Middlesex Water (NASDAQ:MSEX) Trading Up 2.2% - Should You Buy?

Middlesex Water (NASDAQ:MSEX - Get Free Report) shares traded up 2.2% during trading on Friday . The stock traded as high as $63.32 and last traded at $63.32. 20,800 shares were traded during mid-day trading, a decline of 87% from the average session volume of 159,497 shares. The stock had previously closed at $61.95.

Analysts Set New Price Targets

MSEX has been the subject of several research analyst reports. Robert W. Baird upgraded Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price objective for the company 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. StockNews.com raised shares of Middlesex Water from a "sell" rating to a "hold" rating in a report on Saturday. Finally, Bank of America began coverage on shares of Middlesex Water in a report on Wednesday, December 11th. They issued an "underperform" rating and a $56.00 target price for the company.

Middlesex Water Stock Performance

The stock's 50 day moving average price is $55.37 and its 200 day moving average price is $59.08. 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 market cap of $1.15 billion, a price-to-earnings ratio of 27.94, a P/E/G ratio of 1.50 and a beta of 0.85.

Remove Ads

Middlesex Water (NASDAQ:MSEX - Get Free Report) last announced its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.36 by $0.13. The company had revenue of $47.11 million during the quarter, compared to analysts' expectations of $45.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same period in the previous year, the company earned $0.32 EPS. On average, analysts expect that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were given a dividend of $0.34 per share. This represents a $1.36 dividend on an annualized basis and a yield of 2.12%. The ex-dividend date was Tuesday, February 18th. Middlesex Water's dividend payout ratio (DPR) is presently 55.06%.

Insider Activity at Middlesex Water

In related news, Director Dennis W. Doll sold 4,067 shares of the firm's stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $60.05, for a total transaction of $244,223.35. Following the sale, the director now directly owns 52,112 shares in the company, valued at approximately $3,129,325.60. This trade represents a 7.24 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 1.86% of the stock is currently owned by insiders.

Institutional Trading of Middlesex Water

Hedge funds have recently made changes to their positions in the company. Intech Investment Management LLC acquired a new stake in Middlesex Water during the 3rd quarter valued at $271,000. Charles Schwab Investment Management Inc. increased its holdings in Middlesex Water by 4.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 167,281 shares of the utilities provider's stock worth $10,913,000 after purchasing an additional 6,844 shares during the last quarter. Cerity Partners LLC increased its holdings in Middlesex Water by 13.6% during the 3rd quarter. Cerity Partners LLC now owns 20,245 shares of the utilities provider's stock worth $1,321,000 after purchasing an additional 2,429 shares during the last quarter. FMR LLC raised its position in shares of Middlesex Water by 9.7% in the 3rd quarter. FMR LLC now owns 7,018 shares of the utilities provider's stock valued at $458,000 after purchasing an additional 618 shares in the last quarter. Finally, State Street Corp boosted its stake in shares of Middlesex Water by 7.0% during the 3rd quarter. State Street Corp now owns 813,455 shares of the utilities provider's stock valued at $53,070,000 after buying an additional 53,098 shares during the last quarter. Hedge funds and other institutional investors own 79.52% of the company's stock.

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.