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Middlesex Water

Nasdaq:MSEX
Snowflake Description

Proven track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MSEX
Nasdaq
$998M
Market Cap
  1. Home
  2. US
  3. Utilities
Company description

Middlesex Water Company, together with its subsidiaries, owns and operates regulated water utility and wastewater systems. The last earnings update was 73 days ago. More info.


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MSEX Share Price and Events
7 Day Returns
0.7%
NasdaqGS:MSEX
-0.4%
US Water Utilities
-0.3%
US Market
1 Year Returns
31.7%
NasdaqGS:MSEX
23.2%
US Water Utilities
3.4%
US Market
MSEX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Middlesex Water (MSEX) 0.7% 2.2% 11.6% 31.7% 47% 192.2%
US Water Utilities -0.4% 0.8% 9.9% 23.2% 39.9% 114.3%
US Market -0.3% 2.9% 2.1% 3.4% 36.2% 41.3%
1 Year Return vs Industry and Market
  • MSEX outperformed the Water Utilities industry which returned 23.2% over the past year.
  • MSEX outperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
MSEX
Industry
5yr Volatility vs Market

MSEX Value

 Is Middlesex Water undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
  • It is not possible to calculate the future cash flow value for Middlesex Water. This is due to cash flow or dividend data being unavailable. The share price is $60.58.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Middlesex Water's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Middlesex Water's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:MSEX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $2.10
NasdaqGS:MSEX Share Price ** NasdaqGS (2019-07-18) in USD $60.58
United States of America Water Utilities Industry PE Ratio Median Figure of 14 Publicly-Listed Water Utilities Companies 35.47x
United States of America Market PE Ratio Median Figure of 3,083 Publicly-Listed Companies 17.88x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Middlesex Water.

NasdaqGS:MSEX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:MSEX Share Price ÷ EPS (both in USD)

= 60.58 ÷ 2.10

28.91x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Middlesex Water is good value based on earnings compared to the US Water Utilities industry average.
  • Middlesex Water is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Middlesex Water's expected growth come at a high price?
Raw Data
NasdaqGS:MSEX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 28.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-5.3%per year
United States of America Water Utilities Industry PEG Ratio Median Figure of 8 Publicly-Listed Water Utilities Companies 3.65x
United States of America Market PEG Ratio Median Figure of 2,124 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Middlesex Water, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Middlesex Water's assets?
Raw Data
NasdaqGS:MSEX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $15.45
NasdaqGS:MSEX Share Price * NasdaqGS (2019-07-18) in USD $60.58
United States of America Water Utilities Industry PB Ratio Median Figure of 16 Publicly-Listed Water Utilities Companies 3.2x
United States of America Market PB Ratio Median Figure of 5,245 Publicly-Listed Companies 1.8x
NasdaqGS:MSEX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:MSEX Share Price ÷ Book Value per Share (both in USD)

= 60.58 ÷ 15.45

3.92x

* Primary Listing of Middlesex Water.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Middlesex Water is overvalued based on assets compared to the US Water Utilities industry average.
X
Value checks
We assess Middlesex Water's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Water Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Water Utilities industry average (and greater than 0)? (1 check)
  5. Middlesex Water has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MSEX Future Performance

 How is Middlesex Water expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

  • No analysts cover Middlesex Water, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-5.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Middlesex Water expected to grow at an attractive rate?
  • Middlesex Water's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Middlesex Water's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Middlesex Water's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:MSEX Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:MSEX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -5.3%
NasdaqGS:MSEX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 3.4%
United States of America Water Utilities Industry Earnings Growth Rate Market Cap Weighted Average 11.7%
United States of America Water Utilities Industry Revenue Growth Rate Market Cap Weighted Average 5.9%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:MSEX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:MSEX Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 151 1
2020-12-31 146 1
2019-12-31 141 1
NasdaqGS:MSEX Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 138 45 34
2018-12-31 138 46 32
2018-09-30 136 47 31
2018-06-30 134 42 26
2018-03-31 132 42 23
2017-12-31 131 43 23
2017-09-30 131 45 21
2017-06-30 133 50 22
2017-03-31 132 45 22
2016-12-31 133 47 23
2016-09-30 132 53 24
2016-06-30 129 48 22

