Advisors LLC now owns 662 shares of the utilities provider's stock worth $42,000 after purchasing an additional 372 shares in the last quarter. Principal Financial Group Inc. raised its holdings in shares of Middlesex Water by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 88,933 shares of the utilities provider's stock valued at $5,701,000 after buying an additional 2,293 shares during the period. Oppenheimer & Co. Inc. lifted its stake in Middlesex Water by 29.9% during the 1st quarter. Oppenheimer & Co. Inc. now owns 25,811 shares of the utilities provider's stock worth $1,654,000 after acquiring an additional 5,948 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in Middlesex Water during the 1st quarter valued at about $831,000. Finally, CX Institutional acquired a new position in Middlesex Water in the 1st quarter valued at about $38,000. Hedge funds and other institutional investors own 79.52% of the company's stock.
Middlesex Water Price Performance
The company has a market capitalization of $1.05 billion, a PE ratio of 25.45, a price-to-earnings-growth ratio of 1.50 and a beta of 0.80. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The stock's 50 day simple moving average is $61.10 and its 200-day simple moving average is $58.83.
Middlesex Water Company Profile
(
Get Free Report)
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.
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