Analysts Set $46.00 Price Target for Middlesex Water Company (MSEX)

Shares of Middlesex Water Company (NASDAQ:MSEX) have been assigned a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that provide coverage for the company, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation. Middlesex Water’s rating score has improved by 66.7% in the last 90 days as a result of a number of analysts’ upgrades and downgrades.

Analysts have set a 1-year consensus price objective of $46.00 for the company and are anticipating that the company will post $0.33 EPS for the current quarter, according to Zacks. Zacks has also given Middlesex Water an industry rank of 104 out of 265 based on the ratings given to its competitors.

Several equities analysts have weighed in on the company. BidaskClub cut Middlesex Water from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Zacks Investment Research upgraded Middlesex Water from a “sell” rating to a “hold” rating in a research note on Thursday, September 21st. Finally, Janney Montgomery Scott restated a “buy” rating and set a $44.00 price objective on shares of Middlesex Water in a research note on Wednesday, October 4th.

In other news, VP A Bruce Oconnor sold 4,000 shares of Middlesex Water stock in a transaction on Wednesday, November 15th. The stock was sold at an average price of $43.83, for a total transaction of $175,320.00. Following the sale, the vice president now directly owns 16,803 shares in the company, valued at approximately $736,475.49. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Bernadette M. Sohler sold 1,000 shares of Middlesex Water stock in a transaction on Thursday, November 30th. The stock was sold at an average price of $45.19, for a total value of $45,190.00. The disclosure for this sale can be found here. Insiders have sold a total of 6,900 shares of company stock worth $301,283 over the last quarter. Company insiders own 3.48% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its stake in Middlesex Water by 3.5% in the 3rd quarter. Dimensional Fund Advisors LP now owns 586,412 shares of the utilities provider’s stock valued at $23,029,000 after acquiring an additional 19,647 shares during the period. Schwab Charles Investment Management Inc. raised its stake in Middlesex Water by 5.3% in the 3rd quarter. Schwab Charles Investment Management Inc. now owns 78,263 shares of the utilities provider’s stock valued at $3,074,000 after acquiring an additional 3,917 shares during the period. Wells Fargo & Company MN raised its stake in Middlesex Water by 26.0% in the 3rd quarter. Wells Fargo & Company MN now owns 30,567 shares of the utilities provider’s stock valued at $1,201,000 after acquiring an additional 6,304 shares during the period. Nuance Investments LLC raised its stake in Middlesex Water by 14.4% in the 3rd quarter. Nuance Investments LLC now owns 86,990 shares of the utilities provider’s stock valued at $3,416,000 after acquiring an additional 10,954 shares during the period. Finally, Cortina Asset Management LLC raised its stake in Middlesex Water by 10.6% in the 3rd quarter. Cortina Asset Management LLC now owns 147,357 shares of the utilities provider’s stock valued at $5,787,000 after acquiring an additional 14,103 shares during the period. Institutional investors own 50.98% of the company’s stock.

Middlesex Water (NASDAQ:MSEX) opened at $41.77 on Tuesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.43 and a current ratio of 0.51. Middlesex Water has a 52 week low of $32.23 and a 52 week high of $46.74. The firm has a market capitalization of $690.78, a price-to-earnings ratio of 33.81 and a beta of 0.44.

The firm also recently announced a quarterly dividend, which was paid on Friday, December 1st. Stockholders of record on Thursday, November 9th were paid a dividend of $0.2238 per share. This represents a $0.90 dividend on an annualized basis and a dividend yield of 2.14%. This is a boost from Middlesex Water’s previous quarterly dividend of $0.21. The ex-dividend date of this dividend was Wednesday, November 8th. Middlesex Water’s payout ratio is presently 71.20%.

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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.

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