Middlesex Water Stock (NASDAQ:MSEX), Trade Ideas

Middlesex Water

Middlesex Water Co owns and operates regulated water utility and wastewater systems in the U.S. The firm primarily operates in the eastern states of New Jersey, Delaware, and Pennsylvania. The company has two operating segments, Regulated and Non-Regulated. The regulated business includes collecting and distributing water to residential, commercial, industrial, and fire protection consumers. The non-regulated business includes contract services for the operation of private water and wastewater systems. The majority of the company's revenue is derived from the Regulated segment and from residential customers.

News

Small Cap

Trading Ideas

MSEX

WTRG

American Water Works (NYSE: AWK) has announced that its unit, Pennsylvania American Water, will invest $2.5 million to replace 3,300 feet of water mains in South Park Township, Allegheny County.

American Water&#39;s (AWK) Unit to Invest $2.5M in System Upgrade

Long Ideas

Insider Trades

Pre-Market Outlook

Markets

SATS

Although U.S. stocks closed lower on Friday, there were a few notable insider trades.

Over $1M Bet On EchoStar? Check Out These 3 Stocks Insiders Are Buying

The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.

Top 2 Utilities Stocks That Could Blast Off In January

Middlesex Water Co

MIDDLESEX WATER 7 PR by Middlesex Water Co.

Middlesex Water Implements Its Strategy For Compliance With New More Stringent Federal Regulations For PFAS

American Water Works (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/awk#NYSE">AWK</a>) has announced that its unit, Pennsylvania American Water, will invest $2.5 million to replace 3,300 feet of water mains in South Park Township, Allegheny County. This new upgrade will provide high-quality, reliable and affordable water service and fire protection to the customers in the region. 
Since a major portion of water and wastewater pipelines are nearing toward end of effective service life, timely repair, maintenance and upgrades become essential to provide reliable services to customers. 
Pennsylvania American Water has been upgrading and maintaining its water and wastewater infrastructure. It has invested nearly $688 million in 2023 for infrastructure upgrades. The company will continue investing to make essential upgrades and maintain aging assets in the long term.
<h3>Large Investment Needed In Water Space</h3>
Per U.S. Environmental Protection Agency, investments of $625 billion and $271 billion are necessary to maintain and expand drinking water and wastewater pipelines, respectively, for meeting demand over the next 20 years. Water infrastructure, like water mains, storage tanks and purifying units, needs maintenance at proper intervals. 
American Water aims to invest $3.1 billion in 2024, with a major portion utilized for infrastructure improvements in Regulated Businesses. Over the long term, AWK aims to invest in the range of $16-$17 billion in 2024-2028 and $34-$38 billion in 2024-2033. 
Other water utilities, like Essential Utilities (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wtrg#NYSE">WTRG</a>), California Water Service Group (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cwt#NYSE">CWT</a>) and Middlesex Water (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msex#NASDAQ">MSEX</a>), have well-chalked-out capital investment plans to strengthen infrastructure. 
Essential Utilities plans to invest $1.3-$1.4 billion in 2024 and $7.2 billion in 2024-2028 to improve water and natural gas systems, and better serve customers with the help of improved information technology. 
California Water Service plans to invest more than $365 million in capital expenditures in 2024. 
Middlesex Water plans to invest $226 million during 2024-2026 to strengthen its water and wastewater infrastructure, and provide services to customers in a safe, reliable and efficient manner. 
The Zacks Consensus Estimate for WTRG, CWT and MSEX&#39;s 2024 earnings indicates growth of 9.7%,147.3% and 29.6% from the year-ago levels, respectively.
<h3>Price Performance</h3>
Over the last six months, American Water has gained 1.3% compared with the industry&#39;s 7.9% growth.
<img alt="Zacks Investment Research" src="https://staticx-tuner.zacks.com/images/articles/charts/4f/64415.jpg?v=1969195199" /> 
Image Source: Zacks Investment Research
<h3>Zacks Rank</h3>
American Water currently has a Zacks Rank #2 (Buy).
<a href="https://www.zacks.com/stock/news/2251311/american-water-s-awk-unit-to-invest-2-5m-in-system-upgrade?cid=CS-BENZ-FT-analyst_blog|company_news_-_corporate_actions-2251311">To read this article on Zacks.com click here.</a>

