MSEX - Middlesex Water Company

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
66.02
+1.96 (+3.06%)
At close: 4:00PM EDT

66.02 0.00 (0.00%)
After hours: 4:00PM EDT

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Performance Outlook
  • Short Term
    2W - 6W
  • Mid Term
    6W - 9M
  • Long Term
    9M+
Previous Close64.06
Open64.65
Bid50.00 x 800
Ask66.01 x 900
Day's Range63.67 - 66.02
52 Week Range48.79 - 72.41
Volume43,714
Avg. Volume63,693
Market Cap1.151B
Beta (5Y Monthly)0.26
PE Ratio (TTM)31.27
EPS (TTM)2.11
Earnings DateOct 30, 2020 - Nov 03, 2020
Forward Dividend & Yield1.02 (1.60%)
Ex-Dividend DateAug 13, 2020
1y Target Est71.33
Fair Value is the appropriate price for the shares of a company, based on its earnings and growth rate also interpreted as when P/E Ratio = Growth Rate. Estimated return represents the projected annual return you might expect after purchasing shares in the company and holding them over the default time horizon of 5 years, based on the EPS growth rate that we have projected.
Fair Value
XX.XX
Overvalued
-17% Est. Return
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  • Middlesex Water (MSEX) Beats Q2 Earnings and Revenue Estimates
    Zacks

    Middlesex Water (MSEX) Beats Q2 Earnings and Revenue Estimates

    Middlesex Water (MSEX) delivered earnings and revenue surprises of 7.84% and 0.79%, respectively, for the quarter ended June 2020. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Middlesex Water Reports Second Quarter Financial Results

