The company did not provide specific financial guidance for the current or future periods.
Analyst coverage
The current average analyst rating on the shares is buy and the breakdown of recommendations is 2 strong buy or buy, 1 hold and no sell or strong sell.
The average consensus recommendation for the water & related utilities peer group is buy.
Wall Street's median 12-month price target for Middlesex Water Co is $64.00, about 11.8% above its July 29 closing price of $57.25.
The stock recently traded at 22 times the next 12-month earnings vs. a P/E of 20 three months ago.
Revenue drivers and expenses
The company said revenue growth was driven by higher wholesale demand, customer use and rate increases.
- The company said increased wholesale customer demand contributed to higher revenue in the quarter.
Customer consumption and growth - The company said higher customer consumption and growth, along with rate increases, boosted revenues in both the Middlesex and Tidewater Systems.
Operating expenses - The company said operations and maintenance expenses rose due to a higher allowance for credit loss reserve and employee-related costs, partially offset by higher capitalizable costs.
Quarterly results beat estimates
US water utility Middlesex Water said its second-quarter operating revenue rose and beat analyst expectations.
Diluted earnings per share for Q2 increased to $0.79 from $0.60 a year earlier.
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