American Water's (AWK) Unit to Invest $2.5M in System Upgrade

Although U.S. stocks closed lower on Friday, there were a few notable insider trades.
When insiders purchase shares, it indicates their confidence in the company&#39;s prospects or that they view the stock as a bargain. Either way, this signals an opportunity to go long on the stock. Insider purchases should not be taken as the only indicator for making an investment or trading decision. At best, it can lend conviction to a buying decision.
Below is a look at a few recent notable insider purchases. For more, check out <a href="https://www.benzinga.com/sec/insider-trades/"> Benzinga&#39;s insider transactions </a> platform.
<h3>Greif </h3>
<ul>
<li>The Trade: Greif, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gef#NYSE">GEF</a>) EVP and CFO Lawrence A. Hilsheimer <a href="https://www.benzinga.com/quote/SNOW/analyst-ratings"> acquired a total of 7,363 shares </a> an average price of $65.06. To acquire these shares, it cost around $479,067.</li>
<li>What&rsquo;s Happening: On Feb. 28, Greif posted upbeat quarterly earnings.</li>
<li>What Greif Does: Greif Inc is a producer of industrial packaging products and services with manufacturing facilities located in many countries.</li>
</ul>
<h3>EchoStar </h3>
<ul>
<li>The Trade: EchoStar Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sats#NASDAQ">SATS</a>) Director James Defranco acquired a total of 90,000 shares at an average price of $13.21. To acquire these shares, it cost around $1.19 million.</li>
<li>What&rsquo;s Happening: On Feb. 29, EchoStar reported a year-over-year decrease in fourth-quarter EPS results.</li>
<li>What EchoStar Does: Following the Dish Network merger, satellite television provides the bulk of EchoStar&#39;s revenue. The firm serves about 7 million U.S. customers, about 10% of the traditional television market.</li>
</ul>
Don&rsquo;t forget to check out our <a href="https://www.benzinga.com/premarket/"> premarket coverage here </a> 
<h3>Middlesex Water </h3>
<ul>
<li>The Trade: Middlesex Water Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msex#NASDAQ">MSEX</a>) Director James F.. Cosgrove Jr <a href="https://www.benzinga.com/sec/insider-trades/"> bought a total of 1,600 shares </a> at an average price of $51.70. To acquire these shares, it cost around $82,720.</li>
<li>What&rsquo;s Happening: On Feb. 29, Middlesex Water posted downbeat quarterly results.</li>
<li>What Middlesex Water Does: Middlesex Water Co owns and operates regulated water utility and wastewater systems in the U.S. The firm primarily operates in the eastern states of New Jersey, Delaware, and Pennsylvania.</li>
</ul>
&nbsp;
Check This Out: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/03/37553898/cramer-says-sprout-social-is-in-a-hot-spot-but-this-energy-stock-is-too-down-and-out"> Cramer Says Sprout Social Is In A &#39;Hot Spot,&#39; But This Energy Stock Is &#39;Too Down And Out&#39; </a>

Baird analyst Ben Kallo maintains Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) with a Outperform and lowers the price target from $69 to $59.

Price Target

Analyst Ratings

Baird Maintains Outperform on Middlesex Water, Lowers Price Target to $59

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) reported quarterly earnings of $0.32 per share which missed the analyst consensus estimate of $0.52 by 38.46 percent. This is a 20 percent decrease over earnings of $0.40 per share from the same period last year. The company reported quarterly sales of $38.60 million which missed the analyst consensus estimate of $44.90 million by 14.03 percent. This is a 0.57 percent decrease over sales of $38.82 million the same period last year.

Earnings

Middlesex Water Q4 EPS $0.32 Misses $0.52 Estimate, Sales $38.60M Miss $44.90M Estimate

