Reported Earnings • May 01
First quarter 2026 earnings: EPS in line with expectations, revenues disappoint First quarter 2026 results: EPS: US$0.57 (up from US$0.53 in 1Q 2025). Revenue: US$48.7m (up 10.0% from 1Q 2025). Net income: US$10.6m (up 12% from 1Q 2025). Profit margin: 22% (in line with 1Q 2025). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 29
Fourth quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 15th May 2026 Payment date: 1st June 2026 Dividend yield will be 2.7%, which is higher than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (58% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 38% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 25
Middlesex Water Company Declares Quarterly Cash Dividend, Payable on June 1, 2026 Middlesex Water Company announced that its Board of Directors has declared a quarterly cash dividend of $0.36 per share on its common stock, payable June 1, 2026 to shareholders of record as of May 15, 2026. Price Target Changed • Apr 19
Price target increased by 7.1% to US$60.00 Up from US$56.00, the current price target is an average from 2 analysts. New target price is 17% above last closing price of US$51.31. Stock is down 18% over the past year. The company is forecast to post earnings per share of US$2.56 for next year compared to US$2.36 last year. Announcement • Apr 17
Middlesex Water Company to Report Q1, 2026 Results on Apr 30, 2026 Middlesex Water Company announced that they will report Q1, 2026 results After-Market on Apr 30, 2026 Announcement • Apr 07
Middlesex Water Company, Annual General Meeting, May 19, 2026 Middlesex Water Company, Annual General Meeting, May 19, 2026. Announcement • Mar 27
Middlesex Water Company Announces Executive Changes Middlesex Water Company announced that Mrs. Tatyana Kaplan joined the company as Chief Accounting Officer, effective March 26, 2026. Mrs. Kaplan was most recently the Director of Accounting for Veolia North America regulated utility business where she led the regulatory accounting and reporting across six different jurisdictions. In addition, she played a critical role in the development and execution of the accounting and finance transformation roadmap. Prior to joining Veolia, she was the Associate Manager at Prudential Financial Inc. responsible for external financial reporting. Prior to joining Prudential Financial Inc., she was a Senior Associate at PricewaterhouseCoopers LLP in the power and utilities sector. Mrs. Kaplan is a Certified Public Accountant. She attended Leonard N. Stern School of Business at New York University, where she received a Bachelor of Science in Finance and a Master of Science in Accounting. In addition, Middlesex Water Company announced the departure of Mr. Robert J. Capko from the Principal Accounting Officer position. Mr. Capko will remain an employee of the Company as the Corporate Controller. Reported Earnings • Feb 22
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: US$2.36 (down from US$2.48 in FY 2024). Revenue: US$194.7m (up 1.5% from FY 2024). Net income: US$42.7m (down 3.4% from FY 2024). Profit margin: 22% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 1.0%. Revenue is forecast to grow 6.7% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Announcement • Feb 14
Middlesex Water Company to Report Q4, 2025 Results on Feb 19, 2026 Middlesex Water Company announced that they will report Q4, 2025 results After-Market on Feb 19, 2026 Upcoming Dividend • Feb 13
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 17 February 2026. Payment date: 02 March 2026. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.2%). Lower than average of industry peers (2.9%). Declared Dividend • Jan 30
Third quarter dividend of US$0.36 announced Shareholders will receive a dividend of US$0.36. Ex-date: 17th February 2026 Payment date: 2nd March 2026 Dividend yield will be 2.7%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (57% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 28
Middlesex Water Company Declares Quarterly Cash Dividend, Payable on March 2, 2026 Middlesex Water Company announced that its Board of Directors declared a quarterly cash dividend of $0.36 per share on its common stock, payable March 2, 2026 to shareholders of record as of February 17, 2026. Announcement • Dec 24
