Middlesex Water (NASDAQ:MSEX) Trading 6.7% Higher Following Analyst Upgrade

Middlesex Water (NASDAQ:MSEX - Get Free Report) traded up 6.7% during mid-day trading on Friday after Robert W. Baird raised their price target on the stock from $58.00 to $61.00. Robert W. Baird currently has a neutral rating on the stock. Middlesex Water traded as high as $66.09 and last traded at $65.30. 21,868 shares were traded during trading, a decline of 84% from the average session volume of 134,224 shares. The stock had previously closed at $61.19.

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

Institutional Investors Weigh In On Middlesex Water

Hedge funds have recently modified their holdings of the stock. Pathway Financial Advisers LLC purchased a new stake in shares of Middlesex Water during the first quarter valued at approximately $52,000. GAMMA Investing LLC grew its holdings in Middlesex Water by 107.2% during the 2nd quarter. GAMMA Investing LLC now owns 1,231 shares of the utilities provider's stock valued at $64,000 after purchasing an additional 637 shares in the last quarter. CWM LLC increased its stake in 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 buying an additional 515 shares during the period. Crestwood Advisors Group LLC purchased a new position in Middlesex Water in the 3rd quarter valued at about $210,000. Finally, Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Middlesex Water during the third quarter valued at about $225,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

Middlesex Water Stock Performance

The company has a debt-to-equity ratio of 0.82, a current ratio of 0.90 and a quick ratio of 0.85. The stock has a 50-day moving average price of $63.91 and a 200-day moving average price of $58.60. The firm has a market capitalization of $1.17 billion, a PE ratio of 28.58 and a beta of 0.79.

Middlesex Water (NASDAQ:MSEX - Get Free Report) last posted its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.64 by ($0.05). The business had revenue of $49.15 million for the quarter, compared to analysts' expectations of $47.00 million. Middlesex Water had a return on equity of 8.69% and a net margin of 21.14%. On average, research analysts expect that Middlesex Water will post 2.21 EPS for the current fiscal year.

Middlesex Water Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be issued a $0.34 dividend. The ex-dividend date of this dividend is Friday, November 15th. This is a boost from Middlesex Water's previous quarterly dividend of $0.33. This represents a $1.36 annualized dividend and a yield of 2.08%. Middlesex Water's dividend payout ratio is currently 59.13%.

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.