Management

Middlesex Water Company Names Nadine Leslie As President & CEO

The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30</a>, according to <a href="https://pro.benzinga.com/"> Benzinga Pro</a>.
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>PNM Resources, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pnm#NYSE">PNM</a>)</h3>
<ul>
<li>On Jan. 2, Avangrid, a member of the Iberdrola S.A. Group, terminated the merger agreement with PNM Resources, as all final regulatory approvals were not received by Dec. 31, 2023. &quot;We are greatly disappointed with Avangrid&#39;s decision to terminate the merger agreement and its proposed benefits to our customers, communities and shareholders,&quot; said Pat Vincent-Collawn, PNM Resources Chairman and CEO. The company&rsquo;s stock fell around 6% over the past five days and has a <a href="https://www.benzinga.com/quote/PNM">52-week low of $38.53 </a>.</li>
<li>RSI Value: 26.49</li>
<li>PNM Price Action: Shares of PNM Resources fell 0.8% to close at $39.09 on Thursday.</li>
</ul>
<h3>Middlesex Water Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msex#NASDAQ">MSEX</a>)</h3>
<ul>
<li>On Nov. 9, Middlesex Water posted a decline in third-quarter sales. Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, &ldquo;We continue to view the calendar year 2023 as a period of significant transition as we execute our succession plans, manage rate filing proceedings currently in progress and responsibly manage our resources.&rdquo; The company&rsquo;s stock fell around 8% over the past five days. It <a href="https://www.benzinga.com/quote/MSEX"> has a 52-week low </a> of $61.34.</li>
<li>RSI Value: 29.85</li>
<li>MSEX Price Action: Shares of Middlesex Water fell 1.6% to close at $61.96 on Thursday.</li>
</ul>

Read More: <a href="https://www.benzinga.com/trading-ideas/long-ideas/24/01/36484898/jim-cramer-this-energy-firm-has-good-growth-good-yield-but-as-for-ionq-ixnay"> Jim Cramer: This Energy Firm Has &#39;Good Growth, Good Yield&#39; But As For IonQ? Ixnay </a>

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) reported quarterly earnings of $0.56 per share. This is a 30 percent decrease over earnings of $0.80 per share from the same period last year. The company reported $46.72 million in sales this quarter. This is a 2.13 percent decrease over sales of $47.73 million the same period last year.

Middlesex Water Q3 EPS $0.56 Down From $0.80 YoY, Sales $46.72M Down From $47.73M YoY

<a href="https://www.globenewswire.com/Tracker?data=JrAh9iLZKzpOF6daeLOUn0mBple-X2SHJa3hkA7EwqNPai49wEg6Yuc1jqHKFery1GewvEealmrrKasMeZJx3PG4gxl_hukV8rBFUxigz-0=">Middlesex Water Company</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) announced today that its Board of Directors has declared a cash dividend of $0.325 per share on its common stock, an increase of 4.0% from the $0.3125 per share dividend last declared in July 2023. This increase raises the annual dividend rate to $1.30 from $1.25 per share of common stock and marks Middlesex's 51st consecutive year of dividend increases. The dividend at the new rate is payable December 1, 2023 to shareholders of record as of November 16, 2023. Middlesex Water Company has paid cash dividends in varying amounts continually since 1912. &nbsp;
Organized in 1897, Middlesex Water provides regulated and unregulated water and wastewater utility services primarily in New Jersey and Delaware through various subsidiary companies. To learn more about Middlesex Water, including information about its Investment Plan, visit the Investors section at <a href="https://www.globenewswire.com/Tracker?data=JrAh9iLZKzpOF6daeLOUn0mBple-X2SHJa3hkA7EwqP70vTC5s6fLm1RoB0wf5rU0YDsa7WvMzDmF-p97vijoxvI9KHf5ydKuo_5QUx_nNQ=">Middlesex Water Company</a>.
Middlesex Water is currently offering a 3% discount on all Common Stock purchases made under its Investment Plan whether by optional cash payment or by dividend reinvestment. The discount will continue until 200,000 shares are purchased at the discounted price or December 1, 2023, whichever event occurs first. To learn more visit <a href="https://www.globenewswire.com/Tracker?data=0ZoaWihlsBHU5Td0EqOq3mTjqQYvgRakjLEqBaPh5-G2I5kG8JAWNUCMZE9ZL8_F_l0yAo7evURQ4DETb6fe7oqBxtopPOw7f73wWqI1WBMVT66gzg6BhUFy1hpf68EEL6aqrG5uIAFWrUKot7eBSMkjRvDG5izrGjCijTSuw40=">https://shareholder.broadridge.com/middlesexwater</a>.

