Middlesex Water (MSEX)
A dual-state regulated water utility founded in 1897, serving customers across New Jersey and Delaware.
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Owns and operates regulated water and wastewater systems across New Jersey, Delaware, and a small Pennsylvania footprint, plus non-regulated contract operations in both states. Structured around two reportable segments — Regulated and Non-Regulated — with over 50 consecutive years of annual dividend increases as the defining capital-return trait.
Owns and operates regulated retail water and wastewater systems under four subsidiaries: Middlesex (the founding NJ system), Tidewater Utilities (Delaware, acquired 1992), Pinelands Water and Pinelands Wastewater (Burlington County, NJ), and Twin Lakes Utilities (Pennsylvania). A non-regulated segment holds municipal contract-operations businesses in New Jersey and Delaware, including contracts in Perth Amboy, Avalon, and Highland Park.
The NJ Middlesex system anchors roughly two-thirds of consolidated operating revenues; Tidewater adds a meaningful share from three Delaware counties. Revenue is governed by rate cases before the New Jersey Board of Public Utilities and the Delaware Public Service Commission. The company has raised its dividend annually for over 50 consecutive years.
The Park Avenue wellfield in South Plainfield, NJ was taken offline in 2021 after exceeding NJDEP PFOA limits; a PFAS-removal treatment plant was commissioned in 2023 and is now operational.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jul 31, 2026 | Robert W. Baird | Target | Target: — | Target: $66 |
| Jul 9, 2026 | New Street | Target | Target: $52 | Target: $64 |
| Feb 25, 2026 | Loop Capital Markets | Target | Target: — | Target: $55 |
| Dec 5, 2025 | New Street | Target | Target: — | Target: $52 |
| May 12, 2025 | Janney Montgomery Scott | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $1.8M · Total debt $438.7M · Total assets $1.42B · Shareholders' equity $522.4M
- Revenue
- $56.4M
- Operating income
- $18.2M
- Net income
- $14.8M
HistoryDividendAnnual yield
| Institutions | 84.34% | 15.89M shares | |
|---|---|---|---|
| 231 holders · as of Jun 30, 2026 | |||
| Insiders | 1.58% | 298.0K shares | |
| 18 holders · as of Aug 12, 2026 | |||
| Other | 14.08% | 2.65M shares | |
| remainder | |||
18.84M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 16.63% | 3.13M | as of Jun 30, 2026 |
T. Rowe Price Investment Management, Inc.Institution | 9.27% | 1.75M | as of Jun 30, 2026 |
Neuberger Berman Group LLCInstitution | 8.51% | 1.60M | as of Jun 30, 2026 |
T. Rowe Price Associates, Inc.Institution | 8.01% | 1.51M | filed Feb 14, 2022 |
Morgan StanleyInstitution | 5.85% | 1.10M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 7, 2026 | Lorrie Beth Ginegaw | officer: VP, Human Resources | −615 | $57.61 |
| Mar 4, 2026 | Walter G. Reinhard | director | −300 | $55.21 |
| Feb 27, 2026 | Robert N. Hoglund | director | +2,000 | $54.31 |
| Feb 25, 2026 | Robert John Capko | officer: PAO & Controller | −134 | $54.04 |
| Nov 18, 2025 | Lorrie Beth Ginegaw | officer: VP-HR | −650 | $50.92 |
- American Water Works
Largest US regulated water utility; NJ subsidiary overlaps core MSEX territory
- Essential Utilities
Multi-state water/gas utility; Aqua NJ and PA overlap both MSEX core states
- Artesian Resources
Delaware's oldest and largest investor-owned water utility; Tidewater peer
- California Water Service Group
West Coast Dividend King water utility; rate-case and capital-market peer
- H2O America
Mid-cap regulated water utility in CA, CT, TX, ME; nearest scale peer above MSEX
- American States Water
Dividend longevity record-holder (71 years) with military base utility contracts
- York Water
Oldest US investor-owned utility; regulated water/wastewater in south-central PA
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Middlesex Water | $54.82 | −0.75% | $1.04B | 21.2 | 20.9 | 5.0 | +14.3% |
| American Water Works | $133.90 | −0.05% | $26.62B | 23.2 | 21.9 | 5.0 | +6.2% |
| Essential Utilities | $40.44 | −0.10% | $11.48B | 20.7 | 17.5 | 4.5 | +3.1% |
| Artesian Resources | $34.40 | +0.03% | $355.1M | 15.0 | 14.8 | 3.0 | +7.4% |
| California Water Service Group | $47.28 | +0.04% | $2.92B | 21.3 | 18.1 | 2.8 | +16.5% |
| H2O America | $62.85 | +0.38% | $2.62B | 22.0 | 23.0 | 3.2 | +6.2% |
| American States Water | $84.67 | −0.21% | $3.33B | 23.2 | 22.8 | 4.8 | +11.2% |
| York Water | $31.87 | −0.99% | $521.8M | 20.0 | 19.7 | 87.9 | +22.5% |
| Median | 21.3 | 19.7 | 4.5 | +7.4% |