Middlesex Water (NASDAQ:MSEX) Trading Up 5.3% – Should You Buy?

Middlesex Water (NASDAQ:MSEX) traded up 5.3% during mid-day trading on Monday . The stock traded as high as $50.58 and last traded at $51.24. 81,680 shares were traded during mid-day trading, a decline of 32% from the average session volume of 120,738 shares. The stock had previously closed at $48.68.

Analyst Upgrades and Downgrades

MSEX has been the subject of several research analyst reports. Bank of America started coverage on Middlesex Water in a research report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 target price for the company. Robert W. Baird increased their price objective on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a report on Friday, November 1st.

Middlesex Water Stock Performance

The firm’s 50-day moving average is $56.69 and its two-hundred day moving average is $61.27. The stock has a market cap of $915.35 million, a price-to-earnings ratio of 22.30, a P/E/G ratio of 1.45 and a beta of 0.85. The company has a current ratio of 0.65, a quick ratio of 0.57 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 earnings per share for the quarter, topping analysts’ consensus estimates of $0.67 by $0.13. Middlesex Water had a return on equity of 9.58% and a net margin of 22.53%. The business had revenue of $55.10 million during the quarter, compared to analysts’ expectations of $50.00 million. During the same period in the prior year, the business posted $0.56 EPS. As a group, sell-side analysts expect that Middlesex Water will post 2.34 earnings per share for the current year.

Hedge Funds Weigh In On Middlesex Water

Hedge funds have recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its position in Middlesex Water by 66.2% in the 3rd quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider’s stock valued at $133,000 after purchasing an additional 815 shares during the last quarter. Crestwood Advisors Group LLC purchased a new position in shares of Middlesex Water during the 3rd quarter worth approximately $210,000. Wealth Enhancement Advisory Services LLC acquired a new position in shares of Middlesex Water in the third quarter valued at approximately $225,000. Everence Capital Management Inc. acquired a new position in Middlesex Water in the third quarter valued at $230,000. Finally, Victory Capital Management Inc. purchased a new position in Middlesex Water during the third quarter worth approximately $230,000. 79.52% of the stock is currently owned by hedge funds and other institutional investors.

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.