Middlesex Water (NASDAQ:MSEX) Raised to Buy at BidaskClub

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BidaskClub upgraded shares of Middlesex Water (NASDAQ:MSEX) from a hold rating to a buy rating in a research note released on Tuesday morning, BidAskClub reports.

Separately, Zacks Investment Research lowered Middlesex Water from a hold rating to a strong sell rating in a research note on Wednesday, August 7th.

Shares of MSEX opened at $64.12 on Tuesday. Middlesex Water has a 52-week low of $43.12 and a 52-week high of $65.13. The business’s fifty day moving average is $60.31 and its 200-day moving average is $59.00. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.26 and a current ratio of 0.31. The firm has a market cap of $1.05 billion, a price-to-earnings ratio of 32.71 and a beta of 0.36.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.55 by ($0.06). Middlesex Water had a net margin of 24.95% and a return on equity of 13.43%. The business had revenue of $33.39 million during the quarter, compared to the consensus estimate of $36.00 million. As a group, research analysts forecast that Middlesex Water will post 1.97 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 3rd. Investors of record on Thursday, August 15th were given a dividend of $0.24 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $0.96 dividend on an annualized basis and a yield of 1.50%. Middlesex Water’s dividend payout ratio is currently 48.98%.

In related news, VP Lorrie Beth Ginegaw sold 650 shares of the business’s stock in a transaction on Friday, July 5th. The stock was sold at an average price of $61.48, for a total transaction of $39,962.00. Following the sale, the vice president now owns 5,779 shares in the company, valued at approximately $355,292.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Robert K. Fullagar sold 500 shares of the business’s stock in a transaction on Tuesday, July 9th. The stock was sold at an average price of $61.39, for a total value of $30,695.00. Following the sale, the vice president now owns 1,900 shares in the company, valued at approximately $116,641. The disclosure for this sale can be found here. Insiders own 3.49% of the company’s stock.

A number of hedge funds have recently modified their holdings of MSEX. Dimensional Fund Advisors LP grew its position in Middlesex Water by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 623,157 shares of the utilities provider’s stock worth $33,245,000 after acquiring an additional 5,500 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Middlesex Water by 4,284.2% during the 1st quarter. BNP Paribas Arbitrage SA now owns 3,332 shares of the utilities provider’s stock worth $187,000 after acquiring an additional 3,256 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in Middlesex Water by 95.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,376 shares of the utilities provider’s stock worth $77,000 after acquiring an additional 673 shares during the last quarter. California Public Employees Retirement System grew its position in Middlesex Water by 3.4% during the 1st quarter. California Public Employees Retirement System now owns 95,067 shares of the utilities provider’s stock worth $5,323,000 after acquiring an additional 3,136 shares during the last quarter. Finally, Raymond James Financial Services Advisors Inc. grew its position in Middlesex Water by 452.1% during the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 58,283 shares of the utilities provider’s stock worth $3,263,000 after acquiring an additional 47,726 shares during the last quarter. Institutional investors and hedge funds own 55.51% of the company’s stock.

Middlesex Water Company Profile

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.

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