Middlesex Water Company Reports Q4 Revenue of $46.98M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 19 2026
0mins
Should l Buy MSEX?
Reports Q4 revenue $46.98M vs. $47.1M last year. "We appreciate the diligence and commitment of the New Jersey Board of Public Utilities Staff and the Division of Rate Counsel throughout the review of our general rate case," said Nadine Leslie, Chair, President and CEO of Middlesex Water Company. "This constructive outcome supports our selective and sustainable growth strategy, enabling continued prudent investment in the Middlesex System to provide safe and reliable water utility service, while maintaining affordability and strengthening long-term value for our customers and shareholders."
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Analyst Views on MSEX
Wall Street analysts forecast MSEX stock price to rise
2 Analyst Rating
1 Buy
0 Hold
1 Sell
Hold
Current: 51.410
Low
53.00
Averages
58.00
High
63.00
Current: 51.410
Low
53.00
Averages
58.00
High
63.00
About MSEX
Middlesex Water Company is a water utility company. The Company owns and operates regulated water utility and wastewater systems primarily in New Jersey and Delaware. It also operates water and wastewater systems under contract on behalf of municipal and private clients, primarily in New Jersey and Delaware. It operates through two segments: Regulated and Non-Regulated. The Regulated segment is engaged in the business of collecting, treating and distributing water on a retail and wholesale basis to residential, commercial, industrial and fire protection customers in parts of New Jersey and Delaware and includes Middlesex, Tidewater, Pinelands Water and Southern Shores. The Non-Regulated segment primarily consists of non-regulated contract services for the operation and maintenance of municipal and private water and wastewater systems in New Jersey and Delaware and includes USA, USA-PA, and White Marsh. Across its regulated utility systems, it serves approximately 128,000 customers.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Middlesex Water Company Reports Q1 2026 Financial Results
- Improved Financial Performance: Middlesex Water Company reported a net income of $10.6 million and diluted EPS of $0.57 for Q1 2026, up from $9.5 million and $0.53 in Q1 2025, indicating consistent growth in operational and financial outcomes.
- Revenue Growth: Operating revenues reached $48.7 million in the first quarter, an increase of $4.4 million from $44.3 million year-over-year, primarily driven by increased wholesale demand, customer consumption, and base rate hikes, reflecting the company's proactive market response.
- Infrastructure Investment: The company invested approximately $21 million in upgrading and enhancing the resiliency of its water and wastewater utility infrastructure during Q1 2026, representing about 17% of its planned $126 million annual investment for 2026, demonstrating its commitment to long-term sustainable growth.
- Dividend Declaration: Middlesex Water Company declared a cash dividend of $0.36 per common share to be paid on June 1, 2026, continuing its record of annual cash dividends since 1912, which underscores the company's ongoing commitment to shareholder returns and confidence in its financial stability.
See More
Middlesex Water Declares Quarterly Dividend of $0.36
- Quarterly Dividend Announcement: Middlesex Water has declared a quarterly dividend of $0.36 per share, consistent with previous distributions, indicating the company's stable cash flow and profitability, which is likely to attract income-seeking investors.
- Yield Analysis: The forward yield of 2.7% reflects the company's competitiveness in the current market environment, potentially increasing investor interest in its stock, particularly among small-cap utility stocks.
- Shareholder Assurance: The dividend is payable on June 1, with a record date of May 15 and an ex-dividend date also on May 15, ensuring that existing shareholders receive timely returns, thereby reinforcing shareholder confidence.
- Market Attention: As the Colorado River crisis deepens, Western states are looking into desalination deals, positioning Middlesex Water as a key player in future water resource management, which could enhance its market standing.
See More
Middlesex Water Company Appoints New CFO
- Executive Appointment: Middlesex Water Company announced that Tatyana Kaplan will serve as Vice President and Chief Accounting Officer effective March 26, 2026, bringing extensive expertise in utility accounting that will enhance the company's financial management and create ongoing value for customers and shareholders in a complex financial landscape.
- Industry Experience: Prior to joining Middlesex, Kaplan was the Director of Accounting for Veolia North America's regulated utility business, overseeing regulatory accounting and reporting across six jurisdictions, demonstrating her adaptability and leadership in diverse financial environments.
