Middlesex Water (NASDAQ:MSEX) Share Price Passes Above 200-Day Moving Average - Here's What Happened

Key Points

• Middlesex Water shares moved above their 200-day moving average, reaching $55.76 before closing at $55.23, compared with the average of $54.45.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $61.67; Robert W. Baird and New Street Research set targets of $66 and $64, respectively.
• The company exceeded quarterly expectations, reporting EPS of $0.79 versus the $0.66 estimate and revenue of $56.36 million, while maintaining a quarterly dividend of $0.36 per share, or a 2.6% yield.

Middlesex Water Company (NASDAQ:MSEX - Get Free Report)'s share price crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $54.45 and traded as high as $55.76. Middlesex Water shares last traded at $55.23, with a volume of 119,679 shares changing hands.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. Weiss Ratings raised Middlesex Water from a "hold (c-)" rating to a "hold (c)" rating in a report on Tuesday, August 4th. Robert W. Baird set a $66.00 price target on shares of Middlesex Water in a research report on Friday, July 31st. Finally, New Street Research set a $64.00 price target on shares of Middlesex Water in a research report on Thursday, July 9th. One analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $61.67.

Middlesex Water Price Performance

The firm's 50 day simple moving average is $57.41 and its two-hundred day simple moving average is $54.45. The company has a debt-to-equity ratio of 0.76, a current ratio of 0.50 and a quick ratio of 0.41. The firm has a market capitalization of $1.04 billion, a P/E ratio of 21.32 and a beta of 0.74.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The utilities provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.66 by $0.13. Middlesex Water had a return on equity of 9.59% and a net margin of 23.26%.The firm had revenue of $56.36 million for the quarter, compared to analysts' expectations of $54.51 million.

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 1st. Investors of record on Monday, August 17th were given a dividend of $0.36 per share. This represents a $1.44 annualized dividend and a yield of 2.6%. The ex-dividend date was Monday, August 17th. Middlesex Water's dividend payout ratio (DPR) is presently 55.60%.

Insider Buying and Selling

In other Middlesex Water news, VP Lorrie Ginegaw sold 615 shares of the business's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $57.61, for a total value of $35,430.15. Following the completion of the sale, the vice president owned 3,978 shares in the company, valued at approximately $229,172.58. The trade was a 13.39% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.92% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Tidal Investments LLC raised its holdings in Middlesex Water by 22.6% during the 2nd quarter. Tidal Investments LLC now owns 10,515 shares of the utilities provider's stock valued at $591,000 after buying an additional 1,940 shares during the last quarter. Integrated Wealth Concepts LLC bought a new stake in Middlesex Water in the 2nd quarter worth $28,000. Allworth Financial LP grew its holdings in Middlesex Water by 41.4% in the 2nd quarter. Allworth Financial LP now owns 775 shares of the utilities provider's stock worth $44,000 after acquiring an additional 227 shares during the last quarter. Corient Private Wealth LP increased its position in shares of Middlesex Water by 5.9% in the second quarter. Corient Private Wealth LP now owns 17,591 shares of the utilities provider's stock valued at $988,000 after acquiring an additional 978 shares during the period. Finally, Amundi increased its position in shares of Middlesex Water by 51.0% in the second quarter. Amundi now owns 8,272 shares of the utilities provider's stock valued at $465,000 after acquiring an additional 2,795 shares during the period. 79.52% of the stock is owned by hedge funds and other institutional investors.

Middlesex Water Company Profile

Middlesex Water Company NASDAQ: MSEX is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and public-sector customers. Its core activities include the collection, treatment, storage and distribution of potable water, as well as wastewater collection and treatment services.

The company's principal service territory is in central New Jersey, where it supplies water to communities and operates related wastewater facilities.

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