Middlesex Watr Stock Price, News & Analysis

Middlesex Water Company (NASDAQ:MSEX) filed a petition with the New Jersey Board of Public Utilities for a rate increase of approximately $31 million to address the aging drinking water infrastructure and improve overall service quality. This request responds to significant investments made since the last rate filing in October 2017, including over $267 million under the Water For Tomorrow® program. If approved, the average residential customer would see a bill increase of around 67 cents per day.

Middlesex Water Company (NASDAQ:MSEX) reported a 2.4% increase in first-quarter revenues, totaling $32.5 million, driven by higher customer demand in New Jersey and Delaware.

However, net income declined by $0.8 million year-over-year, with diluted EPS at $0.39 versus $0.44 in 2020.

Operating expenses rose by $1.2 million due to labor and weather-related issues. The company plans to request rate increases in Q2 2021 to support ongoing investment projects, including water system improvements.

Middlesex Water Company (NASDAQ:MSEX) has announced a cash dividend of $0.2725 per share, payable on June 1, 2021, to shareholders on record as of May 14, 2021. This marks the company's consistent dividend payments since 1912 and 48 consecutive years of annual dividend increases. Additionally, the company will hold a virtual Annual Meeting of Shareholders on May 25, 2021, at 11:00 a.m. EDT, allowing shareholders to participate online while ensuring health safety due to COVID-19 concerns.

Middlesex Water Company (NASDAQ:MSEX) announced a $10.2 million investment to modernize drinking water infrastructure in Metuchen, NJ, beginning April 2021. This project, part of the RENEW 2021 initiative, will replace 24,800 linear feet of water mains, service lines, valves, and fire hydrants to enhance fire flows and service quality. The project is part of the larger Water for Tomorrow® Program, which allocates approximately $295 million for similar infrastructure projects through 2022. Completion is expected within 6-9 months, including necessary traffic management and service interruptions.

Middlesex Water Company (NASDAQ:MSEX) reported strong financial results for Q4 and the year ending December 31, 2020. Net income rose by 13.4% to $38.4 million, with diluted EPS up 8.5% to $2.18. Annual revenues increased by 5.2% to $141.6 million, driven by higher water consumption and new contracts. Operating expenses also grew by $2.8 million due to production and treatment costs. The company declared a quarterly dividend of $0.2725, maintaining its commitment to shareholders with a history of 48 consecutive annual increases.

Middlesex Water Company (NASDAQ:MSEX) declared a cash dividend of $0.2725 per share on January 28, 2021, payable on March 1, 2021, to shareholders of record as of February 12, 2021. This marks 48 consecutive years of increasing annual dividends, highlighting the company's commitment to returning value to its investors. Established in 1897, Middlesex Water provides regulated and unregulated water and wastewater services in New Jersey and Delaware and serves a population of nearly half a million people.

Middlesex Water Company (NASDAQ: MSEX) announced that its Vice President of Operations, Robert K. Fullagar, has been honored by the NJ Water Association for his leadership during the COVID-19 pandemic. Fullagar was recognized for his contributions to regulatory compliance, operational readiness, and workforce safety in water and wastewater utilities. The award was part of an effort to prepare the sector for uninterrupted services and develop Best Management Practices. Middlesex Water has been serving communities since 1897, focusing on quality utility services and community support.

Middlesex Water Company has appointed Dr. Joshua Bershad to its Board of Directors, effective immediately. Dr. Bershad, currently Executive Vice President at RWJBarnabas Health and Chief Medical Officer at Rutgers Athletics, will stand for election as a Class III Director at the Annual Meeting on May 25, 2021. His rich experience in healthcare and executive roles is expected to enhance the company's governance. Middlesex Water, serving nearly half a million customers, is dedicated to providing essential water services and improving public health.