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Middlesex Water's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Middlesex Water's revenue is expected to grow by 3.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:MSEX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Middlesex Water Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:MSEX Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
NasdaqGS:MSEX Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 2.10
2018-12-31 1.97
2018-09-30 1.87
2018-06-30 1.59
2018-03-31 1.39
2017-12-31 1.39
2017-09-30 1.26
2017-06-30 1.33
2017-03-31 1.37
2016-12-31 1.39
2016-09-30 1.47
2016-06-30 1.35

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Middlesex Water will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Middlesex Water's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Middlesex Water has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MSEX Past Performance

  How has Middlesex Water performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Middlesex Water's growth in the last year to its industry (Water Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Middlesex Water's year on year earnings growth rate has been positive over the past 5 years.
  • Middlesex Water's 1-year earnings growth exceeds its 5-year average (51.3% vs 12.4%)
  • Middlesex Water's earnings growth has exceeded the US Water Utilities industry average in the past year (51.3% vs 0.1%).
Earnings and Revenue History
Middlesex Water's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Middlesex Water Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:MSEX Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 137.60 34.37 3.89
2018-12-31 138.08 32.31 3.44
2018-09-30 136.27 30.66 3.16
2018-06-30 133.73 26.01 3.26
2018-03-31 131.82 22.72 3.26
2017-12-31 130.78 22.67 3.42
2017-09-30 131.13 20.54 0.10
2017-06-30 132.75 21.71
2017-03-31 132.46 22.25
2016-12-31 132.91 22.60 3.65
2016-09-30 132.02 23.94
2016-06-30 128.88 21.87
2016-03-31 127.82 21.04
2015-12-31 126.03 19.88
2015-09-30 123.21 19.11
2015-06-30 121.22 19.13
2015-03-31 118.75 18.77
2014-12-31 117.14 18.29
2014-09-30 116.45 17.66
2014-06-30 115.07 16.71
2014-03-31 114.98 16.44
2013-12-31 114.85 16.44
2013-09-30 114.50 15.99
2013-06-30 115.57 16.32
2013-03-31 113.87 15.56
2012-12-31 110.38 14.19
2012-09-30 106.60 13.51

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Middlesex Water has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Middlesex Water used its assets more efficiently than the US Water Utilities industry average last year based on Return on Assets.
  • Middlesex Water's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Middlesex Water's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Water Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Middlesex Water has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MSEX Health

 How is Middlesex Water's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Middlesex Water's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Middlesex Water's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Middlesex Water's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Middlesex Water's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Middlesex Water Company Filings, last reported 3 months ago.

NasdaqGS:MSEX Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 256.58 215.26 4.99
2018-12-31 251.22 208.69 3.71
2018-09-30 247.59 196.91 3.58
2018-06-30 238.51 188.37 2.67
2018-03-31 232.87 174.54 1.99
2017-12-31 231.61 173.91 4.94
2017-09-30 229.46 166.85 2.70
2017-06-30 224.76 159.59 3.69
2017-03-31 222.30 156.80 5.59
2016-12-31 220.87 152.70 3.88
2016-09-30 220.66 150.60 1.45
2016-06-30 214.61 147.32 1.23
2016-03-31 211.23 139.14 3.65
2015-12-31 209.13 141.65 3.47
2015-09-30 207.32 158.97 4.65
2015-06-30 203.24 159.76 5.77
2015-03-31 200.71 158.90 5.05
2014-12-31 199.73 160.95 2.67
2014-09-30 198.60 165.30 5.05
2014-06-30 194.40 165.75 5.07
2014-03-31 192.20 161.91 5.90
2013-12-31 191.63 163.63 4.83
2013-09-30 191.02 166.42 2.94
2013-06-30 187.76 166.74 2.99
2013-03-31 185.63 163.10 4.51
2012-12-31 184.99 170.55 3.03
2012-09-30 184.78 165.22 1.80
  • Middlesex Water's level of debt (83.9%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (84.3% vs 83.9% today).
  • Debt is well covered by operating cash flow (20.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
X
Financial health checks
We assess Middlesex Water's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Middlesex Water has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MSEX Dividends