Middlesex Water Company Announces the Appointment of Robert Hoglund to Its Board of Directors, Effective January 1, 2026 Middlesex Water Company announced the appointment of Robert Hoglund to its Board of Directors, effective January 1, 2026. Over his career, Mr. Hoglund has held several senior financial leadership roles, including more than 18 years as Chief Financial Officer of Consolidated Edison Inc. He previously served as a Managing Director in Citigroup's Mergers & Acquisitions Group, advising Fortune 500 utilities and energy companies on mergers, acquisitions, divestitures, restructurings, and multi-billion-dollar equity and debt financings. Mr. Hoglund remains actively engaged in corporate governance, serving on boards and advising on finance modernization, enterprise risk management, and investor engagement. His current work reflects a continued commitment to strengthening financial resilience and guiding organizations through complex utility, energy transition, and capital markets challenges. His professional background is complemented by service in the nonprofit sector, long-standing involvement in executive development programs, and a personal commitment to supporting the next generation of leaders in the utility and financial industries. Upcoming Dividend • Nov 12
Upcoming dividend of US$0.36 per share Eligible shareholders must have bought the stock before 17 November 2025. Payment date: 01 December 2025. Payout ratio is a comfortable 57% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of American dividend payers (4.5%). In line with average of industry peers (2.8%). Reported Earnings • Nov 02
Third quarter 2025 earnings: EPS and revenues miss analyst expectations Third quarter 2025 results: EPS: US$0.77 (down from US$0.80 in 3Q 2024). Revenue: US$54.1m (down 1.8% from 3Q 2024). Net income: US$13.9m (down 2.4% from 3Q 2024). Profit margin: 26% (in line with 3Q 2024). Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 29
Second quarter dividend increased to US$0.36 Dividend of US$0.36 is 5.9% higher than last year. Ex-date: 17th November 2025 Payment date: 1st December 2025 Dividend yield will be 2.4%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 9.3% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Oct 25
Middlesex Water Company Increases Common Dividend, Payable on December 1, 2025 Middlesex Water Company announced that its Board of Directors has declared a quarterly cash dividend of $0.36 per share on its common stock, a 5.88% increase from the $0.34 per share dividend last declared in July 2025. This increase raises the annual dividend rate to $1.44 from $1.36 per share of common stock and marks Middlesex Water Company’s (“Middlesex”) 53rd consecutive year of dividend increases. The dividend at the new rate is payable December 1, 2025 to shareholders of record as of November 17, 2025. Announcement • Oct 17
Middlesex Water Company to Report Q3, 2025 Results on Oct 31, 2025 Middlesex Water Company announced that they will report Q3, 2025 results After-Market on Oct 31, 2025 Upcoming Dividend • Aug 10
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 15 August 2025. Payment date: 02 September 2025. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of American dividend payers (4.6%). In line with average of industry peers (2.6%). Reported Earnings • Aug 01
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: US$0.60 (up from US$0.59 in 2Q 2024). Revenue: US$49.3m (flat on 2Q 2024). Net income: US$10.8m (up 2.3% from 2Q 2024). Profit margin: 22% (in line with 2Q 2024). Revenue missed analyst estimates by 3.9%. Earnings per share (EPS) also missed analyst estimates by 8.4%. Revenue is forecast to grow 6.2% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Declared Dividend • Jul 27
First quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 15th August 2025 Payment date: 2nd September 2025 Dividend yield will be 2.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.9% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 7.8% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 24
Middlesex Water Company Declares Quarterly Cash Dividend on Common Stock, Payable September 2, 2025 Middlesex Water Company announced that its Board of Directors has declared a quarterly cash dividend of $0.34 per share on its common stock, payable September 2, 2025 to shareholders of record as of August 15, 2025. Announcement • Jul 18
Middlesex Water Company to Report Q2, 2025 Results on Jul 31, 2025 Middlesex Water Company announced that they will report Q2, 2025 results After-Market on Jul 31, 2025 Announcement • May 13
Middlesex Water Company has filed a Follow-on Equity Offering in the amount of $110 million. Middlesex Water Company has filed a Follow-on Equity Offering in the amount of $110 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Reported Earnings • May 02
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: US$0.53 (down from US$0.60 in 1Q 2024). Revenue: US$44.3m (up 9.3% from 1Q 2024). Net income: US$9.46m (down 11% from 1Q 2024). Profit margin: 21% (down from 26% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.2%. Earnings per share (EPS) missed analyst estimates by 12%. Revenue is forecast to grow 5.3% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 30
Fourth quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 15th May 2025 Payment date: 2nd June 2025 Dividend yield will be 2.1%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 6.0% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 11% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 26
