Middlesex Water (NASDAQ:MSEX) Stock Crosses Above 50-Day Moving Average - Should You Sell?

Key Points

• Middlesex Water shares crossed above their 50-day moving average, trading as high as $57.29 and last changing hands at $56.79.
• Analysts maintain a cautiously positive outlook, with a consensus “Moderate Buy” rating and an average price target of $61.67.
• The company beat quarterly earnings expectations, reporting $0.95 EPS versus $0.82 forecast, and raised its quarterly dividend to $0.38 per share, offering a 2.7% annualized yield.

Shares of Middlesex Water Company (NASDAQ:MSEX - Get Free Report) passed above its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $55.50 and traded as high as $57.29. Middlesex Water shares last traded at $56.79, with a volume of 174,955 shares changing hands.

Analyst Ratings Changes

MSEX has been the topic of several analyst reports. New Street Research set a $64.00 price target on shares of Middlesex Water in a report on Thursday, July 9th. Robert W. Baird set a $66.00 target price on shares of Middlesex Water in a research report on Friday, July 31st. Finally, Weiss Ratings upgraded Middlesex Water from a "hold (c)" rating to a "hold (c+)" rating in a research note on Monday, October 12th. One investment analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $61.67.

Middlesex Water Stock Performance

The business's fifty day moving average price is $55.50 and its 200-day moving average price is $54.19. 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 stock has a market capitalization of $1.07 billion, a PE ratio of 20.50 and a beta of 0.74.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its quarterly earnings data on Thursday, October 29th. The utilities provider reported $0.95 EPS for the quarter, beating the consensus estimate of $0.82 by $0.13. Middlesex Water had a net margin of 24.50% and a return on equity of 10.29%. The company had revenue of $60.21 million during the quarter, compared to analysts' expectations of $59.90 million.

Middlesex Water Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be given a dividend of $0.38 per share. This is an increase from Middlesex Water's previous quarterly dividend of $0.36. The ex-dividend date is Monday, November 16th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 2.7%. Middlesex Water's dividend payout ratio (DPR) is presently 55.60%.

Insider Buying and Selling at Middlesex Water

In related news, VP Lorrie Ginegaw sold 615 shares of the stock in a transaction 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 sale, the vice president owned 3,978 shares in the company, valued at approximately $229,172.58. This trade represents a 13.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 1.92% of the company's stock.

Hedge Funds Weigh In On Middlesex Water

A number of institutional investors have recently added to or reduced their stakes in MSEX. ProShare Advisors LLC raised its position in shares of Middlesex Water by 35.6% during the 3rd quarter. ProShare Advisors LLC now owns 177,733 shares of the utilities provider's stock valued at $9,415,000 after buying an additional 46,667 shares in the last quarter. State of Wyoming bought a new stake in shares of Middlesex Water during the 3rd quarter worth $65,000. Oppenheimer & Co. Inc. lifted its holdings in shares of Middlesex Water by 5.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 29,066 shares of the utilities provider's stock worth $1,540,000 after acquiring an additional 1,374 shares during the last quarter. Madrona Financial Services LLC purchased a new position in Middlesex Water in the third quarter worth $473,000. Finally, TSP Capital Management Group LLC grew its position in Middlesex Water by 5.0% in the third quarter. TSP Capital Management Group LLC now owns 221,590 shares of the utilities provider's stock worth $11,738,000 after acquiring an additional 10,553 shares in the last quarter. 79.52% of the stock is currently owned by institutional investors.

About Middlesex Water

Middlesex Water Company NASDAQ: MSEX is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.

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