Zacks: Middlesex Water (MSEX) Given $53.00 Average Price Target by Analysts

Middlesex Water (NASDAQ:MSEX) has been given an average broker rating score of 3.00 (Hold) from the one brokers that provide coverage for the stock, Zacks Investment Research reports. One investment analyst has rated the stock with a hold recommendation.

Brokers have set a twelve-month consensus price objective of $53.00 for the company and are forecasting that the company will post $0.42 earnings per share for the current quarter, according to Zacks. Zacks has also given Middlesex Water an industry rank of 58 out of 256 based on the ratings given to related companies.

Several research analysts have recently issued reports on the company. Zacks Investment Research raised Middlesex Water from a “hold” rating to a “buy” rating and set a $63.00 price objective for the company in a research report on Saturday. BidaskClub raised Middlesex Water from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, October 24th. Finally, Janney Montgomery Scott raised Middlesex Water from a “neutral” rating to a “buy” rating and set a $53.00 target price for the company in a research report on Monday, November 5th.

NASDAQ:MSEX opened at $55.47 on Friday. The company has a current ratio of 0.37, a quick ratio of 0.32 and a debt-to-equity ratio of 0.58. The firm has a market capitalization of $905.84 million, a price-to-earnings ratio of 40.20 and a beta of 0.46. Middlesex Water has a 52 week low of $33.96 and a 52 week high of $60.31.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Friday, November 2nd. The utilities provider reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.65 by $0.09. The business had revenue of $38.71 million during the quarter, compared to analysts’ expectations of $38.00 million. Middlesex Water had a return on equity of 13.10% and a net margin of 22.61%. On average, research analysts predict that Middlesex Water will post 1.96 EPS for the current fiscal year.

In related news, Chairman Dennis W. Doll sold 4,000 shares of the company’s stock in a transaction dated Friday, November 9th. The stock was sold at an average price of $49.71, for a total value of $198,840.00. Following the completion of the sale, the chairman now directly owns 49,849 shares of the company’s stock, valued at approximately $2,477,993.79. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 3.48% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Citadel Advisors LLC acquired a new stake in shares of Middlesex Water in the 2nd quarter valued at about $625,000. BlackRock Inc. raised its stake in Middlesex Water by 0.6% during the 3rd quarter. BlackRock Inc. now owns 1,284,696 shares of the utilities provider’s stock valued at $62,204,000 after acquiring an additional 8,058 shares during the last quarter. Alliancebernstein L.P. raised its stake in Middlesex Water by 5.3% during the 3rd quarter. Alliancebernstein L.P. now owns 22,765 shares of the utilities provider’s stock valued at $1,102,000 after acquiring an additional 1,154 shares during the last quarter. Nuance Investments LLC raised its stake in Middlesex Water by 41.8% during the 3rd quarter. Nuance Investments LLC now owns 122,979 shares of the utilities provider’s stock valued at $5,941,000 after acquiring an additional 36,243 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in Middlesex Water by 0.6% during the 2nd quarter. Dimensional Fund Advisors LP now owns 604,706 shares of the utilities provider’s stock valued at $25,501,000 after acquiring an additional 3,851 shares during the last quarter. 54.01% of the stock is owned by hedge funds and other institutional investors.

Middlesex Water Company Profile

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.

See Also: Net Asset Value

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