Middlesex Water (NASDAQ:MSEX) Stock Price Up 6.7% Following Analyst Upgrade

Middlesex Water (NASDAQ:MSEX)’s stock price shot up 6.7% 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 changed hands 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 cut shares of Middlesex Water from a “strong-buy” rating to a “hold” rating in a report on Monday, August 5th.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in MSEX. Pathway Financial Advisers LLC bought a new position in shares of Middlesex Water in the first quarter valued at approximately $52,000. GAMMA Investing LLC boosted its holdings in Middlesex Water by 107.2% in 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 during the period. CWM LLC grew its position in shares of Middlesex Water by 65.1% during the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock valued at $68,000 after purchasing an additional 515 shares in the last quarter. Crestwood Advisors Group LLC purchased a new position in shares of Middlesex Water during the 3rd quarter valued at $210,000. Finally, Wealth Enhancement Advisory Services LLC bought a new position in shares of Middlesex Water in the third quarter worth $225,000. Hedge funds and other institutional investors own 79.52% of the company’s stock.

Middlesex Water Stock Up 7.8 %

The company has a market cap of $1.18 billion, a PE ratio of 32.01 and a beta of 0.79. The stock has a 50-day moving average of $63.91 and a 200-day moving average of $58.60. The company has a quick ratio of 0.85, a current ratio of 0.90 and a debt-to-equity ratio of 0.82.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Wednesday, July 31st. The utilities provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.64 by ($0.05). Middlesex Water had a net margin of 21.14% and a return on equity of 8.69%. The business had revenue of $49.15 million during the quarter, compared to analysts’ expectations of $47.00 million. Sell-side analysts predict that Middlesex Water will post 2.21 earnings per share for the current fiscal year.

Middlesex Water Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 2nd. Investors of record on Friday, November 15th will be paid a $0.34 dividend. This is an increase from Middlesex Water’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date is Friday, November 15th. Middlesex Water’s dividend payout ratio (DPR) is currently 63.11%.

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.