Middlesex Water (NASDAQ:MSEX) Shares Up 3.6% – Still a Buy?

Shares of Middlesex Water (NASDAQ:MSEX) shot up 3.6% on Thursday . The stock traded as high as $66.39 and last traded at $66.19. 18,780 shares traded hands during mid-day trading, a decline of 85% from the average session volume of 129,399 shares. The stock had previously closed at $63.87.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MSEX. Robert W. Baird upgraded shares of Middlesex Water from a “neutral” rating to an “outperform” rating and set a $61.00 price objective on the stock in a research report on Monday, March 3rd. Bank of America initiated coverage on shares of Middlesex Water in a report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 price target on the stock. Baird R W raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating in a report on Monday, March 3rd. Finally, StockNews.com raised Middlesex Water from a “sell” rating to a “hold” rating in a report on Saturday, March 29th.

Middlesex Water Trading Up 3.6 %

The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The stock’s 50 day moving average is $55.67 and its 200-day moving average is $59.11. The company has a market cap of $1.18 billion, a PE ratio of 28.78, a P/E/G ratio of 1.50 and a beta of 0.79.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Friday, February 28th. The utilities provider reported $0.49 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 firm had revenue of $47.11 million during the quarter, compared to the consensus estimate of $45.00 million. During the same quarter last year, the firm earned $0.32 EPS. As a group, sell-side analysts anticipate that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, March 3rd. Investors of record on Tuesday, February 18th were issued a dividend of $0.34 per share. The ex-dividend date of this dividend was Tuesday, February 18th. This represents a $1.36 annualized dividend and a yield of 2.05%. Middlesex Water’s payout ratio is presently 55.06%.

Insiders Place Their Bets

In other Middlesex Water news, Director Dennis W. Doll sold 4,067 shares of the firm’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $60.05, for a total value of $244,223.35. Following the completion of the sale, the director now owns 52,112 shares of the company’s stock, valued at $3,129,325.60. This trade represents a 7.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 1.86% of the stock is owned by insiders.

Institutional Investors Weigh In On Middlesex Water

Hedge funds and other institutional investors have recently modified their holdings of the business. Sterling Capital Management LLC lifted its position in shares of Middlesex Water by 771.9% during the fourth quarter. Sterling Capital Management LLC now owns 497 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 440 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Middlesex Water by 1,006.4% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 520 shares of the utilities provider’s stock valued at $27,000 after buying an additional 473 shares in the last quarter. Allworth Financial LP boosted its position in Middlesex Water by 1,136.4% in the 4th quarter. Allworth Financial LP now owns 544 shares of the utilities provider’s stock valued at $27,000 after buying an additional 500 shares during the period. Crowley Wealth Management Inc. purchased a new stake in Middlesex Water in the 4th quarter valued at about $37,000. Finally, Intech Investment Management LLC bought a new position in Middlesex Water in the 3rd quarter worth about $271,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

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.