 What is Middlesex Water's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.58%
Current annual income from Middlesex Water dividends.
If you bought $2,000 of Middlesex Water shares you are expected to receive $32 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Middlesex Water's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Middlesex Water's dividend is below the markets top 25% of dividend payers in United States of America (3.76%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:MSEX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
United States of America Water Utilities Industry Average Dividend Yield Market Cap Weighted Average of 13 Stocks 1.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGS:MSEX Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31
2020-12-31
2019-12-31
NasdaqGS:MSEX Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-04-25 0.960 1.608
2019-01-29 0.960 1.707
2018-10-24 0.960 1.865
2018-07-26 0.895 1.943
2018-04-25 0.895 2.090
2018-01-29 0.895 2.406
2017-10-25 0.895 2.160
2017-07-26 0.845 2.117
2017-04-20 0.845 2.243
2017-02-01 0.845 2.304
2016-10-26 0.845 2.141
2016-07-26 0.795 2.231
2016-04-28 0.795 2.033
2016-01-28 0.795 2.605
2015-10-21 0.795 3.089
2015-07-23 0.770 3.287
2015-04-24 0.770 3.435
2015-01-29 0.770 3.413
2014-10-22 0.770 3.469
2014-07-22 0.760 3.743
2014-04-23 0.760 3.689
2014-01-31 0.760 3.683
2013-10-22 0.760 3.627
2013-07-31 0.750 3.599
2013-04-24 0.750 3.756
2013-01-25 0.750 3.864
2012-10-23 0.750 3.965
2012-07-25 0.740 3.887
2012-04-27 0.740 3.984
2012-01-25 0.740 3.983
2011-10-26 0.740 4.007
2011-08-04 0.730 4.128
2011-05-06 0.730 3.959
2011-03-09 0.730 4.007
2010-11-03 0.730 4.005
2010-07-30 0.720 4.280
2010-05-06 0.720 4.375
2009-10-30 0.720 4.236
2009-08-06 0.710 4.644
2009-05-11 0.710 5.019
2008-10-30 0.710 4.643
2008-08-06 0.700 4.186

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Middlesex Water's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Middlesex Water's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Middlesex Water afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Middlesex Water has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MSEX Management

 What is the CEO of Middlesex Water's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dennis Doll
COMPENSATION $1,413,006
AGE 60
TENURE AS CEO 13.5 years
CEO Bio

Mr. Dennis W. Doll, CPA, has been the Chief Executive Officer and President of Middlesex Water Co. since January 1, 2006 and joined its in 2004. Mr. Doll served as an Executive Vice President of Middlesex Water co, from November 2004 to January 1, 2006. He served as Controller of E'town Corp. since 1997 and served as Vice President of its subsidiary Elizabethtown Water Company since 1998 and Controller since 1994. He served as Vice President of E'town Corporation. Mr. Doll was employed by Elizabethtown Water Company since 1985, serving lastly as a Member of the senior leadership team of the Northeast Region of American Water. Mr. Doll had been employed in various executive leadership roles in the regulated water utility business since 1985. Mr. Doll served as Vice President of Finance and Controller of Elizabethtown Water Company and served previously, as Vice President of Merger Integration. He has over 20 years of diverse experience in both regulated and non-regulated utility management. He joined E'town Corp. in 1985. He has been the Chairman of Middlesex Water Co. since May 27, 2010. He served as Vice Chairman of Middlesex Water Co. from May 2009 to May 27, 2010. Prior to joining the Company, Mr. Doll also serves as a volunteer Director on selected non-profit utility industry-related Boards including the New Jersey Utilities Association (Past Chairman), The Water Research Foundation (presently Co-Vice Chairman), the National Association of Water Companies (Past President) and Court Appointed Special Advocates (CASA) of Middlesex County. He has been a Director of Middlesex Water Co. since January 1, 2006. He had been a Director of National Association of Water Companies since October 2012 until March 2019. He was Independent Director of Hammer Fiber Optic Investments Ltd. since August 1, 2016 until November 27, 2018. He is also Chairman for all subsidiaries of Middlesex. Mr. Doll further serves as a Director of Hammer Fiber Optics Holdings Corp. Mr. Doll is a Certified Public Accountant and is a graduate of Upsala College with a Bachelor of Arts Degree in Accounting and Economics.

