Middlesex Water (NASDAQ:MSEX) 주식

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.

Middlesex Water Co

MIDDLESEX WATER 7 PR by Middlesex Water Co.

BofA Securities analyst Ross Fowler initiated coverage on Middlesex Water Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) with an Underperform rating and <a target="_blank" href="https://www.benzinga.com/quote/MSEX/analyst-ratings" rel="noreferrer noopener">a price forecast of $56.</a>
Fowler notes that Middlesex Water is the most expensive utility in their coverage, trading at a 47% premium to the utility group and a 13% premium to the water group.
Despite strong past growth, the analyst projects rate base and EPS growth to slow below the peer average, which, combined with increasing regulatory risk and uncertainty around capital spending, makes the current valuation unjustified.
The analyst acknowledges Middlesex Water&#8217;s recent growth but does not see any catalyst for further share price appreciation, even with more aggressive capital expenditure assumptions.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/legal/24/12/42444582/albertsons-puts-an-end-to-merger-deal-sues-kroger-following-court-ruling-we-believe-strongly-in-the-merits-of-our-case" rel="noreferrer noopener">Albertsons Puts End To Merger Deal, Sues Kroger Following Court Ruling: &#8216;We Believe Strongly In The Merits Of Our Case&#8217;</a>
Fowler forecasts Middlesex Water&#8217;s EPS to grow at a 5.2% CAGR from 2024 to 2027, with estimates of $2.34 in 2024, $2.45 in 2025, $2.59 in 2026, and $2.72 in 2027.
The analyst forecasts capital expenditures to exceed guidance, driven by the national push for water quality investment, resulting in a 7.6% annual rate base growth through 2027.
However, this is slower than the recent 15% rate base growth driven by one-time water quality investments.
Per the analyst, the focus on limiting water customer bill increases will restrict further upside for Middlesex Water, especially as the company relies more on frequent rate cases.
Additionally, Middlesex Water may need to raise external equity starting in 2025, forecasting $25 million per year to bring its equity capitalization closer to authorized levels.
The analyst notes that Middlesex Water expects 4% customer growth in 2024, but acknowledges that economic conditions could make achieving that growth challenging.
The analyst assumes 4% growth for 2024, but adjusts it to 3% in their model.
The analyst also points out that if growth slows down, it could negatively impact revenue and capital expenditure estimates.
Price Action: MSEX shares are trading lower by 1.66% to $60.31 at last check Wednesday.
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General

MSEX

Middlesex Water Faces Valuation Pressure: Analyst Flags Slowing Growth And Rising Regulatory Risks

B of A Securities analyst Ross Fowler initiates coverage on Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) with a Underperform rating and announces Price Target of $56.

B of A Securities Initiates Coverage On Middlesex Water with Underperform Rating, Announces Price Target of $56

<a href="https://www.globenewswire.com/Tracker?data=RStI-Eh5ZELBq7ZL7G-QBxlErYxTLAPvtV51a1k8H3KnWszbj2ti19uebhw7GWFQ3ce_q6rFvE8kHIB45a22cePjTzLcXiJ3Yvs4Bydq8dE=">Middlesex Water Company</a> (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>), a provider of water and wastewater and related services primarily in New Jersey and Delaware, today 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.

Management

Middlesex Water Names Gregory Sorensen VP And COO, Effective December 16, 2024, As Part Of Ongoing Strategic Succession Planning And Organizational Realignment Efforts.

Baird analyst Ben Kallo maintains Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) with a Neutral and raises the price target from $58 to $61.

Baird Maintains Neutral on Middlesex Water, Raises Price Target to $61

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) reported quarterly earnings of $0.80 per share which beat the analyst consensus estimate of $0.69 by 15.94 percent. This is a 42.86 percent increase over earnings of $0.56 per share from the same period last year. The company reported quarterly sales of $55.100 million which beat the analyst consensus estimate of $52.400 million by 5.15 percent. This is a 17.95 percent increase over sales of $46.715 million the same period last year.

