Zacks: Middlesex Water Company (MSEX) Given Average Recommendation of “Strong Buy” by Analysts
Middlesex Water Company (NASDAQ:MSEX) has earned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One research analyst has rated the stock with a strong buy recommendation. Middlesex Water’s rating score has improved by 66.7% in the last three months as a result of a number of analysts’ ratings changes.
Analysts have set a one year consensus target price of $44.00 for the company, according to Zacks. Zacks has also assigned Middlesex Water an industry rank of 204 out of 265 based on the ratings given to related companies.
A number of research analysts have commented on MSEX shares. Zacks Investment Research raised Middlesex Water from a “sell” rating to a “hold” rating in a research report on Wednesday, October 4th. ValuEngine raised Middlesex Water from a “sell” rating to a “hold” rating in a research report on Friday, August 4th. Janney Montgomery Scott reaffirmed a “buy” rating and set a $44.00 price target on shares of Middlesex Water in a research report on Wednesday, October 4th. Finally, BidaskClub lowered Middlesex Water from a “hold” rating to a “sell” rating in a research report on Thursday, August 10th.
In other Middlesex Water news, President Gerard L. Esposito sold 1,700 shares of the company’s stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $42.89, for a total transaction of $72,913.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 3.48% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. WFG Advisors LP raised its position in Middlesex Water by 21.4% during the 2nd quarter. WFG Advisors LP now owns 115,668 shares of the utilities provider’s stock valued at $4,580,000 after purchasing an additional 20,415 shares during the last quarter. BB&T Investment Services Inc. bought a new position in Middlesex Water during the 2nd quarter valued at approximately $119,000. Raymond James Financial Services Advisors Inc. raised its position in Middlesex Water by 46.6% during the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 31,599 shares of the utilities provider’s stock valued at $1,251,000 after purchasing an additional 10,040 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in Middlesex Water by 6.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,308 shares of the utilities provider’s stock valued at $527,000 after purchasing an additional 780 shares during the last quarter. Finally, State Street Corp raised its position in Middlesex Water by 1.0% during the 2nd quarter. State Street Corp now owns 333,238 shares of the utilities provider’s stock valued at $13,202,000 after purchasing an additional 3,154 shares during the last quarter. 49.05% of the stock is owned by institutional investors and hedge funds.
Middlesex Water (NASDAQ:MSEX) traded down 0.217% during midday trading on Friday, reaching $43.655. The company had a trading volume of 835 shares. The stock has a market capitalization of $713.19 million, a price-to-earnings ratio of 32.947 and a beta of 0.41. The company has a 50-day moving average price of $39.66 and a 200-day moving average price of $38.29. Middlesex Water has a one year low of $32.23 and a one year high of $44.48.
Middlesex Water (NASDAQ:MSEX) last released its quarterly 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). The business had revenue of $33.01 million for the quarter, compared to the consensus estimate of $34.00 million. Middlesex Water had a net margin of 16.46% and a return on equity of 9.95%. On average, equities analysts expect that Middlesex Water will post $1.48 earnings per share for the current year.
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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