CEO Compensation
  • Dennis's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dennis's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Middlesex Water management team in years:

10.4
Average Tenure
53
Average Age
  • The average tenure for the Middlesex Water management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Dennis Doll

TITLE
Chairman
COMPENSATION
$1M
AGE
60
TENURE
13.5 yrs

A. O'Connor

TITLE
Senior VP
COMPENSATION
$672K
AGE
60
TENURE
23.5 yrs

Robert Fullagar

TITLE
Vice President of Operations

Jay Kooper

TITLE
VP, General Counsel & Secretary
AGE
46
TENURE
5.3 yrs

Lorrie Ginegaw

TITLE
Vice President of Human Resources
AGE
44
TENURE
7.3 yrs
Board of Directors Tenure

Average tenure and age of the Middlesex Water board of directors in years:

9.3
Average Tenure
56
Average Age
  • The tenure for the Middlesex Water board of directors is about average.
Board of Directors

Dennis Doll

TITLE
Chairman
COMPENSATION
$1M
AGE
60
TENURE
9.2 yrs

Walter Reinhard

TITLE
Independent Director
COMPENSATION
$45K
AGE
73
TENURE
17.5 yrs

Steve Klein

TITLE
Independent Director
COMPENSATION
$50K
AGE
53
TENURE
9.9 yrs

Amy Mansue

TITLE
Independent Director
COMPENSATION
$47K
AGE
54
TENURE
9.5 yrs

James Cosgrove

TITLE
Independent Director
COMPENSATION
$43K
AGE
55
TENURE
9.5 yrs

Jeffries Shein

TITLE
Lead Director
COMPENSATION
$45K
AGE
79
TENURE
9.1 yrs

Kim Hanemann

TITLE
Independent Director
COMPENSATION
$41K
AGE
55
TENURE
3.5 yrs

Ann Noble

TITLE
Director
AGE
57
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • Middlesex Water individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
09. Jul 19 Sell Robert Fullagar Individual 09. Jul 19 09. Jul 19 -500 $61.39 $-30,695
08. Jul 19 Sell Lorrie Ginegaw Individual 05. Jul 19 05. Jul 19 -650 $61.48 $-39,962
12. Jun 19 Sell Walter Reinhard Individual 07. Jun 19 07. Jun 19 -399 $59.82 $-23,853
07. Jun 19 Sell Bernadette Sohler Individual 07. Jun 19 07. Jun 19 -406 $60.05 $-24,380
16. May 19 Sell A. O'Connor Individual 16. May 19 16. May 19 -1,700 $61.06 $-103,802
13. May 19 Sell Dennis Doll Individual 13. May 19 13. May 19 -3,127 $61.33 $-191,779
28. Mar 19 Sell Bernadette Sohler Individual 26. Mar 19 26. Mar 19 -6 $57.19 $-343
22. Mar 19 Sell Bernadette Sohler Individual 22. Mar 19 22. Mar 19 -500 $57.85 $-28,925
22. Mar 19 Sell Dennis Doll Individual 22. Mar 19 22. Mar 19 -2,000 $57.85 $-115,700
20. Mar 19 Sell Lorrie Ginegaw Individual 20. Mar 19 20. Mar 19 -720 $56.21 $-40,471
28. Jan 19 Sell Walter Reinhard Individual 25. Jan 19 25. Jan 19 -500 $58.01 $-29,005
09. Nov 18 Sell Dennis Doll Individual 09. Nov 18 09. Nov 18 -4,000 $49.71 $-198,840
09. Nov 18 Sell Bernadette Sohler Individual 09. Nov 18 09. Nov 18 -257 $49.71 $-12,775
09. Oct 18 Sell A. O'Connor Individual 05. Oct 18 05. Oct 18 -3,321 $45.98 $-152,168
14. Aug 18 Sell Lorrie Ginegaw Individual 13. Aug 18 13. Aug 18 -760 $44.45 $-33,782
X
Management checks
We assess Middlesex Water's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Middlesex Water has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MSEX News

Simply Wall St News

Is Middlesex Water Company's (NASDAQ:MSEX) CEO Pay Fair?

See our latest analysis for Middlesex Water How Does Dennis Doll's Compensation Compare With Similar Sized Companies? … Our data indicates that Middlesex Water Company is worth US$973m, and total annual CEO compensation is US$1.4m. … Middlesex Water Company is currently paying its CEO below what is normal for companies of its size.

Simply Wall St -

Middlesex Water (NASDAQ:MSEX) Has A Somewhat Strained Balance Sheet

See our latest analysis for Middlesex Water What Is Middlesex Water's Net Debt? … NasdaqGS:MSEX Historical Debt, July 5th 2019 How Strong Is Middlesex Water's Balance Sheet? … Because it carries more debt than cash, we think it's worth watching Middlesex Water's balance sheet over time.

Simply Wall St -

Should You Be Impressed By Middlesex Water Company's (NASDAQ:MSEX) ROE?

