Middlesex Water (MSEX) Lifted to “Buy” at BidaskClub

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.

Several other research firms have also recently issued reports on MSEX. Zacks Investment Research upgraded shares of Middlesex Water from a hold rating to a strong-buy rating and set a $68.00 price objective for the company in a research report on Friday, May 10th. Janney Montgomery Scott upgraded shares of Middlesex Water from a neutral rating to a buy rating and raised their price objective for the stock from $58.00 to $66.00 in a research report on Wednesday, May 8th.

Shares of NASDAQ:MSEX traded down $0.17 during midday trading on Tuesday, hitting $60.88. The company’s stock had a trading volume of 215 shares, compared to its average volume of 41,428. The company has a current ratio of 0.32, a quick ratio of 0.26 and a debt-to-equity ratio of 0.62. The company has a market cap of $995.52 million, a P/E ratio of 31.10 and a beta of 0.43. Middlesex Water has a 12-month low of $40.08 and a 12-month high of $63.67.

Middlesex Water (NASDAQ:MSEX) last posted its quarterly earnings results on Monday, May 6th. The utilities provider reported $0.39 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.08. Middlesex Water had a net margin of 25.05% and a return on equity of 14.01%. The firm had revenue of $30.70 million for the quarter, compared to the consensus estimate of $32.00 million. On average, analysts expect that Middlesex Water will post 2.17 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 3rd. Investors of record on Wednesday, May 15th will be given a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.58%. The ex-dividend date of this dividend is Tuesday, May 14th. Middlesex Water’s payout ratio is currently 48.98%.

In related news, VP Lorrie Beth Ginegaw sold 720 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $56.21, for a total transaction of $40,471.20. Following the completion of the sale, the vice president now directly owns 6,445 shares in the company, valued at $362,273.45. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Dennis W. Doll sold 3,127 shares of the firm’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $61.33, for a total transaction of $191,778.91. Following the sale, the chief executive officer now owns 59,011 shares of the company’s stock, valued at $3,619,144.63. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 8,053 shares of company stock valued at $481,020. 3.49% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in MSEX. Trust Co. of Vermont acquired a new stake in Middlesex Water during the fourth quarter worth about $25,000. Coastal Investment Advisors Inc. acquired a new stake in shares of Middlesex Water during the first quarter valued at about $40,000. Quantamental Technologies LLC acquired a new stake in shares of Middlesex Water during the fourth quarter valued at about $41,000. Premia Global Advisors LLC acquired a new stake in shares of Middlesex Water during the first quarter valued at about $59,000. Finally, ClariVest Asset Management LLC acquired a new stake in shares of Middlesex Water during the fourth quarter valued at about $73,000. Hedge funds and other institutional investors own 55.34% 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.

Featured Story: Golden Cross

Receive News & Ratings for Middlesex Water Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Middlesex Water and related companies with MarketBeat.com's FREE daily email newsletter.