Middlesex Water (NASDAQ:MSEX) Shares Up 2.2% – Should You Buy?

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

Wall Street Analysts Forecast Growth

MSEX has been the topic of a number of research analyst reports. Bank of America assumed coverage on Middlesex Water in a report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 target price on the stock. Robert W. Baird raised Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research note on Monday, March 3rd. Baird R W raised Middlesex Water from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 3rd. Finally, StockNews.com upgraded shares of Middlesex Water from a “sell” rating to a “hold” rating in a research note on Saturday.

Middlesex Water Trading Up 2.5 %

The business has a fifty day simple moving average of $54.85 and a 200-day simple moving average of $59.09. The firm has a market cap of $1.14 billion, a price-to-earnings ratio of 27.60, a PEG ratio of 1.50 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

Middlesex Water (NASDAQ:MSEX) last issued its quarterly earnings data on Friday, February 28th. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.13. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. The business had revenue of $47.11 million during the quarter, compared to analyst estimates of $45.00 million. During the same quarter last year, the business earned $0.32 EPS. As a group, equities analysts forecast that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a $0.34 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 dividend on an annualized basis and a yield of 2.14%. Middlesex Water’s payout ratio is 55.06%.

Insiders Place Their Bets

In related news, Director Dennis W. Doll sold 4,067 shares of the business’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the transaction, the director now owns 52,112 shares in the company, valued at $3,129,325.60. The trade was a 7.24 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 1.86% of the company’s stock.

Hedge Funds Weigh In On Middlesex Water

Institutional investors have recently added to or reduced their stakes in the business. Victory Capital Management Inc. bought a new position in Middlesex Water during the third quarter worth $230,000. Intech Investment Management LLC bought a new position in shares of Middlesex Water during the 3rd quarter worth about $271,000. Charles Schwab Investment Management Inc. grew its stake in shares of Middlesex Water by 4.3% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 167,281 shares of the utilities provider’s stock valued at $10,913,000 after buying an additional 6,844 shares during the period. Cerity Partners LLC increased its position in Middlesex Water by 13.6% in the 3rd quarter. Cerity Partners LLC now owns 20,245 shares of the utilities provider’s stock valued at $1,321,000 after buying an additional 2,429 shares in the last quarter. Finally, FMR LLC increased its position in 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 buying an additional 618 shares in the last quarter. 79.52% of the stock is owned by institutional investors and hedge funds.

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.