- Educational Credentials: Kaplan holds a Bachelor of Science in Finance and a Master of Science in Accounting from New York University's Leonard N. Stern School of Business, and is a Certified Public Accountant, equipping her with robust professional knowledge and industry-recognized qualifications to provide high-level financial guidance to the company.
- Management Transition: Additionally, Middlesex Water Company announced that Robert Capko will step down as Principal Accounting Officer but will remain with the company as Corporate Controller, ensuring financial stability and continuity during the transition period.
See More
Middlesex Water Board Member Purchases Shares
- Share Purchase: Robert N. Hoglund, a member of the Middlesex Water Company Board, purchased 2,000 shares on February 27, 2026, for approximately $109,000, indicating a bullish outlook on the company, with this transaction establishing a direct holding of 2,000 shares, representing a 0.01% ownership stake.
- Transaction Context: This marks only the second reported transaction by Hoglund, with a total of 2,000 shares purchased, suggesting limited trading activity historically, which aligns with his confidence in the company's stable growth trajectory.
- Company Performance: Middlesex Water Company reported revenues of $194.7 million for 2025, up from $191.9 million in 2024, primarily due to rate increases and customer growth, with expectations for continued revenue growth in 2026 following a recently approved rate hike.
- Investment Appeal: With a dividend yield exceeding 2%, Middlesex Water Company has attracted income-oriented investors, having paid dividends continuously since 1912; despite stock gains in 2026, shares remain below the 52-week high of $67.09 reached last April, presenting a favorable investment opportunity.
See More
Middlesex Water Director Acquires Shares
- Share Acquisition: Robert Hoglund, a director at Middlesex Water Company, purchased 2,000 shares on February 27, 2026, at an average price of $54.31 per share for a total consideration of approximately $109,000, indicating his bullish outlook on the company's future.
- Ownership Stake: Following this transaction, Hoglund holds a direct stake of 2,000 shares, representing 0.01% of the outstanding shares, reflecting his confidence in the stock, especially as it has risen nearly 10% in 2026.
- Revenue Growth: Middlesex Water reported operating revenue of $194.7 million for 2025, up from $191.9 million in 2024, driven by rate increases and customer growth, with expectations for continued revenue growth in 2026.
- Stable Dividend Policy: The company has maintained a consistent dividend payout since 1912, with a current yield exceeding 2%, appealing to income-oriented investors, despite the stock still being below its 52-week high of $67.09.
See More
Tidewater Utilities to Issue Customer Bill Credits from PFAS Lawsuit Settlement Funds
Customer Bill Credit Announcement: Tidewater Utilities has announced a customer bill credit as part of a settlement related to a litigation process.
PFAS Litigation: The credit is being issued in connection with legal proceedings concerning per- and polyfluoroalkyl substances (PFAS), which have raised environmental and health concerns.
See More
Middlesex Water Company Reports Q1 2026 Financial Results
- Improved Financial Performance: Middlesex Water Company reported a net income of $10.6 million and diluted EPS of $0.57 for Q1 2026, up from $9.5 million and $0.53 in Q1 2025, indicating consistent growth in operational and financial outcomes.
- Revenue Growth: Operating revenues reached $48.7 million in the first quarter, an increase of $4.4 million from $44.3 million year-over-year, primarily driven by increased wholesale demand, customer consumption, and base rate hikes, reflecting the company's proactive market response.
- Infrastructure Investment: The company invested approximately $21 million in upgrading and enhancing the resiliency of its water and wastewater utility infrastructure during Q1 2026, representing about 17% of its planned $126 million annual investment for 2026, demonstrating its commitment to long-term sustainable growth.
- Dividend Declaration: Middlesex Water Company declared a cash dividend of $0.36 per common share to be paid on June 1, 2026, continuing its record of annual cash dividends since 1912, which underscores the company's ongoing commitment to shareholder returns and confidence in its financial stability.