Middlesex Water Company Declares Quarterly Cash Dividend, Payable June 2, 2025 Middlesex Water Company announced that its Board of Directors has declared a quarterly cash dividend of $0.34 per share on its common stock, payable June 2, 2025 to shareholders of record as of May 15, 2025. Announcement • Apr 22
Middlesex Water Company to Report Q1, 2025 Results on May 01, 2025 Middlesex Water Company announced that they will report Q1, 2025 results After-Market on May 01, 2025 Price Target Changed • Apr 11
Price target increased by 8.7% to US$66.33 Up from US$61.00, the current price target is an average from 3 analysts. New target price is 6.7% above last closing price of US$62.14. Stock is up 32% over the past year. The company is forecast to post earnings per share of US$2.53 for next year compared to US$2.48 last year. Recent Insider Transactions • Mar 26
Chairman recently sold US$244k worth of stock On the 21st of March, Dennis Doll sold around 4k shares on-market at roughly US$60.05 per share. This transaction amounted to 5.4% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Dennis' only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Mar 18
Chairman notifies of intention to sell stock Dennis Doll intends to sell 4k shares in the next 90 days after lodging an Intent To Sell Form on the 17th of March. If the sale is conducted around the recent share price of US$62.27, it would amount to US$253k. Since March 2024, Dennis' direct individual holding has increased from 75.14k shares to 75.85k. Company insiders have collectively bought US$117k more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$61.09, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 21x in the Water Utilities industry in the US. Total loss to shareholders of 36% over the past three years. Announcement • Mar 03
Middlesex Water Company, Annual General Meeting, May 20, 2025 Middlesex Water Company, Annual General Meeting, May 20, 2025. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: US$2.48 (up from US$1.77 in FY 2023). Revenue: US$191.9m (up 15% from FY 2023). Net income: US$44.2m (up 41% from FY 2023). Profit margin: 23% (up from 19% in FY 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 5.6%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 22% per year, which means it is performing significantly worse than earnings. Buy Or Sell Opportunity • Feb 11
Now 21% overvalued Over the last 90 days, the stock has fallen 24% to US$50.57. The fair value is estimated to be US$41.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 3.4%. Revenue is forecast to grow by 7.3% in a year. Earnings are forecast to grow by 6.6% in the next year. Announcement • Feb 04
Middlesex Water Company to Report Q4, 2024 Results on Feb 28, 2025 Middlesex Water Company announced that they will report Q4, 2024 results After-Market on Feb 28, 2025 Declared Dividend • Jan 31
Third quarter dividend of US$0.34 announced Shareholders will receive a dividend of US$0.34. Ex-date: 18th February 2025 Payment date: 3rd March 2025 Dividend yield will be 2.6%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (56% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 4.7% over the next year, which should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Jan 16
Now 23% overvalued Over the last 90 days, the stock has fallen 21% to US$51.53. The fair value is estimated to be US$41.76, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 7.6% over the last 3 years. Earnings per share has declined by 3.4%. Revenue is forecast to grow by 7.3% in a year. Earnings are forecast to grow by 6.6% in the next year. Announcement • Nov 27
Middlesex Water Company Appoints Gregory Sorensen as Vice President and Chief Operating Officer, Effective December 16, 2024 Middlesex Water Company announced that Gregory Sorensen has been named as its Vice President and Chief Operating Officer, effective December 16, 2024, as part of ongoing strategic succession planning and organizational realignment efforts. Sorensen was most recently President, West Region, Liberty Utilities where he oversaw operations across the U.S. and Chile and led a team of 800 professionals in delivering water, sewer, and electric service to approximately 200,000 customers in AZ, CA, and TX, and 240,000 customers in Chile. Sorensen had direct oversight for operations, engineering and finance and regulated utility revenue of over $400 million. Reporting directly to the President and Chief Executive Officer, Sorensen will be responsible for the operational performance of the company and oversee multiple divisions with responsibility for Engineering and Operations functions including capital program planning and delivery, water and waste water operations, managing safety and security, environmental compliance, sustainability and growth initiatives. Upcoming Dividend • Nov 11
