Middlesex Water (NASDAQ:MSEX) Coverage Initiated by Analysts at Bank of America

Analysts at Bank of America assumed coverage on shares of Middlesex Water (NASDAQ:MSEX) in a research report issued on Wednesday,Briefing.com Automated Import reports. The firm set an “underperform” rating and a $56.00 price target on the utilities provider’s stock. Bank of America‘s price target suggests a potential downside of 8.68% from the stock’s previous close.

Separately, Robert W. Baird boosted their target price on Middlesex Water from $58.00 to $61.00 and gave the stock a “neutral” rating in a research report on Friday, November 1st.

Middlesex Water Stock Up 1.7 %

MSEX stock opened at $61.32 on Wednesday. The stock has a 50-day simple moving average of $64.75 and a two-hundred day simple moving average of $61.21. Middlesex Water has a twelve month low of $45.42 and a twelve month high of $73.47. The firm has a market capitalization of $1.09 billion, a PE ratio of 26.66 and a beta of 0.82. The company has a quick ratio of 0.57, a current ratio of 0.65 and a debt-to-equity ratio of 0.80.

Middlesex Water (NASDAQ:MSEX) last announced its quarterly earnings results on Thursday, October 31st. The utilities provider reported $0.80 EPS for the quarter, beating the consensus estimate of $0.67 by $0.13. The firm had revenue of $55.10 million during the quarter, compared to the consensus estimate of $50.00 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 firm earned $0.56 EPS. On average, equities analysts predict that Middlesex Water will post 2.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Middlesex Water

Institutional investors have recently made changes to their positions in the stock. CWM LLC boosted its holdings in shares of Middlesex Water by 65.1% in the 2nd quarter. CWM LLC now owns 1,306 shares of the utilities provider’s stock worth $68,000 after purchasing an additional 515 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Middlesex Water by 66.2% in the third quarter. GAMMA Investing LLC now owns 2,046 shares of the utilities provider’s stock worth $133,000 after buying an additional 815 shares during the period. Crestwood Advisors Group LLC purchased a new position in shares of Middlesex Water in the third quarter worth about $210,000. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Middlesex Water in the 3rd quarter valued at about $225,000. Finally, Everence Capital Management Inc. purchased a new stake in Middlesex Water during the 3rd quarter valued at about $230,000. Institutional investors own 79.52% of the company’s stock.

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.