Dividends

Middlesex Water Company Increases Quarterly Dividend From $0.3125 To $0.325 Per Share

The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30.</a>
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>Black Hills Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/bkh#NYSE">BKH</a>)</h3>
<ul>
<li>Black Hills priced $450 million public debt offering 6.15% senior unsecured notes due May 15, 2034. The company&rsquo;s stock has a <a href="https://www.benzinga.com/quote/BKH">52-week low of $51.33 </a>.</li>
<li>RSI Value: 29.77</li>
<li>BKH Price Action: Shares of Black Hills fell 0.8% to close at $51.62 on Wednesday.</li>
</ul>
<h3>Unitil Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/utl#NYSE">UTL</a>)</h3>
<ul>
<li>Unitil posted weaker-than-expected quarterly earnings. &ldquo;We are pleased with our solid second quarter and year-to-date results which reflect the Company&rsquo;s disciplined approach to cost management,&rdquo; said Thomas P. Meissner, Jr., Unitil&rsquo;s Chairman and Chief Executive Officer. It <a href="https://www.benzinga.com/quote/UTL"> has a 52-week low </a> of $43.62.</li>
<li>RSI Value: 29.25</li>
<li>UTL Price Action: Shares of Unitil fell 0.7% to close at $43.88 on Wednesday.</li>
</ul>
<h3>Middlesex Water Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msex#NASDAQ">MSEX</a>)</h3>
<ul>
<li>Middlesex Water posted downbeat quarterly results. Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, &ldquo;The calendar year 2023 continues to be a period of significant transition as we execute our succession plans, continue investing to adapt to new regulatory requirements, manage rate filing proceedings currently in progress and responsibly manage our resources to meet customer needs during the peak summer season.&rdquo; The company&rsquo;s stock has a 52-week <a href="https://www.benzinga.com/quote/MSEX"> low of $66.51.</a></li>
<li>RSI Value: 26.00</li>
<li>MSEX Price Action: Shares of Middlesex Water fell 0.7% to close at $67.19 on Wednesday.</li>
</ul>
<h3>Atmos Energy Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ato#NYSE">ATO</a>)</h3>
<ul>
<li>Atmos Energy posted downbeat third-quarter results. &quot;The dedication of our employees coupled with the exceptional customer service they provide to our more than 3 million customers continues to position us to achieve fiscal 2023 earnings in the range of $6.00 to $6.10 per diluted share,&quot; said Kevin Akers, President and Chief Executive Officer of Atmos Energy. The company&rsquo;s 52-week low is $97.71.</li>
<li>RSI Value: 25.54</li>
<li>ATO Price Action: Shares of Atmos Energy fell 0.5% to close at $106.46 on Wednesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/earnings/23/09/34965201/us-stocks-remain-volatile-as-fear-continues-to-grip-markets"> US Stocks Remain Volatile As Fear Continues To Grip Markets </a>

Top 4 Utilities Stocks You'll Regret Missing This Quarter

The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30.</a>
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>Middlesex Water Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msex#NASDAQ">MSEX</a>)</h3>
<ul>
<li>Middlesex Water posted downbeat quarterly results. Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, &ldquo;The calendar year 2023 continues to be a period of significant transition as we execute our succession plans, continue investing to adapt to new regulatory requirements, manage rate filing proceedings currently in progress and responsibly manage our resources to meet customer needs during the peak summer season.&rdquo; The company&rsquo;s stock has a <a href="https://www.benzinga.com/quote/MSEX">52-week low of $66.51 </a>.</li>
<li>RSI Value: 27.46</li>
<li>MSEX Price Action: Shares of Middlesex Water fell 0.7% to close at $71.89 on Tuesday.</li>
</ul>
<h3>The AES Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aes#NYSE">AES</a>)</h3>
<ul>
<li>AES posted weaker-than-expected second-quarter earnings. &quot;We are making excellent progress on our strategic priorities: tripling our installed renewables capacity by 2027; growing our US utilities&#39; rate base by more than 10% annually; and exiting coal by year-end 2025,&quot; said Andr&eacute;s Gluski, AES President and Chief Executive Officer. It <a href="https://www.benzinga.com/quote/AES"> has a 52-week low </a> of $16.89.</li>
<li>RSI Value: 28.43</li>
<li>AES Price Action: Shares of AES Corporation fell 1.2% to close at $17.03 on Tuesday.</li>
</ul>
<h3>Pure Cycle Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pcyo#NASDAQ">PCYO</a>)</h3>
<ul>
<li>Pure Cycle Corporation announced appointment of Marc Spezialy as new Chief Financial Officer. The company&rsquo;s stock has a 52-week <a href="https://www.benzinga.com/quote/PCYO"> low of $7.77.</a></li>
<li>RSI Value: 22.90</li>
<li>PCYO Price Action: Shares of Pure Cycle fell 1.1% to close at $10.37 on Tuesday.</li>
</ul>
&nbsp;
Read More: <a href="https://www.benzinga.com/news/earnings/23/09/34521151/investor-sentiment-declines-ahead-of-key-inflation-data"> Investor Sentiment Declines Ahead Of Key Inflation Data </a>