    Second Quarter Summary * Revenues Increase $1.9 Million. * Net Income Rises by $1.6 Million. * Major Transmission Main Project Completed.ISELIN, N.J., July 31, 2020 (GLOBE NEWSWIRE) -- Middlesex Water Company (“Middlesex” or the “Company”) (NASDAQ:MSEX) a provider of water and wastewater services, today reported Second Quarter diluted earnings per share of $0.55, as compared to $.49 per share in than the same period in 2019.Second Quarter Results The Company reported second quarter 2020 consolidated operating revenues of $35.3 million, as compared to $33.4 million in 2019. The $1.9 million increase in operating revenues is largely demand driven from residential and other retail water customers in the Middlesex System in New Jersey and from higher water consumption and customer growth in our Delaware systems.“Throughout the second quarter and in the midst of the ongoing pandemic, our teams remained focused on maintaining our water and wastewater infrastructure and delivering the management and technical expertise that continues to keep high quality water flowing for thousands of customers. In March, we completed construction of our $50 million large diameter supplemental transmission pipeline, a critical infrastructure project for our New Jersey system begun in 2018. We also continue to work with our valued customers financially impacted by COVID-19 by suspending water shutoffs and offering support through flexible payment arrangements in these unprecedented times,” said Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll.Operation and maintenance expenses for the second quarter of 2020 increased $0.8 million from the same period in 2019. The increase was related to higher variable production costs due to increased customer water consumption, higher employee benefit plan expenses and higher labor costs due to additional talent needed to meet operational and regulatory requirements.Income Tax expense for the second quarter of 2020 decreased $0.7 million from 2019, due to the approved regulatory accounting treatment of tax benefits associated with the adoption of Internal Revenue Service (“IRS”) tangible property regulations.Net income for the three months ended June 30, 2020 increased $1.6 million from the same period in 2019. Diluted earnings per share were $0.55 and $0.49 for the three months ended June 30, 2020 and 2019, respectively.Six Month Results Consolidated operating revenues for the six months ended June 30, 2020 were $67.0 million, an increase of $3.0 million from the same period in 2019, primarily due to due to increased customer water consumption in our Middlesex and Delaware systems and customer growth in Delaware. For the six months ended June 30, 2020, diluted earnings per share were $0.99 as compared to $0.88 for the same period in 2019.Operation and maintenance expenses for the six months ended June 30, 2020 increased $1.9 million from the same period in 2019 due to higher variable production costs related to increased customer water consumption, higher employee benefit plan expenses and higher labor costs due to additional talent needed to meet operational and regulatory requirements.Income Tax expense for the six months ended June 30, 2020 decreased $1.8 million from the same period in 2019, primarily due to the approved regulatory accounting treatment of tax benefits associated with the adoption of IRS tangible property regulations.Board Declares DividendAs previously announced in July 2020, our Board of Directors declared a cash dividend of $0.25625 per common share payable on September 1, 2020 to shareholders of record as of August 14, 2020. ABOUT MIDDLESEX WATER COMPANYEstablished in 1897, Middlesex Water Company (NASDAQ:MSEX) serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a population of nearly half a million people in New Jersey and Delaware.  Named a 2020 Top Workplace in New Jersey, Middlesex is focused on meeting the needs of our employees, customers, and shareholders.  We invest in our people, our infrastructure and the communities we serve to support reliable and resilient utility services, economic growth and quality of life.  To learn more about Middlesex Water, visit https://www.middlesexwater.com Please follow us on Facebook, Twitter and LinkedIn.This press release contains “forward‐looking statements” within the meaning of U.S. federal securities laws regarding Middlesex Water Company “MSEX” or the “Company”, its financial condition, and its results of operations that reflect the Company’s current views and information currently available.  This information is, where applicable, based on estimates, assumptions and analysis that the Company believes, as of the date hereof, provides a reasonable basis for the information contained herein.  Forward‐looking statements can generally be identified by the use of forward‐looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” “foresees” or the negative version of those words or other comparable words and phrases, and include statements relating to the Company’s beliefs or expectations regarding its future performance, strategic plans and cash flows, as well as any other statements that do not directly relate to any historical or current facts. Actual results, performance or achievements may differ materially from forward‐looking statements, and the assumptions on which forward-looking statements are based.  There can be no assurance that the information contained herein is reflective of future performance, and investors are cautioned not to place undue reliance on forward‐looking statements as a predictor of future performance. Unless otherwise specified, all information contained in this press release speaks only as of the date hereof. The Company undertakes no duty to update or revise the information contained herein, publicly or otherwise, whether as a result of new information, future events or otherwise.Media Contact: Bernadette Sohler, Vice President – Corporate Affairs bsohler@middlesexwater.com (732) 638-7549 MIDDLESEX WATER COMPANY CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands except per share amounts)             Three Months Ended June 30,   Six Months Ended June 30,   2020   2019   2020   2019           Operating Revenues$ 35,277  $33,393  $ 67,046  $64,090           Operating Expenses:        Operations and Maintenance 17,620   16,781   34,812   32,901  Depreciation 4,629   4,123   9,077   8,170  Other Taxes 3,643   3,539   7,245   7,042           Total Operating Expenses 25,892   24,443   51,134   48,113           Operating Income 9,385   8,950   15,912   15,977           Other Income (Expense):        Allowance for Funds Used During Construction 795   643   1,917   1,158  Other Income (Expense), net 334   (80)  720   (138)          Total Other Income, net 1,129   563   2,637   1,020           Interest Charges 1,946   1,788   3,615   2,988           Income before Income Taxes 8,568   7,725   14,934   14,009           Income Taxes (1,145)  (421)  (2,447)  (687)          Net Income 9,713   8,146   17,381   14,696           Preferred Stock Dividend Requirements 30   36   60   72           Earnings Applicable to Common Stock$ 9,683  $8,110  $ 17,321  $14,624           Earnings per share of Common Stock:        Basic$ 0.55  $0.49  $ 0.99  $0.89  Diluted$ 0.55  $0.49  $ 0.99  $0.88           Average Number of Common Shares Outstanding:        Basic 17,462   16,519   17,449   16,474  Diluted 17,577   16,675   17,564   16,630

  • How Does Middlesex Water's (NASDAQ:MSEX) CEO Salary Compare to Peers?
    Simply Wall St.

    How Does Middlesex Water's (NASDAQ:MSEX) CEO Salary Compare to Peers?

    This article will reflect on the compensation paid to Dennis Doll who has served as CEO of Middlesex Water Company...

