Middlesex Water Company (MSEX) Announces Quarterly Earnings Results

Middlesex Water Company (NASDAQ:MSEX) announced its earnings results on Tuesday, August 1st. The utilities provider reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by $0.05, MarketWatch Earnings reports. Middlesex Water had a net margin of 16.46% and a return on equity of 9.95%. The firm had revenue of $33.01 million for the quarter, compared to analyst estimates of $34 million.

Middlesex Water (NASDAQ:MSEX) traded down 1.68% during mid-day trading on Friday, hitting $37.51. The stock had a trading volume of 38,782 shares. Middlesex Water has a one year low of $32.23 and a one year high of $44.48. The stock has a market cap of $612.80 million, a P/E ratio of 28.31 and a beta of 0.40. The company has a 50 day moving average price of $39.17 and a 200 day moving average price of $37.50.

The company also recently announced a quarterly dividend, which will be paid on Friday, September 1st. Stockholders of record on Friday, August 11th will be given a dividend of $0.2113 per share. This represents a $0.85 dividend on an annualized basis and a dividend yield of 2.25%. The ex-dividend date is Wednesday, August 9th. Middlesex Water’s dividend payout ratio (DPR) is currently 63.91%.

Several equities research analysts recently commented on the company. Zacks Investment Research lowered Middlesex Water from a “hold” rating to a “sell” rating in a research report on Friday, August 4th. BidaskClub lowered Middlesex Water from a “hold” rating to a “sell” rating in a report on Thursday. Finally, ValuEngine upgraded Middlesex Water from a “sell” rating to a “hold” rating in a report on Friday, August 4th.

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Several institutional investors have recently made changes to their positions in MSEX. Parametric Portfolio Associates LLC increased its position in shares of Middlesex Water by 237.9% in the first quarter. Parametric Portfolio Associates LLC now owns 172,266 shares of the utilities provider’s stock worth $6,365,000 after buying an additional 121,279 shares in the last quarter. Ameriprise Financial Inc. increased its stake in Middlesex Water by 1.2% in the first quarter. Ameriprise Financial Inc. now owns 10,852 shares of the utilities provider’s stock worth $401,000 after buying an additional 130 shares during the period. Karp Capital Management Corp acquired a new stake in Middlesex Water during the first quarter worth $542,000. Bank of New York Mellon Corp increased its stake in 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 during the period. Finally, Wedge Capital Management L L P NC increased its stake in 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 during the period. 48.93% of the stock is owned by institutional investors.

Middlesex Water Company Profile

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.

Earnings History for Middlesex Water (NASDAQ:MSEX)

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