See More
Middlesex Water Declares Quarterly Dividend of $0.36
- Quarterly Dividend Announcement: Middlesex Water has declared a quarterly dividend of $0.36 per share, consistent with previous distributions, indicating the company's stable cash flow and profitability, which is likely to attract income-seeking investors.
- Yield Analysis: The forward yield of 2.7% reflects the company's competitiveness in the current market environment, potentially increasing investor interest in its stock, particularly among small-cap utility stocks.
- Shareholder Assurance: The dividend is payable on June 1, with a record date of May 15 and an ex-dividend date also on May 15, ensuring that existing shareholders receive timely returns, thereby reinforcing shareholder confidence.
- Market Attention: As the Colorado River crisis deepens, Western states are looking into desalination deals, positioning Middlesex Water as a key player in future water resource management, which could enhance its market standing.
See More
Middlesex Water Company Appoints New CFO
- Executive Appointment: Middlesex Water Company announced that Tatyana Kaplan will serve as Vice President and Chief Accounting Officer effective March 26, 2026, bringing extensive expertise in utility accounting that will enhance the company's financial management and create ongoing value for customers and shareholders in a complex financial landscape.
- Industry Experience: Prior to joining Middlesex, Kaplan was the Director of Accounting for Veolia North America's regulated utility business, overseeing regulatory accounting and reporting across six jurisdictions, demonstrating her adaptability and leadership in diverse financial environments.
- Educational Credentials: Kaplan holds a Bachelor of Science in Finance and a Master of Science in Accounting from New York University's Leonard N. Stern School of Business, and is a Certified Public Accountant, equipping her with robust professional knowledge and industry-recognized qualifications to provide high-level financial guidance to the company.
- Management Transition: Additionally, Middlesex Water Company announced that Robert Capko will step down as Principal Accounting Officer but will remain with the company as Corporate Controller, ensuring financial stability and continuity during the transition period.
See More
Middlesex Water Board Member Purchases Shares
- Share Purchase: Robert N. Hoglund, a member of the Middlesex Water Company Board, purchased 2,000 shares on February 27, 2026, for approximately $109,000, indicating a bullish outlook on the company, with this transaction establishing a direct holding of 2,000 shares, representing a 0.01% ownership stake.
- Transaction Context: This marks only the second reported transaction by Hoglund, with a total of 2,000 shares purchased, suggesting limited trading activity historically, which aligns with his confidence in the company's stable growth trajectory.
- Company Performance: Middlesex Water Company reported revenues of $194.7 million for 2025, up from $191.9 million in 2024, primarily due to rate increases and customer growth, with expectations for continued revenue growth in 2026 following a recently approved rate hike.
- Investment Appeal: With a dividend yield exceeding 2%, Middlesex Water Company has attracted income-oriented investors, having paid dividends continuously since 1912; despite stock gains in 2026, shares remain below the 52-week high of $67.09 reached last April, presenting a favorable investment opportunity.
See More
Middlesex Water Director Acquires Shares
- Share Acquisition: Robert Hoglund, a director at Middlesex Water Company, purchased 2,000 shares on February 27, 2026, at an average price of $54.31 per share for a total consideration of approximately $109,000, indicating his bullish outlook on the company's future.
- Ownership Stake: Following this transaction, Hoglund holds a direct stake of 2,000 shares, representing 0.01% of the outstanding shares, reflecting his confidence in the stock, especially as it has risen nearly 10% in 2026.
- Revenue Growth: Middlesex Water reported operating revenue of $194.7 million for 2025, up from $191.9 million in 2024, driven by rate increases and customer growth, with expectations for continued revenue growth in 2026.
- Stable Dividend Policy: The company has maintained a consistent dividend payout since 1912, with a current yield exceeding 2%, appealing to income-oriented investors, despite the stock still being below its 52-week high of $67.09.
See More
Tidewater Utilities to Issue Customer Bill Credits from PFAS Lawsuit Settlement Funds
Customer Bill Credit Announcement: Tidewater Utilities has announced a customer bill credit as part of a settlement related to a litigation process.
PFAS Litigation: The credit is being issued in connection with legal proceedings concerning per- and polyfluoroalkyl substances (PFAS), which have raised environmental and health concerns.
See More
