Middlesex Water (NASDAQ:MSEX) Short Interest Update

Middlesex Water (NASDAQ:MSEX) saw a significant decrease in short interest in the month of December. As of December 31st, there was short interest totalling 578,500 shares, a decrease of 23.0% from the December 15th total of 751,200 shares. Approximately 3.3% of the shares of the company are sold short. Based on an average daily volume of 117,800 shares, the short-interest ratio is presently 4.9 days.

Middlesex Water Stock Performance

NASDAQ MSEX traded up $0.31 during trading hours on Wednesday, hitting $50.02. 93,493 shares of the company’s stock traded hands, compared to its average volume of 124,499. Middlesex Water has a 52 week low of $45.42 and a 52 week high of $70.73. The firm has a market capitalization of $893.11 million, a P/E ratio of 21.75, a P/E/G ratio of 1.82 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. The business’s fifty day moving average price is $59.52 and its two-hundred day moving average price is $61.45.

Middlesex Water (NASDAQ:MSEX) last announced its earnings results on Thursday, October 31st. The utilities provider reported $0.80 EPS 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 company had revenue of $55.10 million for the quarter, compared to analysts’ expectations of $50.00 million. During the same period last year, the firm earned $0.56 EPS. Equities research analysts predict that Middlesex Water will post 2.34 EPS for the current year.

Middlesex Water Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 2nd. Stockholders of record on Friday, November 15th were given a dividend of $0.34 per share. This is a boost from Middlesex Water’s previous quarterly dividend of $0.33. This represents a $1.36 dividend on an annualized basis and a dividend yield of 2.72%. The ex-dividend date of this dividend was Friday, November 15th. Middlesex Water’s payout ratio is presently 59.13%.

Institutional Investors Weigh In On Middlesex Water

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Commonwealth Equity Services LLC boosted its position in shares of Middlesex Water by 33.5% in the second quarter. Commonwealth Equity Services LLC now owns 8,568 shares of the utilities provider’s stock worth $448,000 after purchasing an additional 2,149 shares during the period. Rhumbline Advisers boosted its holdings in Middlesex Water by 2.1% in the 2nd quarter. Rhumbline Advisers now owns 62,060 shares of the utilities provider’s stock worth $3,243,000 after buying an additional 1,288 shares during the period. Private Advisor Group LLC raised its holdings in Middlesex Water by 8.5% during the second quarter. Private Advisor Group LLC now owns 11,055 shares of the utilities provider’s stock valued at $578,000 after acquiring an additional 868 shares during the period. Daiwa Securities Group Inc. raised its stake in Middlesex Water by 13.9% during the 2nd quarter. Daiwa Securities Group Inc. now owns 7,180 shares of the utilities provider’s stock valued at $375,000 after purchasing an additional 878 shares during the period. Finally, American Century Companies Inc. bought a new stake in shares of Middlesex Water during the second quarter valued at approximately $289,000. 79.52% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have commented on MSEX. Bank of America initiated coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They issued an “underperform” rating and a $56.00 target price for the company. Robert W. Baird upped their price objective on Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a research report on Friday, November 1st.

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.