Middlesex Water (MSEX) Announces $0.24 Quarterly Dividend

Middlesex Water (NASDAQ:MSEX) announced a quarterly dividend on Friday, April 26th, Wall Street Journal reports. Shareholders of record on Wednesday, May 15th will be paid a dividend of 0.24 per share by the utilities provider on Monday, June 3rd. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.58%. The ex-dividend date of this dividend is Tuesday, May 14th.

Middlesex Water has increased its dividend payment by an average of 5.5% per year over the last three years and has raised its dividend annually for the last 46 consecutive years. Middlesex Water has a dividend payout ratio of 52.2% meaning its dividend is sufficiently covered by earnings. Research analysts expect Middlesex Water to earn $2.24 per share next year, which means the company should continue to be able to cover its $0.96 annual dividend with an expected future payout ratio of 42.9%.

Shares of NASDAQ:MSEX opened at $60.60 on Monday. The firm has a market cap of $985.47 million, a price-to-earnings ratio of 30.92 and a beta of 0.43. Middlesex Water has a 1-year low of $40.08 and a 1-year high of $60.67. The company has a debt-to-equity ratio of 0.62, a quick ratio of 0.27 and a current ratio of 0.32.

Middlesex Water (NASDAQ:MSEX) last released its quarterly earnings data on Monday, May 6th. The utilities provider reported $0.39 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.31 by $0.08. Middlesex Water had a net margin of 25.05% and a return on equity of 14.01%. The business had revenue of $30.70 million for the quarter, compared to analysts’ expectations of $32.00 million. As a group, equities research analysts anticipate that Middlesex Water will post 2.17 EPS for the current year.

A number of research firms recently weighed in on MSEX. Zacks Investment Research raised shares of Middlesex Water from a “hold” rating to a “strong-buy” rating and set a $68.00 price objective on the stock in a report on Friday. BidaskClub cut shares of Middlesex Water from a “buy” rating to a “hold” rating in a report on Friday, March 15th. Finally, Janney Montgomery Scott upgraded shares of Middlesex Water from a “neutral” rating to a “buy” rating and increased their target price for the company from $58.00 to $66.00 in a research report on Wednesday, May 8th.

In other news, VP Lorrie Beth Ginegaw sold 720 shares of the firm’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $56.21, for a total transaction of $40,471.20. Following the completion of the transaction, the vice president now owns 6,445 shares in the company, valued at approximately $362,273.45. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, VP Bernadette M. Sohler sold 500 shares of the firm’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $57.85, for a total transaction of $28,925.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 3,226 shares of company stock valued at $185,439. Insiders own 3.49% of the company’s stock.

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Middlesex Water Company Profile

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. It operates in two segments, Regulated and Non-Regulated. The Regulated segment engages in collecting, treating, and distributing water on a retail and wholesale basis to residential, commercial, industrial, and fire protection customers in parts of New Jersey, Delaware, and Pennsylvania.

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Dividend History for Middlesex Water (NASDAQ:MSEX)

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