Middlesex Water (NASDAQ:MSEX) Issues Quarterly Earnings Results, Beats Expectations By $0.13 EPS

Middlesex Water (NASDAQ:MSEX) released its quarterly earnings results on Friday. The utilities provider reported $0.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.36 by $0.13, Zacks reports. The firm had revenue of $47.11 million during the quarter, compared to analyst estimates of $45.00 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 business earned $0.32 EPS.

Middlesex Water Stock Performance

NASDAQ MSEX traded down $0.92 during trading on Friday, hitting $50.13. 183,353 shares of the company’s stock traded hands, compared to its average volume of 107,688. The stock has a market capitalization of $895.07 million, a price-to-earnings ratio of 21.80, a PEG ratio of 1.50 and a beta of 0.85. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65. The business has a 50 day moving average of $51.00 and a 200-day moving average of $59.23. Middlesex Water has a 12-month low of $45.42 and a 12-month high of $70.73.

Middlesex Water Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 3rd. Shareholders of record on Tuesday, February 18th will be paid a $0.34 dividend. The ex-dividend date of this dividend is Tuesday, February 18th. This represents a $1.36 annualized dividend and a dividend yield of 2.71%. Middlesex Water’s payout ratio is presently 59.13%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on MSEX shares. Bank of America initiated coverage on shares of Middlesex Water in a research note on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 price target for the company. Robert W. Baird lifted their price target on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a research note on Friday, November 1st.

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.