Middlesex Water (NASDAQ:MSEX) Shares Gap Up Following Analyst Upgrade

Middlesex Water (NASDAQ:MSEX - Get Free Report) shares gapped up prior to trading on Monday after Robert W. Baird raised their price target on the stock from $58.00 to $61.00. The stock had previously closed at $61.19, but opened at $65.27. Robert W. Baird currently has a neutral rating on the stock. Middlesex Water shares last traded at $65.27, with a volume of 1,023 shares.

Separately, Baird R W downgraded Middlesex Water from a "strong-buy" rating to a "hold" rating in a report on Monday, August 5th.

Institutional Trading of Middlesex Water

A number of institutional investors have recently modified their holdings of the company. Pathway Financial Advisers LLC purchased a new position in shares of Middlesex Water in the 1st quarter valued at $52,000. GAMMA Investing LLC boosted its position in shares of Middlesex Water by 107.2% in the second quarter. GAMMA Investing LLC now owns 1,231 shares of the utilities provider's stock worth $64,000 after buying an additional 637 shares during the period. CWM LLC grew its stake in shares of Middlesex Water by 65.1% in the second quarter. CWM LLC now owns 1,306 shares of the utilities provider's stock valued at $68,000 after buying an additional 515 shares in the last quarter. Crestwood Advisors Group LLC acquired a new stake in shares of Middlesex Water in the third quarter valued at about $210,000. Finally, Wealth Enhancement Advisory Services LLC purchased a new stake in shares of Middlesex Water during the 3rd quarter valued at about $225,000. Hedge funds and other institutional investors own 79.52% of the company's stock.

Middlesex Water Price Performance

The company has a market cap of $1.15 billion, a PE ratio of 27.94 and a beta of 0.79. The company has a quick ratio of 0.85, a current ratio of 0.90 and a debt-to-equity ratio of 0.82. The business's 50 day moving average price is $64.03 and its 200-day moving average price is $58.92.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last released its earnings results on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.67 by $0.13. The company had revenue of $55.10 million during the quarter, compared to analysts' expectations of $50.00 million. Middlesex Water had a return on equity of 9.66% and a net margin of 22.53%. During the same period in the prior year, the business posted $0.56 EPS. As a group, analysts forecast that Middlesex Water will post 2.21 earnings per share for the current year.

Middlesex Water Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Friday, November 15th will be given a $0.34 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.36 annualized dividend and a dividend yield of 2.12%. This is an increase from Middlesex Water's previous quarterly dividend of $0.33. Middlesex Water's payout ratio is presently 56.52%.

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.