PCYO

Top 3 Utilities Stocks That May Explode This Quarter

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) reported quarterly earnings of $0.55 per share which missed the analyst consensus estimate of $0.60 by 8.33 percent. This is a 10 percent increase over earnings of $0.50 per share from the same period last year. The company reported quarterly sales of $42.80 million which missed the analyst consensus estimate of $45.00 million by 4.89 percent. This is a 7.86 percent increase over sales of $39.68 million the same period last year.

UPDATE: Middlesex Water Q2 EPS $0.55 Misses $0.60 Estimate, Sales $42.80M Miss $45.00M Estimate

Middlesex Water (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msex#NASDAQ">MSEX</a>) reported quarterly earnings of $0.55 per share which missed the analyst consensus estimate of $0.60 by 8.33 percent. This is a 10 percent increase over earnings of $0.50 per share from the same period last year. The company reported quarterly sales of $42.80 million which missed the analyst consensus estimate of $45.00 million by 4.89 percent. This is a 7.86 percent increase over sales of $39.68 million the same period last year.

Earnings Misses

Middlesex Water Q2 EPS $0.55 Misses $0.60 Estimate, Sales $42.80M Miss $45.00M Estimate

Middlesex Water Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) President and Chief Executive Officer, Dennis W. Doll has announced a plan to retire upon turning age 65. Mr. Doll&#39;s retirement is planned for the later of December 31, 2023 or, the date when a successor is duly named and on board. He will remain a member of the Board through the expiration of his current term in May 2024. A search for Mr. Doll&#39;s successor is being led by the Compensation Committee of the Board of Directors in collaboration with Russell Reynolds Associates, a nationally-recognized executive search firm. 
&nbsp;
Mr. Doll joined Middlesex Water Company as Executive Vice President in 2004 and was named President and Chief Executive Officer, and a Director of Middlesex, effective January 1, 2006.&nbsp; In May 2010, he was elected Chairman of the Board. Under his tenure, the Company has made several acquisitions, experienced significant organic customer growth, entered into numerous contract operations and completed hundreds of significant construction projects. In recent years, the Company embarked on &quot;Water for Tomorrow&reg;,&quot; the largest capital improvement program in the Company&#39;s history, including such projects as construction of the 4.5-mile, 42&quot; Western Transmission Main, the completion in 2021 of a new ozone treatment plant at the Company&#39;s largest surface water treatment facility in New Jersey, expected completion in 2023 of a major treatment facility to remediate newly-regulated contaminants at the Company&#39;s largest groundwater facility and numerous infrastructure improvements in the Company&#39;s Delaware operations. Mr. Doll&#39;s background includes nearly 40 years of experience in investor-owned water and wastewater utility management and a record of industry and other service as President of the National Association of Water Companies, Chairman of the Board of The Water Research Foundation, member of the Board and Executive Committee of the American Water Works Association, Chairman of the Board of the New Jersey Utilities Association, Board member and Treasurer of Raritan Bay Medical Center and Board member and Treasurer of Court Appointed Special Advocates of Middlesex County, New Jersey.
&quot;Dennis has led Middlesex Water through some of the largest capital campaigns and industry changes in the company&#39;s history. His strategic leadership, focus on fiscal accountability and organizational development have earned him the respect and admiration of employees, customers, shareholders, industry colleagues and regulators. We are grateful for his efforts in promoting the company&#39;s strong values-based culture and leading the team in providing water and wastewater services safely, reliably and efficiently,&quot; said Walter G. Reinhard, Middlesex Water Lead Director. &quot;As we conduct our search for our next CEO, we look forward to speaking with candidates who can build on Middlesex Water&#39;s strong 126-year legacy of operational excellence,&quot; added Reinhard.