  • GlobeNewswire

    Middlesex Water Company Declares Quarterly Cash Dividend

    ISELIN, N.J., July 24, 2020 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX)  has announced that its Board of Directors has declared a cash dividend of $0.25625 per share on its common stock payable on September 1, 2020 to holders of record as of August 14, 2020. Middlesex Water has paid cash dividends in varying amounts continually since 1912 and has increased its annual dividend rate for 47 consecutive years. To learn more about Middlesex Water, including its Investment Plan (Direct Share Purchase and Sale and Dividend Reinvestment Plan) visit the Investors section at www.middlesexwater.com. About Middlesex Water Company Established in 1897, Middlesex Water Company (NASDAQ:MSEX) serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a population of nearly half a million people in New Jersey and Delaware.  Named a 2020 Top Workplace in New Jersey, Middlesex is focused on meeting the needs of our employees, customers, and shareholders.  We invest in our people, our infrastructure and the communities we serve to support reliable and resilient utility services, economic growth and quality of life.  To learn more about Middlesex Water, visit www.middlesexwater.com   Please follow us on Facebook, Twitter and LinkedInThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, our long-term strategy and expectations, the status of our acquisition program, the impact of our acquisitions, the impact of current and projected rate requests and the impact of our capital program on our environmental compliance. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives and other factors discussed in our filings with the Securities and Exchange Commission.Contact: Bernadette Sohler, Vice President – Corporate Affairs Middlesex Water Company (732) 638-7549 www.middlesexwater.com

  • Middlesex Water (MSEX) Earnings Expected to Grow: What to Know Ahead of Q2 Release
    Zacks

    Middlesex Water (MSEX) Earnings Expected to Grow: What to Know Ahead of Q2 Release

    Middlesex Water (MSEX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • GlobeNewswire

    Water Begins Flowing Through Middlesex Water Company’s New Major Transmission Main

    ISELIN, N.J., July 09, 2020 -- Middlesex Water Company (NASDAQ:MSEX) has announced that construction of its 42” diameter ductile iron water transmission main begun in March of.

  • American Water Arm to Invest $2M in Water Line Replacement
    Zacks

    American Water Arm to Invest $2M in Water Line Replacement

    American Water Works (AWK) strengthens infrastructure via systematic replacement of old pipelines. It plans to invest $8.8-$9.4 billion in the 2020-2024 time period to fortify its infrastructure.

  • GlobeNewswire

    Middlesex Water Company Named a Top New Jersey Workplace

    Middlesex Water Company (MSEX), a provider of water, wastewater and related services, announced today it has been selected as one of the Top Workplaces in New Jersey by NJ.com. The list of top New Jersey workplaces is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage, LLC. The anonymous survey uniquely measures 15 drivers of engaged cultures, which are critical to the success of any organization—including alignment, execution and connection.

  • American Water (AWK) Arm Files for $950M Investment Recovery
    Zacks

    American Water (AWK) Arm Files for $950M Investment Recovery

    American Water' (AWK) unit Missouri American Water files for a rate hike to recoup the $950-million investment directed toward improving water and sewer infrastructure in Missouri.

  • American Water Arms Seeks Nod for Infrastructure Replacement
    Zacks

    American Water Arms Seeks Nod for Infrastructure Replacement

    American Water Works' (AWK) unit West Virginia American Water seeks approval from the PSC to make investment in infrastructure and provide high-quality services to customers.

  • American Water Arm to Invest $6.7M in Illinois Water System
    Zacks

    American Water Arm to Invest $6.7M in Illinois Water System

    American Water Works' (AWK) subsidiary, Illinois American Water is set to invest $6.7 million to replace 4.2 miles of water mains and upgrade distribution pumps in a local water system of Illinois.

  • American Water Arm to Invest $5.9M in Sterling Water System
    Zacks

    American Water Arm to Invest $5.9M in Sterling Water System

    American Water Works' (AWK) arm Illinois American Water is set to invest $5.9 million to upgrade the Sterling Water System by constructing a new, larger elevated water tank.

  • GlobeNewswire

    Middlesex Water CEO to Participate in Baird Virtual Food, Fuel and Water Symposium on June 17

    ISELIN, N.J., June 16, 2020 -- Middlesex Water Company (NASDAQ: MSEX), has announced that its Chairman, President and CEO Dennis Doll will be participating in the Baird Food,.