Earnings

Earnings Beats

Middlesex Water Q3 2024 GAAP EPS $0.80 Beats $0.69 Estimate, Sales $55.100M Beat $52.400M Estimate

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) is set to give its latest quarterly earnings report on Thursday, 2024-10-31. Here's what investors need to know before the announcement.
Analysts estimate that Middlesex Water will report an earnings per share (EPS) of $0.68. 
The announcement from Middlesex Water is eagerly anticipated, with investors seeking news of surpassing estimates and favorable guidance for the next quarter.
It's worth noting for new investors that guidance can be a key determinant of stock price movements.
<h3>Historical Earnings Performance</h3>
In the previous earnings release, the company missed EPS by $0.05, leading to a 0.83% drop in the share price the following trading session.
Here's a look at Middlesex Water's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.64</td>
<td>0.46</td>
<td>0.52</td>
<td>0.87</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.59</td>
<td>0.59</td>
<td>0.32</td>
<td>0.56</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-1.0%</td>
<td>5.0%</td>
<td>1.0%</td>
<td>-3.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730322125_0.png" alt="eps graph" />
<h3>Insights Shared by Analysts on Middlesex Water</h3>
For investors, staying informed about market sentiments and expectations in the industry is paramount. This analysis provides an exploration of the latest insights on Middlesex Water.
Analysts have provided Middlesex Water with 1 ratings, resulting in a consensus rating of Neutral. The average one-year price target stands at $58.0, suggesting a potential 8.68% downside.
<h3>Understanding Analyst Ratings Among Peers</h3>
In this analysis, we delve into the analyst ratings and average 1-year price targets of SJW Gr, Essential Utilities and American Water Works, three key industry players, offering insights into their relative performance expectations and market positioning.
<ul>
<li>The prevailing sentiment among analysts is an Neutral trajectory for SJW Gr, with an average 1-year price target of $63.0, implying a potential 0.8% downside.</li>
<li>The prevailing sentiment among analysts is an Buy trajectory for Essential Utilities, with an average 1-year price target of $44.75, implying a potential 29.54% downside.</li>
<li>The consensus outlook from analysts is an Underperform trajectory for American Water Works, with an average 1-year price target of $142.0, indicating a potential 123.59% upside.</li>
</ul>
<h3>Comprehensive Peer Analysis Summary</h3>
The peer analysis summary provides a snapshot of key metrics for SJW Gr, Essential Utilities and American Water Works, illuminating their respective standings within the industry. These metrics offer valuable insights into their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Middlesex Water</td>
<td>Neutral</td>
<td>14.82%</td>
<td>$27.32M</td>
<td>2.44%</td>
</tr>
<tr>
<td>SJW Gr</td>
<td>Neutral</td>
<td>12.29%</td>
<td>$97.82M</td>
<td>1.65%</td>
</tr>
<tr>
<td>Essential Utilities</td>
<td>Buy</td>
<td>-0.53%</td>
<td>$258.17M</td>
<td>1.23%</td>
</tr>
<tr>
<td>American Water Works</td>
<td>Underperform</td>
<td>4.74%</td>
<td>$722M</td>
<td>2.75%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Middlesex Water ranks in the middle for Consensus rating among its peers. It is at the bottom for Revenue Growth. It is at the top for Gross Profit. It is at the top for Return on Equity.
<h3>Unveiling the Story Behind Middlesex Water</h3>
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.
<h3>Financial Insights: Middlesex Water</h3>
Market Capitalization Analysis: Falling below industry benchmarks, the company's market capitalization reflects a reduced size compared to peers. This positioning may be influenced by factors such as growth expectations or operational capacity.
Revenue Growth: Middlesex Water displayed positive results in 3 months. As of 30 June, 2024, the company achieved a solid revenue growth rate of approximately 14.82%. This indicates a notable increase in the company's top-line earnings. In comparison to its industry peers, the company stands out with a growth rate higher than the average among peers in the Utilities sector.
Net Margin: The company's net margin is a standout performer, exceeding industry averages. With an impressive net margin of 21.4%, the company showcases strong profitability and effective cost control.
Return on Equity (ROE): Middlesex Water's ROE excels beyond industry benchmarks, reaching 2.44%. This signifies robust financial management and efficient use of shareholder equity capital.
Return on Assets (ROA): Middlesex Water's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 0.83% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Middlesex Water's debt-to-equity ratio is below the industry average. With a ratio of 1.01, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<a href="https://www.benzinga.com/quote/MSEX/earnings">To track all earnings releases for Middlesex Water visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Exploring Middlesex Water's Earnings Expectations

