Janney Montgomery Scott Upgrades Middlesex Water (NASDAQ:MSEX) to Buy

Middlesex Water (NASDAQ:MSEX - Get Free Report) was upgraded by equities researchers at Janney Montgomery Scott from a "neutral" rating to a "buy" rating in a note issued to investors on Monday, Marketbeat Ratings reports. The brokerage currently has a $66.00 target price on the utilities provider's stock. Janney Montgomery Scott's price target suggests a potential upside of 12.98% from the company's previous close.

MSEX has been the topic of a number of other research reports. Robert W. Baird upgraded shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective on the stock in a research report on Monday, March 3rd. Baird R W upgraded shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a report on Monday, March 3rd. Finally, StockNews.com downgraded shares of Middlesex Water from a "hold" rating to a "sell" rating in a research note on Tuesday, May 6th. One analyst has rated the stock with a sell rating, one has given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $61.00.

Middlesex Water Trading Up 2.3%

NASDAQ MSEX traded up $1.32 during trading hours on Monday, hitting $58.42. 100,408 shares of the company were exchanged, compared to its average volume of 132,074. Middlesex Water has a 52 week low of $48.18 and a 52 week high of $70.73. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The stock has a 50-day moving average price of $61.36 and a 200 day moving average price of $58.38. The stock has a market cap of $1.05 billion, a PE ratio of 25.40, a price-to-earnings-growth ratio of 1.50 and a beta of 0.88.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its earnings results on Thursday, May 1st. The utilities provider reported $0.53 EPS for the quarter, missing analysts' consensus estimates of $0.55 by ($0.02). The company had revenue of $44.30 million during the quarter, compared to analysts' expectations of $43.79 million. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. Analysts forecast that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Insider Activity at Middlesex Water

In related news, Director Dennis W. Doll sold 4,067 shares of the business's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the completion of the transaction, the director now owns 52,112 shares in the company, valued at $3,129,325.60. The trade was a 7.24% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.32% of the stock is owned by company insiders.

Institutional Investors Weigh In On Middlesex Water

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Zimmer Partners LP bought a new stake in Middlesex Water during the 1st quarter valued at $7,196,000. Goldman Sachs Group Inc. raised its position in Middlesex Water by 23.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 190,574 shares of the utilities provider's stock valued at $12,216,000 after purchasing an additional 36,540 shares in the last quarter. NFJ Investment Group LLC bought a new stake in Middlesex Water during the 1st quarter valued at $3,213,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Middlesex Water by 8.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,921 shares of the utilities provider's stock valued at $892,000 after purchasing an additional 1,058 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in Middlesex Water during the 1st quarter valued at $3,357,000. 79.52% of the stock is owned by institutional investors.

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.