  • Hedge Funds Aren’t Crazy About Middlesex Water Company (MSEX) Anymore
    Insider Monkey

    Hedge Funds Aren’t Crazy About Middlesex Water Company (MSEX) Anymore

    At the end of February we announced the arrival of the first US recession since 2009 and we predicted that the market will decline by at least 20% in (Recession is Imminent: We Need A Travel Ban NOW). In these volatile markets we scrutinize hedge fund filings to get a reading on which direction each […]

  • 4 Stocks to Ride on Fed's Dovish Stance for the Long Term
    Zacks

    4 Stocks to Ride on Fed's Dovish Stance for the Long Term

    The Federal Reserve is optimistic about the U.S. economy over the next two years.

  • GlobeNewswire

    Middlesex Water’s Legal Department to Be Honored With New Jersey Law Journal’s 2020 Professional Excellence Award

    Middlesex Water Company (MSEX), has announced that its Legal Department, headed by Jay L. Kooper, Vice President, General Counsel and Secretary will be honored by the New Jersey Law Journal with a 2020 Professional Excellence Award in the “In-House Impact” category. The award recognizes outstanding service by a general counsel, legal department or in-house attorney who had a significant accomplishment in 2019. A public utilities attorney for over twenty years, Mr. Kooper is a member of Middlesex Water’s executive leadership team managing all legal affairs of Middlesex Water Company and its subsidiary companies which provide water and wastewater services primarily in New Jersey and Delaware.

  • Middlesex Water's Shares March Higher, Can It Continue?
    Zacks

    Middlesex Water's Shares March Higher, Can It Continue?

    As of late, it has definitely been a great time to be an investor in Middlesex Water.

  • Consolidated Water Gains From Buyouts & Long-Term Deals
    Zacks

    Consolidated Water Gains From Buyouts & Long-Term Deals

    Consolidated Water (CWCO) is gaining from strong returns from the acquired assets and the usage of the Reverse Osmosis Technology to convert saline water into potable water for customers.

  • GlobeNewswire

    Middlesex Water Employee Donations Support Coronavirus Relief

    ISELIN, N.J., June 03, 2020 -- Middlesex Water Company (NASDAQ: MSEX), has announced that through its COVID-19 relief efforts, to date, the Company and its employees have.

  • American Water (AWK) Arm to Replace Water Mains in Missouri
    Zacks

    American Water (AWK) Arm to Replace Water Mains in Missouri

    American Water Works' (AWK) unit Missouri American Water is set to replace two water mains in Missouri, which is part of the planned $92-million spending for water main replacement in 2020.

  • AWR or MSEX: Which Water Utility Stock Should You Buy Now?
    Zacks

    AWR or MSEX: Which Water Utility Stock Should You Buy Now?

    Middlesex Water (MSEX) currently appears to be a better water utility stock to add to your portfolio than American States Water (AWR).

  • Why You Should Hold on to American Water Works (AWK) Stock
    Zacks

    Why You Should Hold on to American Water Works (AWK) Stock

    American Water Works' (AWK) regular capital investments and expansion of operations through organic and inorganic methods make it a perfect stock to retain in the current scenario.

  • GlobeNewswire

    Middlesex Water Awarded Highland Park Operating Contract

    Middlesex Water Company (MSEX) today announced that its subsidiary, Utility Service Affiliates, Inc. (USA), has been awarded a ten-year contract to operate and maintain the Borough of Highland Park, New Jersey’s water and wastewater systems commencing July 1, 2020. The Borough receives all of its water supply from Middlesex Water Company and its wastewater is transported to the Middlesex County Utilities Authority for treatment. “We appreciate the Borough’s confidence in our team of operations professionals who will work to ensure reliability of the water treatment and distribution system as well as the sewer collection system,” said Dennis W. Doll, President of Middlesex Water Company.

  • Why You Should Add York Water (YORW) to Your Portfolio Now
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    Why You Should Add York Water (YORW) to Your Portfolio Now

    York Water's (YORW) steady investments and efficient management of debts make it a solid investment bet right now.

  • The Zacks Analyst Blog Highlights: The Clorox Company, MGP Ingredients, Middlesex Water, Baidu and Alibaba
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    The Zacks Analyst Blog Highlights: The Clorox Company, MGP Ingredients, Middlesex Water, Baidu and Alibaba

    The Zacks Analyst Blog Highlights: The Clorox Company, MGP Ingredients, Middlesex Water, Baidu and Alibaba