Middlesex Water Company (NASDAQ:MSEX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Friday.

According to Zacks, “Middlesex Water Company treats, stores and distributes water for residential, commercial, industrial and fire prevention purposes. “

Other research analysts have also recently issued research reports about the stock. ValuEngine upgraded shares of Middlesex Water from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. BidaskClub lowered shares of Middlesex Water from a “hold” rating to a “sell” rating in a research note on Thursday, August 10th.

Shares of Middlesex Water (MSEX) opened at 37.63 on Friday. The firm has a market cap of $614.76 million, a P/E ratio of 28.40 and a beta of 0.41. Middlesex Water has a 12 month low of $32.23 and a 12 month high of $44.48. The company has a 50-day moving average of $38.70 and a 200-day moving average of $37.59.

Middlesex Water (NASDAQ:MSEX) last posted its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 EPS for the quarter, missing the consensus estimate of $0.38 by $0.05. Middlesex Water had a return on equity of 9.95% and a net margin of 16.46%. The firm had revenue of $33.01 million during the quarter, compared to the consensus estimate of $34 million. Equities analysts forecast that Middlesex Water will post $1.48 EPS for the current fiscal year.

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Several hedge funds have recently modified their holdings of the company. Bank of Montreal Can raised its stake in shares of Middlesex Water by 19.7% in the first quarter. Bank of Montreal Can now owns 6,643 shares of the utilities provider’s stock worth $245,000 after buying an additional 1,094 shares in the last quarter. Russell Investments Group Ltd. bought a new stake in shares of Middlesex Water during the first quarter worth $235,000. Wells Fargo & Company MN raised its stake in shares of Middlesex Water by 4.9% in the first quarter. Wells Fargo & Company MN now owns 23,651 shares of the utilities provider’s stock worth $874,000 after buying an additional 1,096 shares in the last quarter. Wedge Capital Management L L P NC raised its stake in shares of Middlesex Water by 52.8% in the first quarter. Wedge Capital Management L L P NC now owns 21,996 shares of the utilities provider’s stock worth $813,000 after buying an additional 7,596 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Middlesex Water by 50.0% in the first quarter. Bank of New York Mellon Corp now owns 185,619 shares of the utilities provider’s stock worth $6,859,000 after buying an additional 61,885 shares in the last quarter. 49.11% of the stock is owned by institutional investors.

About Middlesex Water

Middlesex Water Company is a water utility company. The Company owns and operates regulated water utility and wastewater systems in New Jersey, Delaware and Pennsylvania. The Company also operates water and wastewater systems under contract on behalf of municipal and private clients in New Jersey and Delaware.

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