Middlesex Water (NASDAQ:MSEX) Coverage Initiated at Bank of America

Analysts at Bank of America assumed coverage on shares of Middlesex Water (NASDAQ:MSEX - Get Free Report) in a research report issued on Wednesday, Marketbeat Ratings reports. The brokerage set an "underperform" rating and a $56.00 price target on the utilities provider's stock. Bank of America's target price indicates a potential downside of 6.54% from the company's current price.

Separately, Robert W. Baird lifted their target price on shares of Middlesex Water from $58.00 to $61.00 and gave the stock a "neutral" rating in a research report on Friday, November 1st.

Middlesex Water Price Performance

Shares of NASDAQ:MSEX traded down $1.40 during trading on Wednesday, hitting $59.92. 107,111 shares of the stock were exchanged, compared to its average volume of 130,823. The company has a market cap of $1.07 billion, a PE ratio of 26.66 and a beta of 0.82. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80. The company has a fifty day moving average price of $64.75 and a two-hundred day moving average price of $61.21. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $73.47.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its earnings results on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, topping analysts' consensus estimates of $0.67 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The company had revenue of $55.10 million for the quarter, compared to the consensus estimate of $50.00 million. During the same period in the previous year, the business earned $0.56 earnings per share. On average, analysts forecast that Middlesex Water will post 2.34 EPS for the current year.

Hedge Funds Weigh In On Middlesex Water

Several large investors have recently added to or reduced their stakes in MSEX. CWM LLC lifted its holdings in shares of Middlesex Water by 65.1% during the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider's stock worth $68,000 after acquiring an additional 515 shares during the period. GAMMA Investing LLC increased its position in Middlesex Water by 66.2% during the third quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider's stock worth $133,000 after purchasing an additional 815 shares during the last quarter. Crestwood Advisors Group LLC acquired a new position in shares of Middlesex Water in the 3rd quarter valued at $210,000. Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Middlesex Water during the 3rd quarter valued at $225,000. Finally, Everence Capital Management Inc. acquired a new stake in shares of Middlesex Water during the 3rd quarter worth $230,000. 79.52% of the stock is currently owned by hedge funds and other 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.