Upcoming dividend of US$0.34 per share Eligible shareholders must have bought the stock before 15 November 2024. Payment date: 02 December 2024. Payout ratio is a comfortable 56% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (2.5%). Reported Earnings • Nov 01
Third quarter 2024 earnings released: EPS: US$0.80 (vs US$0.56 in 3Q 2023) Third quarter 2024 results: EPS: US$0.80 (up from US$0.56 in 3Q 2023). Revenue: US$55.1m (up 18% from 3Q 2023). Net income: US$14.3m (up 44% from 3Q 2023). Profit margin: 26% (up from 21% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Declared Dividend • Oct 28
Second quarter dividend increased to US$0.34 Dividend of US$0.34 is 4.6% higher than last year. Ex-date: 15th November 2024 Payment date: 2nd December 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (62% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.5% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Oct 25
Middlesex Water Company Declares Quarterly Cash Dividend, Payable on December 2, 2024 Middlesex Water Company announced that its Board of Directors has declared a quarterly cash dividend of $0.34 per share on its common stock, a 4.62% increase from the $0.325 per share dividend last declared in July 2024. The dividend at the new rate is payable December 2, 2024 to shareholders of record as of November 15, 2024. Announcement • Oct 22
Middlesex Water Company to Report Q3, 2024 Results on Oct 31, 2024 Middlesex Water Company announced that they will report Q3, 2024 results After-Market on Oct 31, 2024 Upcoming Dividend • Aug 11
Upcoming dividend of US$0.33 per share Eligible shareholders must have bought the stock before 15 August 2024. Payment date: 03 September 2024. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 2.1%. Lower than top quartile of American dividend payers (4.5%). Lower than average of industry peers (2.4%). Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: US$0.59 (vs US$0.56 in 2Q 2023) Second quarter 2024 results: EPS: US$0.59 (up from US$0.56 in 2Q 2023). Revenue: US$49.1m (up 15% from 2Q 2023). Net income: US$10.5m (up 6.5% from 2Q 2023). Profit margin: 21% (down from 23% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has fallen by 16% per year, which means it is performing significantly worse than earnings. Board Change • Aug 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. President, CEO & Director Nadine Duchemin-Leslie was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • Jul 28
First quarter dividend of US$0.33 announced Shareholders will receive a dividend of US$0.33. Ex-date: 15th August 2024 Payment date: 3rd September 2024 Dividend yield will be 2.0%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (63% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Jul 25
Middlesex Water Company Declares Quarterly Cash Dividend, Payable on September 3, 2024 Middlesex Water Company announced that its Board of Directors has declared a cash dividend of $0.325 per share on its common stock, payable September 3, 2024 to shareholders of record as of August 15, 2024. Middlesex Water Company has paid cash dividends in varying amounts continually since 1912. Recent Insider Transactions • Jun 23
Senior VP recently bought US$226k worth of stock On the 20th of June, A. O'Connor bought around 4k shares on-market at roughly US$51.64 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was A.'s only on-market trade for the last 12 months. Price Target Changed • Jun 02
Price target decreased by 19% to US$62.50 Down from US$77.00, the current price target is an average from 2 analysts. New target price is 16% above last closing price of US$53.88. Stock is down 35% over the past year. The company posted earnings per share of US$1.77 last year. Announcement • Apr 27
Middlesex Water Company Declares Quarterly Cash Dividend, Payable June 3, 2024 Middlesex Water Company has announced that its Board of Directors has declared a cash dividend of $0.325 per share on its common stock, payable June 3, 2024 to shareholders of record as of May 15, 2024. Announcement • Apr 12
Middlesex Water Company, Annual General Meeting, May 21, 2024 Middlesex Water Company, Annual General Meeting, May 21, 2024, at 11:00 Eastern Daylight. Agenda: To consider and elect three Class I directors to serve for a period of three years and one Class II director to our Board of Directors (the “Board”) to serve for the ensuing one year and until their successors are elected and qualified; to consider and approve, by non-binding advisory vote, named executive officer compensation, as described in the accompanying Proxy Statement under Executive Compensation; to consider and ratify the appointment of Baker Tilly US, LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2024; and to transact such other business matters. Announcement • Mar 03
Middlesex Water Company announced delayed annual 10-K filing On 03/01/2024, Middlesex Water Company announced that they will be unable to file their next 10-K by the deadline required by the SEC. Price Target Changed • Mar 01