Middlesex Water Company President And CEO Announces Retirement Is Planned For The Later Of December 31, 2023 Or, The Date When A Successor Is Duly Named And On Board

Baird analyst Ben Kallo maintains Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) with a Outperform and lowers the price target from $88 to $85.

Baird Maintains Outperform on Middlesex Water, Lowers Price Target to $85

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) reported quarterly earnings of $0.33 per share which missed the analyst consensus estimate of $0.47 by 29.79 percent. This is a 51.47 percent decrease over earnings of $0.68 per share from the same period last year. The company reported quarterly sales of $38.16 million which missed the analyst consensus estimate of $41.65 million by 8.39 percent. This is a 5.41 percent increase over sales of $36.20 million the same period last year.

Middlesex Water Q1 EPS $0.33 Misses $0.47 Estimate, Sales $38.16M Miss $41.65M Estimate

<a href="https://www.globenewswire.com/Tracker?data=W2Nc_JXunJwwTwAxEcCtEJkrtbvgGdAS5tOPieRm91T33omHAtg11iVOvdefD2ffHjxOBeZLu90E8JE-UxDNEPV-fr67deNAPDlMj1q0eOg=" target="_blank">Middlesex Water Company</a>&nbsp;(Middlesex) has announced that beginning in May 2023, it will begin an&nbsp;$11.1 million&nbsp;initiative to upgrade drinking water infrastructure in the Borough of Carteret, New Jersey and portions of the community of Port Reading in Woodbridge, New Jersey. 
&nbsp;
Under this annual initiative known as RENEW, Middlesex intends to replace 26,000 linear feet of water main, as well as service lines, valves and fire hydrants. Concurrently, Middlesex will be implementing its &quot;Knocking Out Lead&quot; program to remove any lead or galvanized steel service lines it encounters. While treated water delivered by Middlesex to customers is lead free, as water travels through a lead service line, the corrosion of a pipe can add lead into the treated water delivered to customers. New Jersey legislation signed into law on July 22, 2021, requires investor owned and municipal water utilities to replace all utility owned and customer owned lead and galvanized steel service lines by 2031. While the Company removed all of its known lead lines several decades ago, the legislation enables Middlesex to help customers address lead on their private property and the portion of the service line they own. As new mains are installed, any lead and galvanized service lines will be replaced with copper service lines at no direct cost to the property owner or tenant.
&quot;We&#39;re excited to be integrating our Knocking Out Lead effort with our RENEW Program,&quot; said Robert K. Fullagar, Vice President of Operations. These two efforts are key initiatives under our Water For Tomorrow capital investment umbrella for added system resiliency. While RENEW work helps improve service reliability, fire flows and service quality, replacing lead service lines is a major public health benefit as it helps reduce potential exposure to lead in drinking water,&quot; he added.
The following Carteret streets are included in the project work area: Arthur Avenue, Ash Street, Birch Street, Casey Street, Coolidge Avenue, Daniel Street, East Chestnut Street, East Laurel Street, Jackson Avenue, Marion Street, McKinley Avenue, Mulberry Street, Spruce Street, Sumutka Avenue, Sycamore Street, Tyler Avenue, and Willow Street.&nbsp;&nbsp;
The following Port Reading streets are included in the project work area: Dawn Drive, Henry Street, Holly Street, Larch Street, Southeast Grant Avenue, and Vernon Way.
More specific details related to the project scope and continually updated schedules will be posted at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=w0zqFtUjH_kLlHCFvuinFWfEddtDorkrwd45dGUsSYPUBPz0D-KA-WSGpX6M07WbfHkgnsr7J3UIEjjaAevqjW1x-NgmoI1V7mpgXMSrTcGRIqX2hIBHWgaO8yPKL_Ry" target="_blank">www.waterfortomorrowmwc.com/renew</a>. Customers are invited to learn more about our lead initiative at&nbsp;<a href="https://www.globenewswire.com/Tracker?data=Bsq_3olrwG8tBZJXm527OYKpwEYhjwXwqIsIsqX_WYuDHrLplnU2NlclBGZlRPOf9plYssK-HGzTKa0juzvCnyUexUrfDF7amqLhe_SrbTultG7pSwOE5MxZrjPxrWmJuQ737wuJsaQr3EDktxhQN9X5Yuxh87EpJRRLiMiTcDVOty3X-SBLf2mzn-XskdRMeKm2fN-LwuWrnIGW5ZGE_w==" target="_blank">https://www.middlesexwater.com/customer-care/get-the-lead-out/</a>
Our 2023 RENEW Program is expected to take 8-9 months to complete with road, sidewalk and lawn restoration to follow as weather conditions allow in the spring of 2024. While the Company strives to minimize the impact of our work on traffic, residents may observe some traffic disruption as the roadway is trenched to accommodate the installation of a new water main. There will also be excavations when the service lines to each individual building structure are connected to the new mains. This will impact traffic flow, but on a smaller scale. Affected customers will receive additional details about the project in advance of the temporary service interruption. Residents can expect unimpeded access to their homes as crews work to replace and install the new mains, water service lines and meter pits. Crews may revisit streets multiple times to complete all facets of the work. We value the safety of our crews and customers and advise drivers and pedestrians to practice caution in the areas where work is underway.
The project also includes the installation of exterior below ground meter pits to eventually house water meters at each customer&#39;s premise. The company&#39;s long-term plan is to relocate meters from inside the home to exterior meter pits for greater customer convenience and safety. The actual relocation of the meter will occur when the customer&#39;s meter is regularly scheduled for testing.
Customers affected by RENEW can expect to be without water service for a period of 6-8 hours as their water service line is transferred from the old water main to the new main. Customers will be notified of the expected timing of this transfer in advance through phone calls and door hangers. Middlesex Water will always strive to minimize any inconvenience on residents. Our Customer Service number is 800-549-3802.

