Middlesex Water (NASDAQ:MSEX) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Middlesex Water (NASDAQ:MSEX - Free Report) from a sell rating to a hold rating in a research report report published on Wednesday.

Several other research analysts have also commented on the company. Baird R W raised Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd. 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 on the stock. Finally, Robert W. Baird upgraded shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 price target for the company in a research note on Monday, March 3rd.

Middlesex Water Stock Up 0.9 %

Shares of NASDAQ:MSEX traded up $0.51 during trading on Wednesday, hitting $59.97. 820,993 shares of the company were exchanged, compared to its average volume of 118,678. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. The firm's 50 day moving average price is $53.72 and its 200-day moving average price is $59.16. The stock has a market capitalization of $1.07 billion, a P/E ratio of 26.07, a PEG ratio of 1.50 and a beta of 0.85. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $70.73.

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Middlesex Water (NASDAQ:MSEX - Get Free Report) last released 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. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The company had revenue of $47.11 million during the quarter, compared to the consensus estimate of $45.00 million. During the same quarter in the prior year, the firm posted $0.32 earnings per share. On average, research analysts predict that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Shareholders 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 2.27%. Middlesex Water's dividend payout ratio is currently 55.06%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its position in Middlesex Water by 1.0% during the 4th quarter. Oppenheimer & Co. Inc. now owns 19,863 shares of the utilities provider's stock worth $1,045,000 after purchasing an additional 202 shares during the period. Ellevest Inc. grew its holdings in Middlesex Water by 3.8% during the fourth quarter. Ellevest Inc. now owns 6,395 shares of the utilities provider's stock worth $337,000 after acquiring an additional 233 shares during the period. Bank of Montreal Can raised its position in Middlesex Water by 3.5% in the fourth quarter. Bank of Montreal Can now owns 7,474 shares of the utilities provider's stock worth $393,000 after acquiring an additional 250 shares in the last quarter. Sterling Capital Management LLC lifted its holdings in Middlesex Water by 771.9% in the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider's stock valued at $26,000 after acquiring an additional 440 shares during the period. Finally, CANADA LIFE ASSURANCE Co boosted its position in shares of Middlesex Water by 2.2% during the 4th quarter. CANADA LIFE ASSURANCE Co now owns 20,614 shares of the utilities provider's stock worth $1,081,000 after purchasing an additional 443 shares in the last quarter. 79.52% of the stock is 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.