Middlesex Water (NASDAQ:MSEX) Reaches New 52-Week Low Following Weak Earnings

Middlesex Water Company (NASDAQ:MSEX) hit a new 52-week low on Monday after the company announced weaker than expected quarterly earnings. The stock traded as low as $44.17 and last traded at $48.2630, with a volume of 50533 shares. The stock had previously closed at $57.47.

The utilities provider reported $0.77 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.86 by ($0.09). Middlesex Water had a net margin of 22.15% and a return on equity of 9.67%. The business had revenue of $54.09 million during the quarter, compared to the consensus estimate of $56.08 million.

Middlesex Water Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 1st. Stockholders of record on Monday, November 17th will be paid a $0.36 dividend. This represents a $1.44 annualized dividend and a dividend yield of 2.9%. The ex-dividend date is Monday, November 17th. This is a positive change from Middlesex Water’s previous quarterly dividend of $0.34. Middlesex Water’s dividend payout ratio is 60.25%.

Analyst Ratings Changes

A number of analysts have weighed in on MSEX shares. Robert W. Baird cut their target price on shares of Middlesex Water from $73.00 to $63.00 and set an “outperform” rating on the stock in a research report on Monday. Weiss Ratings restated a “hold (c-)” rating on shares of Middlesex Water in a research report on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.67.

Hedge Funds Weigh In On Middlesex Water

A number of hedge funds have recently modified their holdings of the business. Versant Capital Management Inc lifted its holdings in Middlesex Water by 483.5% during the 3rd quarter. Versant Capital Management Inc now owns 566 shares of the utilities provider’s stock worth $31,000 after buying an additional 469 shares during the period. Nisa Investment Advisors LLC lifted its holdings in Middlesex Water by 35.8% during the 3rd quarter. Nisa Investment Advisors LLC now owns 645 shares of the utilities provider’s stock worth $35,000 after buying an additional 170 shares during the period. Costello Asset Management INC acquired a new position in Middlesex Water during the 1st quarter worth about $50,000. ST Germain D J Co. Inc. acquired a new position in Middlesex Water during the 2nd quarter worth about $72,000. Finally, CWM LLC lifted its holdings in Middlesex Water by 31.6% during the 2nd quarter. CWM LLC now owns 1,742 shares of the utilities provider’s stock worth $94,000 after buying an additional 418 shares during the period. Institutional investors and hedge funds own 79.52% of the company’s stock.

Middlesex Water Price Performance

The stock has a market capitalization of $899.41 million, a price-to-earnings ratio of 20.63, a P/E/G ratio of 4.01 and a beta of 0.83. The company has a fifty day simple moving average of $55.14 and a 200 day simple moving average of $55.88. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.35 and a current ratio of 0.41.

About Middlesex Water

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.