Contracts

Middlesex Water Company Announces $11.1M Project To Upgrade Water Mains In Carteret And Port Reading

The most oversold stocks in the utilities sector presents an opportunity to buy into undervalued companies.
The RSI is a momentum indicator, which compares a stock&#39;s strength on days when prices go up to its strength on days when prices go down. When compared to a stock&#39;s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered oversold when the <a href="https://www.benzinga.com/topic/rsi"> RSI is below 30.</a>
Here&rsquo;s the latest list of major oversold players in this sector, having an RSI near or below 30.
<h3>Kenon Holdings Ltd (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ken#NYSE">KEN</a>)</h3>
<ul>
<li>Kenon&#39;s subsidiary OPC Energy Ltd. announced an agreement by CPV, a subsidiary of OPC, to acquire Wind Energy Power Plants in the U.S. for $172 million. The company&rsquo;s stock has a <a href="https://www.benzinga.com/quote/KEN">52-week low of $26.91 </a>.</li>
<li>RSI Value: 27.36</li>
<li>KEN Price Action: Shares of Kenon Holdings gained 0.6% to close at $27.29 on Friday.</li>
</ul>
<h3>OGE Energy Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/oge#NYSE">OGE</a>)</h3>
<ul>
<li>OGE Energy posted upbeat earnings for the fourth quarter. &quot;Continued economic growth in our communities combined with outstanding execution by our employees delivered solid financial results in 2022,&quot; said Sean Trauschke, OGE Energy Corp. Chairman, President and CEO. The company&rsquo;s <a href="https://www.benzinga.com/quote/OGE"> stock has a 52-week low </a> of $33.28.</li>
<li>RSI Value: 29.52</li>
<li>OGE Price Action: Shares of OGE Energy gained 0.5% to close at $35.80 on Friday.</li>
</ul>
<h3>Middlesex Water Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/msex#NASDAQ">MSEX</a>)</h3>
<ul>
<li>Middlesex Water posted weaker-than-expected quarterly earnings. Middlesex Chairman, President and Chief Executive Officer Dennis W. Doll said, &ldquo;We increased our dividend 7.76% in the third quarter of 2022 representing our 50th consecutive year of dividend increases. These achievements plus our ongoing commitment to training and development and solid governance practices help to ensure we have the people, business processes and overall operations excellence to continue delivering quality service to our customers and value for our shareholders.&rdquo; The company&rsquo;s stock has a 52-week <a href="https://www.benzinga.com/quote/MSEX"> low of $74.20.</a></li>
<li>RSI Value: 28.63</li>
<li>MSEX Price Action: Shares of Middlesex Water fell 1.1% to close at $75.93 on Thursday.</li>
</ul>
<h3>Essential Utilities, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/wtrg#NASDAQ">WTRG</a>)</h3>
<ul>
<li>Essential Utilities posted<a href="https://www.benzinga.com/quote/WTRG"> downbeat </a> quarterly earnings. &quot;During a year that included rising interest rates, inflation and supply chain challenges, we upheld our long tradition of operational excellence, strong growth, and record investment in infrastructure, leading to improved quality, safety, and reliability for the communities we serve,&quot; said Essential Chairman and Chief Executive Officer Christopher Franklin. The company&rsquo;s 52-week low is $38.50.</li>
<li>RSI Value: 23.71</li>
<li>WTRG Price Action: Shares of Essential Utilities fell 1.2% to close at $42.01 on Friday.</li>
</ul>
<h3>Centrais El&eacute;tricas Brasileiras S.A. - Eletrobr&aacute;s (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ebr#NYSE">EBR</a>)</h3>
<ul>
<li>The company&rsquo;s stock dropped 14% over the past month. The company <a href="https://www.benzinga.com/quote/EBR"> has a 52-week low </a> of $6.34.</li>
<li>RSI Value: 26.56</li>
<li>EBR Price Action: Shares of Eletrobr&aacute;s fell 0.9% to close at $6.37 on Friday.</li>
</ul>
Read More: <a href="https://www.benzinga.com/news/23/03/31192039/insiders-selling-sunrun-applied-materials-and-2-other-stocks"> Insiders Selling Sunrun, Applied Materials And 2 Other Stocks </a>

