Middlesex Water (NASDAQ:MSEX) Shares Gap Down – What’s Next?

Shares of Middlesex Water (NASDAQ:MSEX) gapped down before the market opened on Wednesday . The stock had previously closed at $61.32, but opened at $59.92. Middlesex Water shares last traded at $59.81, with a volume of 4,688 shares.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on MSEX shares. Robert W. Baird upped their price target on shares of Middlesex Water from $58.00 to $61.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st. Bank of America assumed coverage on shares of Middlesex Water in a research report on Wednesday. They set an “underperform” rating and a $56.00 target price on the stock.

Middlesex Water Stock Performance

The firm has a fifty day moving average of $64.59 and a 200-day moving average of $61.19. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80. The firm has a market cap of $1.06 billion, a P/E ratio of 25.89 and a beta of 0.82.

Middlesex Water (NASDAQ:MSEX) last issued its earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.13. The company had revenue of $55.10 million for the quarter, compared to analyst estimates of $50.00 million. Middlesex Water had a net margin of 22.53% and a return on equity of 9.58%. During the same quarter last year, the firm earned $0.56 EPS. Research analysts predict that Middlesex Water will post 2.34 earnings per share for the current fiscal year.

Middlesex Water Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were paid a $0.34 dividend. The ex-dividend date of this dividend was Friday, November 15th. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.28%. This is an increase from Middlesex Water’s previous quarterly dividend of $0.33. Middlesex Water’s dividend payout ratio is 59.13%.

Institutional Investors Weigh In On Middlesex Water

A number of institutional investors have recently made changes to their positions in the stock. Duff & Phelps Investment Management Co. bought a new position in Middlesex Water during the second quarter worth about $2,016,000. Bank of New York Mellon Corp raised its position in shares of Middlesex Water by 12.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 219,119 shares of the utilities provider’s stock valued at $11,451,000 after acquiring an additional 24,400 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd bought a new position in Middlesex Water during the 3rd quarter worth approximately $1,392,000. Assenagon Asset Management S.A. grew its holdings in Middlesex Water by 89.0% during the third quarter. Assenagon Asset Management S.A. now owns 74,946 shares of the utilities provider’s stock valued at $4,889,000 after purchasing an additional 35,282 shares during the period. Finally, SG Americas Securities LLC increased its stake in Middlesex Water by 479.7% in the third quarter. SG Americas Securities LLC now owns 23,366 shares of the utilities provider’s stock valued at $1,524,000 after purchasing an additional 19,335 shares in the last quarter. 79.52% of the stock is owned by institutional investors and hedge funds.

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.