Middlesex Water (NASDAQ:MSEX) Plans $0.34 Quarterly Dividend

Middlesex Water (NASDAQ:MSEX) announced a quarterly dividend on Tuesday, January 28th,RTT News reports. Investors of record on Tuesday, February 18th will be paid a dividend of 0.34 per share by the utilities provider on Monday, March 3rd. This represents a $1.36 annualized dividend and a dividend yield of 2.69%. The ex-dividend date is Tuesday, February 18th.

Middlesex Water has raised its dividend by an average of 5.9% per year over the last three years and has increased its dividend annually for the last 21 consecutive years. Middlesex Water has a dividend payout ratio of 53.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Middlesex Water to earn $2.42 per share next year, which means the company should continue to be able to cover its $1.36 annual dividend with an expected future payout ratio of 56.2%.

Middlesex Water Trading Down 0.4 %

Shares of NASDAQ:MSEX opened at $50.50 on Friday. The stock’s 50-day simple moving average is $52.45 and its two-hundred day simple moving average is $60.03. The stock has a market capitalization of $901.43 million, a price-to-earnings ratio of 21.96, a PEG ratio of 1.49 and a beta of 0.85. Middlesex Water has a 52-week low of $45.42 and a 52-week high of $70.73. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.57 and a current ratio of 0.65.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. Bank of America began coverage on shares of Middlesex Water in a report on Wednesday, December 11th. They set an “underperform” rating and a $56.00 price target on the stock. Robert W. Baird lifted their target price on shares of Middlesex Water from $58.00 to $61.00 and gave the company a “neutral” rating in a research note 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.