Middlesex Water (NASDAQ:MSEX) Stock Rating Upgraded by Robert W. Baird

Robert W. Baird upgraded shares of Middlesex Water (NASDAQ:MSEX) from a neutral rating to an outperform rating in a report released on Monday, Marketbeat reports. The firm currently has $61.00 target price on the utilities provider’s stock.

Separately, Bank of America assumed coverage on Middlesex Water in a report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target on the stock.

Middlesex Water Trading Down 0.9 %

NASDAQ:MSEX opened at $58.97 on Monday. The stock’s 50 day moving average price is $51.21 and its 200 day moving average price is $59.17. Middlesex Water has a 52 week low of $45.42 and a 52 week high of $70.73. The company has a market capitalization of $1.05 billion, a P/E ratio of 25.64, a P/E/G ratio of 1.50 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

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 the consensus estimate of $0.36 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The company had revenue of $47.11 million for the quarter, compared to the consensus estimate of $45.00 million. During the same quarter last year, the company posted $0.32 earnings per share. On average, research analysts forecast that Middlesex Water will post 2.34 EPS for the current fiscal year.

Middlesex Water Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 3rd. Stockholders of record on Tuesday, February 18th were given a $0.34 dividend. The ex-dividend date was Tuesday, February 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.31%. Middlesex Water’s dividend payout ratio is 55.06%.

Institutional Investors Weigh In On Middlesex Water

Several hedge funds have recently modified their holdings of MSEX. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Middlesex Water in the third quarter valued at approximately $225,000. Creative Financial Designs Inc. ADV boosted its position in shares of Middlesex Water by 5.0% in the third quarter. Creative Financial Designs Inc. ADV now owns 4,236 shares of the utilities provider’s stock valued at $276,000 after acquiring an additional 201 shares during the period. Crestwood Advisors Group LLC bought a new stake in shares of Middlesex Water in the third quarter valued at approximately $210,000. Victory Capital Management Inc. bought a new position in Middlesex Water in the third quarter worth $230,000. Finally, Cable Hill Partners LLC bought a new position in Middlesex Water in the third quarter worth $292,000. 79.52% of the stock is owned by 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.