Dividends

Middlesex Water Increases Quarterly Dividend From $0.325 To $0.34 Per Share

Tidewater Utilities, Inc. ("Tidewater" or the "Company"), a wholly owned subsidiary of Middlesex Water Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) filed a request today with the Delaware Public Service Commission (PSC) for new rates in order to recover prudently incurred investments made in the last ten years to support continued regulatory compliance, enhance water quality, service reliability, security and resiliency of its water utility infrastructure assets. &nbsp;
Since its last filing more than ten years ago, the Company has invested over $150 million in critical drinking water infrastructure improvements that are not currently reflected in customer base rates. These capital expenditures reflect construction of new and rehabilitation of existing water treatment plants, addition of standby power generation, establishment of interconnections, construction of new storage facilities and other upgrades. Specific improvements include:&nbsp;
<ul>
<li>Construction of a 1,000,000-gallon elevated water storage tank in South Rehoboth and another 1,000,000-gallon elevated water storage tank in Millville, DE to address peak hour demand and fire protection needs</li>
<li>Construction and\or enhanced treatment upgrades at several plant facilities</li>
<li>Installation of interconnections that provide redundant capacity and storage for peak demand and system resiliency</li>
<li>Installation of back up generation at 30+ facilities to minimize service interruption and support plant resiliency</li>
<li>Regulatorily required water main realignments to support state road improvement plans
<ul>
<li>Installation of additional hydrants to provide fire protection coverage</li>
</ul>
</li>
</ul>

Middlesex Water Co's Tidewater Utilities Files For Rate Adjustment With The Delaware Public Service Commission

Baird analyst Ben Kallo downgrades Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) from Outperform to Neutral and maintains the price target from $58 to $58.

Downgrades

Baird Downgrades Middlesex Water to Neutral, Maintains Price Target to $58

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) reported quarterly earnings of $0.59 per share which missed the analyst consensus estimate of $0.64 by 7.81 percent. This is a 7.27 percent increase over earnings of $0.55 per share from the same period last year. The company reported quarterly sales of $49.15 million which missed the analyst consensus estimate of $49.40 million by 0.51 percent. This is a 14.82 percent increase over sales of $42.80 million the same period last year.

Earnings Misses

Middlesex Water Q2 EPS $0.59 Misses $0.64 Estimate, Sales $49.15M Miss $49.40M Estimate

A significant insider buy by Mohammed G Zerhouni, SVP at Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>), was executed on June 26, and reported in the recent SEC filing.
What Happened: In a significant move reported in a Form 4 filing with the <a href="https://www.sec.gov/Archives/edgar/data/0000066004/000110465924075065//Archives/edgar/data/66004/000110465924075065/0001104659-24-075065-index.htm">U.S. Securities and Exchange Commission</a> on Wednesday, Zerhouni purchased 2,043 shares of Middlesex Water, demonstrating confidence in the company's growth potential. The total value of the transaction stands at $105,010.
Middlesex Water's shares are actively trading at $52.33, experiencing a down of 0.0% during Thursday's morning session.
<h3>Delving into Middlesex Water's Background</h3>
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.
<h3>Unraveling the Financial Story of Middlesex Water</h3>
Revenue Growth: Middlesex Water displayed positive results in 3 months. As of 31 March, 2024, the company achieved a solid revenue growth rate of approximately 6.21%. This indicates a notable increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Utilities sector.
Insights into Profitability:
<ul>
<li>
Gross Margin: The company faces challenges with a low gross margin of 49.5%, suggesting potential difficulties in cost control and profitability compared to its peers.
</li>
<li>
Earnings per Share (EPS): Middlesex Water's EPS is a standout, portraying a positive bottom-line trend that exceeds the industry average with a current EPS of 0.6.
</li>
</ul>
Debt Management: Middlesex Water's debt-to-equity ratio is below industry norms, indicating a sound financial structure with a ratio of 1.0.
Valuation Metrics:
<ul>
<li>
Price to Earnings (P/E) Ratio: A higher-than-average P/E ratio of 25.93 suggests caution, as the stock may be overvalued in the eyes of investors.
</li>
<li>
Price to Sales (P/S) Ratio: With a relatively high Price to Sales ratio of 5.56 as compared to the industry average, the stock might be considered overvalued based on sales performance.
</li>
<li>
EV/EBITDA Analysis (Enterprise Value to its Earnings Before Interest, Taxes, Depreciation &amp; Amortization): At 17.52, the company's EV/EBITDA ratio outperforms industry norms, reflecting positive market perception. This positioning indicates optimistic expectations for the company's future performance.
</li>
</ul>
Market Capitalization Analysis: Below industry benchmarks, the company's market capitalization reflects a smaller scale relative to peers. This could be attributed to factors such as growth expectations or operational capacity.
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<h3>Exploring the Significance of Insider Trading</h3>
Insider transactions, although significant, should be considered within the larger context of market analysis and trends.
Within the legal framework, an "insider" is defined as any officer, director, or beneficial owner holding more than ten percent of a company's equity securities as per Section 12 of the Securities Exchange Act of 1934. This includes executives in the c-suite and major hedge funds. These insiders are mandated to disclose their transactions through a Form 4 filing, to be submitted within two business days of the transaction.
The initiation of a new purchase by a company insider serves as a strong indication that they expect the stock to rise.
However, insider sells may not always signal a bearish view and can be influenced by various factors.
<h3>Deciphering Transaction Codes in Insider Filings</h3>
<a href="https://www.benzinga.com/money/investing-tools">Investors</a> prefer focusing on transactions that take place in the open market, indicated in Table I of the Form 4 filing. A P in Box 3 indicates a purchase, while S indicates a sale. Transaction code C indicates the conversion of an option, and transaction code A indicates grant, award or other acquisition of securities from the company.
<a href="https://www.benzinga.com/sec/insider-trades/search/index?company_cik=0000066004">Check Out The Full List Of Middlesex Water's Insider Trades.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Insider Trades

