Welcome to our dedicated page for Middlesex Water Co news (Ticker: MSEX), a resource for investors and traders seeking the latest updates and insights on Middlesex Water Co stock.
Middlesex Water Company (NASDAQ: MSEX) is a prominent provider of regulated and non-regulated water and wastewater utility services in New Jersey, Delaware, and Pennsylvania. Established in 1897, the company has grown to serve nearly half a million people, offering essential services that enhance the quality of life and support economic development in the regions it operates.
The company's core business involves the collection, treatment, distribution, and sale of water for domestic, commercial, municipal, industrial, and fire protection purposes. Operating through two segments—Regulated and Non-Regulated—Middlesex Water derives most of its revenue from the Regulated segment, which serves residential, commercial, industrial, and fire protection consumers. The Non-Regulated segment focuses on contract services for private water and wastewater system operations, providing a comprehensive suite of solutions to smaller system owners, developers, and municipalities.
Middlesex Water’s commitment to innovation is evident in its turnkey renewable energy services. These services align with the company's broader mission to balance the needs of its employees, customers, and shareholders while investing in infrastructure and communities. Financially, Middlesex Water has shown resilience and adaptability. For instance, revenues for the quarter ended June 30, 2023, rose by $3.1 million to $42.8 million, driven by a New Jersey Board of Public Utilities (NJBPU)-approved base rate increase and higher customer demand.
The company has also undertaken significant projects, such as the construction of a new facility to treat groundwater for PFAS compounds, ensuring compliance with stringent state and federal standards. Another notable effort is their $9.7 million project to upgrade Woodbridge, New Jersey’s drinking water infrastructure, part of their ongoing RENEW initiative.
In terms of leadership, Middlesex Water has recently welcomed Nadine Leslie as the new President and CEO. With over 25 years of experience in the water industry, Leslie brings a wealth of knowledge and a fresh perspective to the company.
For investors, Middlesex Water offers stability and growth. The company has paid cash dividends continuously since 1912 and has increased its annual dividend rate for fifty-one consecutive years. As an investor-owned public utility, Middlesex Water is dedicated to maintaining high standards of service quality, reliability, and compliance with regulatory requirements.
To learn more about Middlesex Water Company and its services, visit https://www.middlesexwater.com.
Middlesex Water Company has launched an $11.1 million initiative aimed at upgrading the drinking water infrastructure in Carteret and Port Reading, NJ, starting May 2023. The project, part of the RENEW program, will replace 26,000 linear feet of water mains and service lines. It also includes a Knocking Out Lead initiative, which focuses on replacing lead and galvanized steel service lines with copper lines at no cost to property owners.
The effort is in compliance with New Jersey legislation requiring the replacement of lead service lines by 2031. The project is expected to enhance service reliability and public health by reducing lead exposure. Additional updates will be provided on the company’s website as the project progresses.
Tidewater Utilities, a subsidiary of Middlesex Water Company (NASDAQ:MSEX), has appointed Bruce E. Patrick, P.E., as Executive Vice President. Mr. Patrick, who will continue as General Manager, is expected to enhance strategic oversight in capital projects and stakeholder relationships. His background includes significant roles in Kent County and the Delaware Department of Natural Resources. Tidewater, serving Delaware since 1964, specializes in water and wastewater services, emphasizing sustainable practices to support local communities.
Middlesex Water Company (NASDAQ:MSEX) announced the appointment of Robert J. Capko as Principal Accounting Officer effective April 1, 2023. Capko, who also serves as Corporate Controller, will assume enhanced duties in external financial reporting and capital financing. Having joined the company in 2009, he brings experience from Deloitte & Touche LLP, focusing on public utilities. Middlesex Water’s Chairman and CEO, Dennis W. Doll, emphasized Capko's background and knowledge as a strong addition to the leadership team. Established in 1897, Middlesex Water serves nearly half a million people in New Jersey and Delaware, offering a range of utility services.
Middlesex Water Company (NASDAQ:MSEX) announced financial results for the year ended December 31, 2022, revealing consolidated operating revenues of $162.4 million, a $19.3 million increase from 2021. This growth was driven by a $21.6 million rise in its New Jersey system due to a base rate increase and higher demand. Operating expenses rose to $79.1 million, up $5.4 million, primarily due to increased labor, production costs, and weather-related issues. Net income increased by $5.9 million to $42.4 million, with earnings per share up to $2.39. The company declared a quarterly dividend of $0.3125, marking its 50th consecutive year of dividend increases.
Middlesex Water Company (NASDAQ:MSEX) announced a limited-time 3% discount on purchases of its Common Stock through the Company’s Investment Plan, effective March 1, 2023. This offer applies to all shares bought via optional cash payment or dividend reinvestment and will last until either 200,000 shares are purchased at the discounted price or December 1, 2023, whichever comes first. The shares will be priced at 97% of their fair market value during this period. Proceeds from these purchases will fund capital projects, including the Water For Tomorrow® program, aimed at enhancing service quality and infrastructure reliability.
Middlesex Water Company (NASDAQ:MSEX) has declared a cash dividend of $0.3125 per share, payable on March 1, 2023, to shareholders of record as of February 14, 2023. This marks a continuation of the company’s commitment to returning value to shareholders, having consistently paid dividends since 1912. The company provides regulated and unregulated water and wastewater utility services primarily in New Jersey and Delaware, serving nearly 500,000 people through various subsidiaries. Middlesex Water aims to support economic growth and quality of life through investments in infrastructure and community services.
Middlesex Water Company (NASDAQ:MSEX) will participate in the Bank of America Securities 2022 Virtual Water Conference on December 6, 2022, at 2:15 PM. Key representatives, including Chairman Dennis Doll, will discuss financial performance and recent developments in the water sector. Investors can access the live webcast at this link, and a replay will be available shortly after. Established in 1897, Middlesex provides high-quality water and wastewater services to nearly half a million people in New Jersey and Delaware.
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