ISELIN, N.J. - Middlesex Water Company (NASDAQ: NASDAQ:MSEX), a provider of water and wastewater services, has declared a quarterly cash dividend of $0.34 per share on its common stock, marking a 4.62% increase from the previous dividend of $0.325 per share. This decision raises the annual dividend to $1.36 per share, continuing the company's 52-year streak of dividend growth. Shareholders of record as of November 15, 2024, will receive the dividend on December 2, 2024.
The company, which has been paying dividends since 1912, operates primarily in New Jersey and Delaware, delivering essential water and wastewater services through its subsidiaries. Middlesex Water Company, established in 1897, serves a population of approximately half a million people in the mentioned states.
The increase in the dividend reflects the company's commitment to providing value to its shareholders and its confidence in the stability and growth of its operations. Middlesex Water Company's approach includes investing in its infrastructure and workforce to ensure the delivery of high-quality services and to support community development and economic growth.
The information disclosed is based on a press release statement from Middlesex Water Company.
"In other recent news, Middlesex Water Company reported a significant stock increase of approximately 26% over the past month, outperforming its peers. This surge realigned the company's valuation with its historical averages. However, Baird recently downgraded the company's stock to Neutral from Outperform, adjusting the price target to $58. This downgrade followed the company's quarterly filing, which notably omitted its anticipated capital expenditure outlook, raising concerns about future revenue and earnings visibility.
In the midst of these developments, Middlesex Water announced the appointment of Mohammed G. Zerhouni as Senior Vice President, Chief Financial Officer, and Treasurer, effective June 24, 2024. Zerhouni, with over two decades of finance leadership experience in the regulated utility sector, steps into the role following the retirement of A. Bruce O'Connor.
Further, Tidewater (NYSE:TDW) Utilities, a subsidiary of Middlesex Water, has expressed readiness to comply with the forthcoming United States Environmental Protection Agency's drinking water standard for specific PFAS compounds. The company has been proactively testing all its 175 wells and has installed ion exchange resin systems for PFAS treatment at four locations. These recent developments underline the company's commitment to delivering a safe and reliable water supply, while navigating a changing financial landscape."
InvestingPro Insights
Middlesex Water Company's recent dividend increase aligns with its strong track record of shareholder returns. According to InvestingPro data, the company boasts a dividend yield of 2.0% and has demonstrated a dividend growth of 4.0% over the last twelve months as of Q2 2024. This consistent dividend performance is further underscored by an InvestingPro Tip, which highlights that MSEX has raised its dividend for 20 consecutive years.
The company's financial health appears robust, with a revenue of $174.99 million USD over the last twelve months as of Q2 2024, showing a growth of 4.46%. Additionally, MSEX has maintained profitability, as indicated by another InvestingPro Tip, which notes that the company has been profitable over the last twelve months.
For investors seeking more comprehensive analysis, InvestingPro offers 10 additional tips for Middlesex Water Company, providing deeper insights into the company's financial position and market performance.
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