Why Middlesex Water Stock Exploded Higher on Monday
Investors in New Jersey water utility stock Middlesex Water (NASDAQ: MSEX) woke up to some dramatically good news on Monday morning: a 12.8% gain in share price (through 10:25 a.m. ET) after earnings came out over the weekend.
As The Fly reports, Middlesex reported its Q4 earnings after trading already closed for the day Friday, meaning today is the first chance investors have to trade on the news. And they're wasting no time doing just that: Middlesex was expected to earn only $0.37 per share for the quarter, but reported profit of $0.49 per share instead, so investors are buying the stock hand over fist.
Middlesex credited a rate increase, as well as "weather-driven customer demand," for driving a 22% increase in Q4 revenue and a 53% increase in quarterly profit. For the full year, the news was also good. Revenue climbed 15% year over year in 2024, and profits were up 40% to $2.47 per share.
Source Fool.com