Price target decreased by 7.7% to US$72.00 Down from US$78.00, the current price target is an average from 2 analysts. New target price is 40% above last closing price of US$51.30. Stock is down 32% over the past year. The company posted earnings per share of US$1.77 last year. New Risk • Feb 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: US$112k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Paying a dividend despite having no free cash flows. Significant insider selling over the past 3 months (US$112k sold). Upcoming Dividend • Feb 07
Upcoming dividend of US$0.33 per share at 2.3% yield Eligible shareholders must have bought the stock before 14 February 2024. Payment date: 01 March 2024. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 2.3%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (2.6%). Declared Dividend • Feb 01
Third quarter dividend of US$0.33 announced Shareholders will receive a dividend of US$0.33. Ex-date: 14th February 2024 Payment date: 1st March 2024 Dividend yield will be 2.2%, which is lower than the industry average of 2.6%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 5.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Announcement • Jan 30
Middlesex Water Company Declares Quarterly Cash Dividend, Payable on March 1, 2024 Middlesex Water Company announced that its Board of Directors has declared a cash dividend of $0.325 per share on its common stock, payable March 1, 2024 to shareholders of record as of February 15, 2024. Board Change • Jan 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 6 highly experienced directors. Independent Director Vaughn McKoy was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 10
Third quarter 2023 earnings released: EPS: US$0.56 (vs US$0.81 in 3Q 2022) Third quarter 2023 results: EPS: US$0.56 (down from US$0.81 in 3Q 2022). Revenue: US$46.7m (down 2.1% from 3Q 2022). Net income: US$9.96m (down 30% from 3Q 2022). Profit margin: 21% (down from 30% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Upcoming Dividend • Nov 08
Upcoming dividend of US$0.33 per share at 1.9% yield Eligible shareholders must have bought the stock before 15 November 2023. Payment date: 01 December 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 1.9%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (2.4%). Announcement • Oct 21
Middlesex Water Company Declares Cash Dividend on Its Common Stock, Payable on December 1, 2023 Middlesex Water Company 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. Price Target Changed • Oct 16
Price target decreased by 9.6% to US$80.50 Down from US$89.00, the current price target is an average from 2 analysts. New target price is 22% above last closing price of US$65.72. Stock is down 21% over the past year. The company posted earnings per share of US$2.40 last year. Upcoming Dividend • Aug 03
Upcoming dividend of US$0.31 per share at 1.6% yield Eligible shareholders must have bought the stock before 10 August 2023. Payment date: 01 September 2023. Payout ratio is a comfortable 58% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (2.1%). Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: US$0.56 (vs US$0.50 in 2Q 2022) Second quarter 2023 results: EPS: US$0.56 (up from US$0.50 in 2Q 2022). Revenue: US$42.8m (up 7.9% from 2Q 2022). Net income: US$9.87m (up 12% from 2Q 2022). Profit margin: 23% (in line with 2Q 2022). Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 8% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 23
Middlesex Water Company Declares Quarterly Cash Dividend, Payable on September 1, 2023 Middlesex Water Company announced that on July 20, 2023, the Board of Directors of the company declared a quarterly cash dividend of $0.3125 per share on its common stock, payable on September 1, 2023 to shareholders of record as of August 11, 2023. Upcoming Dividend • May 04
Upcoming dividend of US$0.31 per share at 1.7% yield Eligible shareholders must have bought the stock before 11 May 2023. Payment date: 01 June 2023. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of American dividend payers (5.1%). Lower than average of industry peers (2.1%). Price Target Changed • May 03
Price target decreased by 8.2% to US$89.00 Down from US$97.00, the current price target is an average from 2 analysts. New target price is 28% above last closing price of US$69.37. Stock is down 20% over the past year. The company posted earnings per share of US$2.40 last year. Reported Earnings • May 03
First quarter 2023 earnings released: EPS: US$0.33 (vs US$0.69 in 1Q 2022) First quarter 2023 results: EPS: US$0.33 (down from US$0.69 in 1Q 2022). Revenue: US$38.2m (up 5.4% from 1Q 2022). Net income: US$5.84m (down 52% from 1Q 2022). Profit margin: 15% (down from 33% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Water Utilities industry in the US. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year.