Top 5 Utilities Stocks That Could Blast Off In March

Baird analyst Ben Kallo maintains Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) with a Outperform and lowers the price target from $97 to $88.

Baird Maintains Outperform on Middlesex Water, Lowers Price Target to $88

<a href="https://pro.benzinga.com/?utm_source=insights">Pulled from Benzinga Pro data,</a> Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) posted Q4 earnings of $7.17 million, an increase from Q3 of 49.82%. Sales dropped to $38.82 million, a 18.66% decrease between quarters. Middlesex Water earned $14.29 million, and sales totaled $47.73 million in Q3.
<h3>What Is ROCE?</h3>
Earnings data without context is not clear and can be difficult to base trading decisions on. Return on Capital Employed (ROCE) helps to filter signal from noise by measuring yearly pre-tax profit relative to capital employed by a business. Generally, a higher ROCE suggests successful growth of a company and is a sign of higher earnings per share in the future. In Q4, Middlesex Water posted an ROCE of 0.01%.
It is important to keep in mind that ROCE evaluates past performance and is not used as a predictive tool. It is a good measure of a company's recent performance, but does not account for factors that could affect earnings and sales in the near future. 
ROCE is a powerful metric for comparing the effectiveness of capital allocation for similar companies. A relatively high ROCE shows Middlesex Water is potentially operating at a higher level of efficiency than other companies in its industry. If the company is generating high profits with its current level of capital, some of that money can be reinvested in more capital which will generally lead to higher returns and, ultimately, earnings per share (EPS) growth. 
For Middlesex Water, the positive return on capital employed ratio of 0.01% suggests that management is allocating their capital effectively. Effective capital allocation is a positive indicator that a company will achieve more durable success and favorable long-term returns.
<h3>Analyst Predictions</h3>
Middlesex Water reported Q4 earnings per share at $0.4/share, which did not meet analyst predictions of $0.53/share.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Middlesex Water Earnings Perspective: Return On Capital Employed

These Utilities stocks are trading higher:-Enel Chile SA - ADR (ENIC) stock is trading at $2.94, a gain of $0.09, or 3.16%, on low volume.  Enersis Chile S.A. ADR gets a Sentiment Score of Neutral from InvestorsObserver and receives an average analyst recommendation of Buy.  -Pampa Energia S.A. (PAM) stock is trading at $4

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Middlesex Water GAAP EPS of $0.32

55 March Dividend Kings: Buy 8; Watch 4

55 April Dividend Kings: Buy 8, Watch 8

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Press Releases

Middlesex Water Announces Third Quarter 2023 Financial Results

Middlesex Water Company Earns Governance, Infrastructure Honors

Tidewater Utilities Announces Promotion

Tidewater Presents Charity Outing Proceeds to Food Bank of Delaware