Middlesex Water (NASDAQ:MSEX) Stock Rated Strong-Buy in New Coverage at Huntington Sec

Huntington Sec assumed coverage on shares of Middlesex Water (NASDAQ:MSEX) in a report published on Sunday morning,Zacks reports. The firm issued a strong-buy rating on the utilities provider’s stock.

Several other research analysts also recently issued reports on MSEX. Robert W. Baird set a $66.00 price target on Middlesex Water in a research note on Friday, July 31st. Weiss Ratings raised shares of Middlesex Water from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, October 12th. Freedom Broker raised their target price on shares of Middlesex Water from $56.00 to $58.00 and gave the company a “hold” rating in a report on Monday. Finally, New Street Research set a $64.00 target price on shares of Middlesex Water in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.75.

Middlesex Water Stock Performance

NASDAQ MSEX opened at $57.64 on Friday. The business has a 50 day moving average price of $55.47 and a 200 day moving average price of $54.24. The company has a market capitalization of $1.10 billion, a P/E ratio of 20.81 and a beta of 0.71. Middlesex Water has a 1-year low of $48.19 and a 1-year high of $59.80. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.51 and a quick ratio of 0.42.

Middlesex Water (NASDAQ:MSEX) last posted its earnings results on Thursday, October 29th. The utilities provider reported $0.95 EPS for the quarter, topping analysts’ consensus estimates of $0.82 by $0.13. The company had revenue of $60.21 million for the quarter, compared to the consensus estimate of $59.90 million. Middlesex Water had a return on equity of 10.08% and a net margin of 24.50%.

Middlesex Water Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 1st. Stockholders of record on Monday, November 16th will be given a $0.38 dividend. This is an increase from Middlesex Water’s previous quarterly dividend of $0.36. This represents a $1.52 annualized dividend and a dividend yield of 2.6%. The ex-dividend date is Monday, November 16th. Middlesex Water’s dividend payout ratio (DPR) is currently 51.99%.

Insider Activity at Middlesex Water

In related news, VP Lorrie Ginegaw sold 615 shares of Middlesex Water stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $57.61, for a total transaction of $35,430.15. Following the completion of the sale, the vice president owned 3,978 shares in the company, valued at approximately $229,172.58. This trade represents a 13.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.92% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Middlesex Water

Several hedge funds have recently modified their holdings of MSEX. Janney Montgomery Scott LLC boosted its holdings in shares of Middlesex Water by 4.4% during the first quarter. Janney Montgomery Scott LLC now owns 4,836 shares of the utilities provider’s stock worth $252,000 after purchasing an additional 202 shares during the last quarter. Parallel Advisors LLC increased its position in Middlesex Water by 68.6% during the 1st quarter. Parallel Advisors LLC now owns 521 shares of the utilities provider’s stock worth $27,000 after purchasing an additional 212 shares in the last quarter. Private Advisor Group LLC increased its position in shares of Middlesex Water by 1.9% in the first quarter. Private Advisor Group LLC now owns 11,969 shares of the utilities provider’s stock worth $623,000 after acquiring an additional 226 shares in the last quarter. Allworth Financial LP increased its holdings in Middlesex Water by 41.4% in the 2nd quarter. Allworth Financial LP now owns 775 shares of the utilities provider’s stock valued at $44,000 after purchasing an additional 227 shares in the last quarter. Finally, Ethic Inc. raised its position in Middlesex Water by 5.7% in the third quarter. Ethic Inc. now owns 4,315 shares of the utilities provider’s stock valued at $229,000 after purchasing an additional 233 shares during the period. 79.52% of the stock is owned by institutional investors and hedge funds.

Middlesex Water Company Profile

Middlesex Water Company (NASDAQ:MSEX) is a regulated water and wastewater utility that owns and operates systems serving residential, commercial, industrial and municipal customers. Its services include the production, treatment, distribution and sale of potable water, as well as wastewater collection and treatment.

Founded in 1897, the company primarily serves communities in New Jersey and Delaware through its regulated utility operations. Its New Jersey service area includes portions of Middlesex, Union, Somerset and Mercer counties, while its Delaware operations serve customers through the Tidewater Utilities subsidiary.

Middlesex Water also provides contract operations, maintenance and related services for municipal and other public water and wastewater systems.