One way to conceptualize this, is that for each $1 of shareholders' equity it has, the company made $0.13 in profit. … The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Middlesex Water: 13% = US$34m ÷ US$257m (Based on the trailing twelve months to March 2019.) Most readers would understand what net profit is, but it’s worth explaining the concept of shareholders’ equity. … One simple way to determine if a company has a good return on equity is to compare it to the average for its industry.

Simply Wall St -

Can Middlesex Water Company (NASDAQ:MSEX) Maintain Its Strong Returns?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for Middlesex Water: 13% = US$34m ÷ US$257m (Based on the trailing twelve months to March 2019.) Most know that net profit is the total earnings after all expenses, but the concept of shareholders' equity is a little more complicated. … Does Middlesex Water Have A Good Return On Equity? … Combining Middlesex Water's Debt And Its 13% Return On Equity While Middlesex Water does have some debt, with debt to equity of just 0.84, we wouldn't say debt is excessive.

Simply Wall St -

What Kind Of Shareholders Own Middlesex Water Company (NASDAQ:MSEX)?

Our analysis of the ownership of the company, below, shows that institutional investors have bought into the company. … View our latest analysis for Middlesex Water NasdaqGS:MSEX Ownership Summary, June 10th 2019 What Does The Institutional Ownership Tell Us About Middlesex Water? … We can see that Middlesex Water does have institutional investors; and they hold 57% of the stock.

Simply Wall St -

Investors Who Bought Middlesex Water (NASDAQ:MSEX) Shares Five Years Ago Are Now Up 196%

One great example is Middlesex Water Company (NASDAQ:MSEX) which saw its share price drive 196% higher over five years. … Over half a decade, Middlesex Water managed to grow its earnings per share at 15% a year. … We note that for Middlesex Water the TSR over the last 5 years was 237%, which is better than the share price return mentioned above.

Simply Wall St -

Does Middlesex Water Company's (NASDAQ:MSEX) P/E Ratio Signal A Buying Opportunity?

Looking at earnings over the last twelve months, Middlesex Water has a P/E ratio of 28.85. … The formula for P/E is: Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS) Or for Middlesex Water: P/E of 28.85 = $60.45 ÷ $2.1 (Based on the year to March 2019.) Is A High Price-to-Earnings Ratio Good? … We can see in the image below that the average P/E (33.3) for companies in the water utilities industry is higher than Middlesex Water's P/E.

Simply Wall St -

I Ran A Stock Scan For Earnings Growth And Middlesex Water (NASDAQ:MSEX) Passed With Ease

How Quickly Is Middlesex Water Increasing Earnings Per Share. … I like to take a look at earnings before interest and (EBIT) tax margins, as well as revenue growth, to get another take on the quality of the company's growth. … While we note Middlesex Water's EBIT margins were flat over the last year, revenue grew by a solid 5.6% to US$138m.

Simply Wall St -

Is Middlesex Water Company (NASDAQ:MSEX) A Smart Pick For Income Investors?

Is Middlesex Water Company (NASDAQ:MSEX) a good dividend stock? … A dividend paying company with growing earnings can be rewarding in the long term. … Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments.

Simply Wall St -

Has Middlesex Water Company (NASDAQ:MSEX) Been Employing Capital Shrewdly?

Specifically, we'll consider its Return On Capital Employed (ROCE), since that will give us an insight into how efficiently the business can generate profits from the capital it requires. … What is Return On Capital Employed (ROCE)? … How Do You Calculate Return On Capital Employed

Simply Wall St -

MSEX Company Info

Description

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. This segment also includes regulated wastewater systems in New Jersey and Delaware. The Non-Regulated segment provides non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware. Middlesex Water Company was founded in 1897 and is headquartered in Iselin, New Jersey.

Details
Name: Middlesex Water Company
MSEX
Exchange: NasdaqGS
Founded: 1897
$997,659,427
16,468,462
Website: http://www.middlesexwater.com
Address: Middlesex Water Company
485C Route 1 South,
Suite 400,
Iselin,
New Jersey, 08830,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS MSEX Common Stock Nasdaq Global Select US USD 02. Jan 1969
BST MSX Common Stock Boerse-Stuttgart DE EUR 02. Jan 1969
Number of employees
Current staff
Staff numbers
330
Middlesex Water employees.
Industry
Water Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/18 23:41
End of day share price update: 2019/07/18 00:00
Last estimates confirmation: 2019/05/08
Last earnings filing: 2019/05/06
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.