Middlesex Water (NASDAQ:MSEX) Upgraded to Hold at StockNews.com
Middlesex Water (NASDAQ:MSEX) has been upgraded from a "sell" to a "hold" rating by StockNews.com. Other brokerages have also provided mixed ratings, with Bank of America setting an "underperform" rating and a $56 target price, while Robert W. Baird upgraded it to "outperform" with a $61 target. The stock opened at $60.86, with a market cap of $1.09 billion and a P/E ratio of 26.46. Recent earnings showed $0.49 EPS, exceeding estimates. Institutional investors hold 79.52% of the stock.
Middlesex Water (NASDAQ:MSEX - Get Free Report) was upgraded by equities researchers at StockNews.com from a "sell" rating to a "hold" rating in a research note issued on Wednesday.
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A number of other brokerages have also commented on MSEX. Bank of America initiated coverage on shares of Middlesex Water in a research report on Wednesday, December 11th. They set an "underperform" rating and a $56.00 target price on the stock. Robert W. Baird raised shares of Middlesex Water from a "neutral" rating to an "outperform" rating and set a $61.00 target price on the stock in a research report on Monday, March 3rd. Finally, Baird R W raised shares of Middlesex Water from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 3rd.
Check Out Our Latest Research Report on MSEX
Middlesex Water Stock Performance
Middlesex Water stock opened at $60.86 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.65 and a quick ratio of 0.57. Middlesex Water has a 1-year low of $45.42 and a 1-year high of $70.73. The firm has a market capitalization of $1.09 billion, a P/E ratio of 26.46, a price-to-earnings-growth ratio of 1.50 and a beta of 0.85. The company's 50-day moving average is $53.12 and its 200 day moving average is $59.18.
Middlesex Water (NASDAQ:MSEX - Get Free Report) last issued its earnings results on Friday, February 28th. The utilities provider reported $0.49 EPS for the quarter, topping analysts' consensus estimates of $0.36 by $0.13. The business had revenue of $47.11 million for 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 period last year, the company posted $0.32 earnings per share. Research analysts forecast that Middlesex Water will post 2.34 EPS for the current year.
Hedge Funds Weigh In On Middlesex Water
A number of hedge funds and other institutional investors have recently modified their holdings of MSEX. T. Rowe Price Investment Management Inc. boosted its stake in shares of Middlesex Water by 9.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 1,471,404 shares of the utilities provider's stock valued at $77,440,000 after purchasing an additional 126,732 shares in the last quarter. Jane Street Group LLC boosted its stake in shares of Middlesex Water by 751.4% during the fourth quarter. Jane Street Group LLC now owns 91,530 shares of the utilities provider's stock valued at $4,817,000 after purchasing an additional 80,779 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in shares of Middlesex Water by 187.2% during the fourth quarter. JPMorgan Chase & Co. now owns 92,560 shares of the utilities provider's stock valued at $4,871,000 after purchasing an additional 60,337 shares in the last quarter. State Street Corp boosted its stake in shares of Middlesex Water by 7.0% during the third quarter. State Street Corp now owns 813,455 shares of the utilities provider's stock valued at $53,070,000 after purchasing an additional 53,098 shares in the last quarter. Finally, Hsbc Holdings PLC acquired a new stake in Middlesex Water in the fourth quarter valued at approximately $2,619,000. 79.52% of the stock is currently owned by institutional investors.
Middlesex Water Company Profile
(Get Free Report)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.
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