Middlesex Water (NASDAQ:MSEX) Shares Gap Up on Better-Than-Expected Earnings

Middlesex Water (NASDAQ:MSEX - Get Free Report) gapped up before the market opened on Monday after the company announced better than expected quarterly earnings. The stock had previously closed at $50.13, but opened at $53.20. Middlesex Water shares last traded at $56.20, with a volume of 56,587 shares trading hands.

The utilities provider reported $0.49 EPS for the quarter, topping the consensus estimate of $0.36 by $0.13. The business had revenue of $47.11 million for the quarter, compared to analyst estimates of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter in the previous year, the firm posted $0.32 earnings per share.

Middlesex Water Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were paid a $0.34 dividend. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.23%. Middlesex Water's payout ratio is 55.06%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Bank of America started coverage on Middlesex Water in a research note on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 target price on the stock. StockNews.com raised shares of Middlesex Water from a "sell" rating to a "hold" rating in a report on Monday. Robert W. Baird upgraded shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price for the company in a research report on Monday. Finally, Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday.

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Institutional Trading of Middlesex Water

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC purchased a new position in Middlesex Water during the 3rd quarter valued at about $225,000. Crestwood Advisors Group LLC purchased a new position in Middlesex Water during the third quarter valued at approximately $210,000. Victory Capital Management Inc. bought a new stake in Middlesex Water during the 3rd quarter worth approximately $230,000. Cable Hill Partners LLC purchased a new stake in Middlesex Water in the 3rd quarter worth approximately $292,000. Finally, Intech Investment Management LLC bought a new position in Middlesex Water in the 3rd quarter valued at $271,000. 79.52% of the stock is currently owned by institutional investors.

Middlesex Water Price Performance

The stock has a market capitalization of $1.09 billion, a PE ratio of 26.56, a price-to-earnings-growth ratio of 1.50 and a beta of 0.85. The business's 50-day moving average price is $51.32 and its 200 day moving average price is $59.17. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

About Middlesex Water

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.