Middlesex Watr Stock Price, News & Analysis

Middlesex Water Company has successfully completed Phase 1 of its advanced treatment facility at the Park Avenue wellfield, ensuring compliance with state and federal drinking water standards. The facility has begun a phased start-up process, reintroducing treated groundwater into the distribution system. This initiative is crucial for meeting seasonal water demands, especially as summer approaches. The company is committed to maintaining water quality throughout the treatment process, monitoring for any changes in water hardness and temporary discoloration during initial phases.

Middlesex Water Company (NASDAQ:MSEX) held its Annual Meeting of Shareholders on May 23, 2022. Shareholders re-elected four directors and approved an advisory resolution on executive compensation. The meeting discussed financial results, capital investments, and operational highlights, including upgrades to treatment plants and lead service line replacements. They also announced a current 3% Stock Purchase Discount. Middlesex Water has been a provider since 1897, serving nearly half a million people in New Jersey and Delaware.

Middlesex Water Company (NASDAQ:MSEX) reported a robust performance for Q1 2022, with revenues rising by $3.7 million to reach $36.2 million. The net income surged by $5.2 million, resulting in a diluted EPS increase of $0.29. The revenue growth was primarily attributed to a rate increase approved by the New Jersey Board of Public Utilities effective January 1, 2022, alongside customer growth in Delaware. A significant pre-tax gain of $5.2 million from the sale of its Delaware regulated wastewater subsidiary also contributed to positive earnings.

Middlesex Water Company (NASDAQ:MSEX) has declared a cash dividend of $0.29 per share on its common stock, payable on June 1, 2022, to shareholders of record as of May 13, 2022. The company has consistently paid dividends since 1912 and maintains an impressive track record with 49 consecutive years of dividend increases. The Annual Meeting of Shareholders is scheduled for May 23, 2022, at 11:00 a.m. EDT. Additionally, Middlesex Water is offering a 3% discount on common stock purchases made under its Investment Plan.

Tidewater Utilities has implemented a cross-connection control program to comply with new Delaware regulations aimed at protecting the public water supply. This initiative addresses cross-connections that pose health risks due to potential backflow of contaminants into drinking water. The program includes customer notifications, on-site surveys, compliance verification, and annual testing. Tidewater has partnered with HydroCorp for program management, ensuring adherence to regulations. This commitment supports safe, clean drinking water for Delaware residents, aligning with Tidewater's mission since 1964.

Middlesex Water Company (NASDAQ:MSEX) is set to invest $7.9 million in upgrading drinking water infrastructure in Woodbridge Township, NJ, as part of its RENEW 2022 initiative. The project will replace 24,100 linear feet of water main, service lines, valves, and fire hydrants, enhancing service reliability and fire flows. The construction is expected to last 8-9 months with some traffic disruptions anticipated. The initiative supports Middlesex's long-term Water for Tomorrow® Program, which aims to bolster water distribution infrastructure in New Jersey.

Middlesex Water Company (NASDAQ:MSEX) reported its financial results for 2021, showing a slight increase in consolidated operating revenues to $143.1 million, up $1.5 million from 2020, driven by customer growth and increased demand. However, net income fell $1.9 million to $36.5 million, with earnings per share down to $2.07. Operating expenses rose to $73.7 million due to higher maintenance costs and labor, while depreciation increased to $21.1 million. The company declared a quarterly dividend of $0.29, marking its 49th consecutive year of dividend increases.

Middlesex Water Company (MSEX) is initiating a lead service line replacement program across New Jersey to enhance public health and reduce lead exposure. This plan, aimed to be completed by 2031, involves replacing lead and galvanized steel lines with copper service lines at no cost to property owners. Governor Phil Murphy's legislation requires all utilities to inventory and replace these lines. MWC has already submitted an inventory of known lead lines to the New Jersey Department of Environmental Protection (NJDEP) and will educate customers on self-reporting line materials.

Middlesex Water Company (NASDAQ:MSEX) announced a cash dividend of $0.29 per share on its common stock, payable on March 1, 2022, to shareholders of record by February 14, 2022. The company has consistently paid cash dividends since 1912, showcasing its commitment to rewarding shareholders. Additionally, Middlesex is offering a 3% discount on common stock purchases made under its Investment Plan until either 200,000 shares are purchased at the discounted price or August 1, 2022.