Middlesex Water Insider Trades SendAa Signal

Middlesex Water Appoints Mohammed G. Zerhouni As Senior Vice President, CFO And Treasurer

Middlesex Water Company (Middlesex) is launching a $9.7 million project to upgrade Woodbridge, New Jersey's drinking water infrastructure. Starting in June 2024, the Company's RENEW initiative will revamp 18,550 linear feet of water mains, including service lines, valves, and hydrants. &nbsp;
Integrated with RENEW, Middlesex's "Knocking Out Lead" program aims to eliminate lead or galvanized steel service lines. This aligns with New Jersey's legislation to replace all such lines by 2031. There is no direct cost to customers who meet the criteria for lead and galvanized water line replacement. Those identified lead service lines will be scheduled for future replacement.

Middlesex Water Company Unveils $9.7M Initiative To Enhance Water Infrastructure In Woodbridge, New Jersey's Drinking Water Infrastructure

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 raises the price target from $56 to $58.

Baird Maintains Outperform on Middlesex Water, Raises Price Target to $58

Middlesex Water (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSEX#NASDAQ">MSEX</a>) reported quarterly earnings of $0.59 per share which beat the analyst consensus estimate of $0.45 by 31.11 percent. The company reported quarterly sales of $40.500 million which missed the analyst consensus estimate of $44.550 million by 9.09 percent. This is a 6.14 percent increase over sales of $38.156 million the same period last year.

Middlesex Water Q1 2024 GAAP EPS $0.59 Beats $0.45 Estimate, Sales $40.500M Miss $44.550M Estimate

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>

Small Cap

WTRG

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;
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Long Ideas

Pre-Market Outlook

SATS

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

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.

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.

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

Press Releases

Middlesex Water Named a Finalist in the PR Daily Awards

Middlesex Water Company Announces Retirement of Bernadette Sohler, VP of Corporate Affairs

Middlesex Water to Report 3rd Quarter 2024 Earnings on October 31

Middlesex Water Company Increases Common Dividend by 4.62%

Middlesex Water Announces Third Quarter 2024 Financial Results

Middlesex Water Names Gregory Sorensen  Vice President and Chief Operating Officer

Middlesex Water Announces Retirement of G. Christian Andreasen, Vice President, Enterprise Engineering

Middlesex Water Company Declares Quarterly Cash Dividend

Middlesex Water Company to Report 2024 Earnings on February 28, 2025

Middlesex Water Company Announces Appointment of Brian Hague as new Vice President of Communications & Corporate Affairs

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