Core Viewpoint - BofA Securities analyst Ross Fowler initiated coverage on Middlesex Water Company (MSEX) with an Underperform rating and a price forecast of $56, highlighting that it is the most expensive utility in their coverage, trading at a 47% premium to the utility group and a 13% premium to the water group [1][2]. Financial Projections - The analyst projects that Middlesex Water's EPS will grow at a 5.2% CAGR from 2024 to 2027, with estimates of $2.34 in 2024, $2.45 in 2025, $2.59 in 2026, and $2.72 in 2027 [3]. - Capital expenditures are expected to exceed guidance due to a national push for water quality investment, resulting in a 7.6% annual rate base growth through 2027, although this is slower than the recent 15% rate base growth driven by one-time water quality investments [3][4]. Growth and Challenges - Middlesex Water expects 4% customer growth in 2024, but economic conditions may pose challenges to achieving this growth, leading the analyst to adjust the growth assumption to 3% in their model [5][6]. - The focus on limiting water customer bill increases may restrict further upside for Middlesex Water, especially as the company relies more on frequent rate cases [4]. Capital Needs - The company may need to raise external equity starting in 2025, forecasting $25 million per year to bring its equity capitalization closer to authorized levels [4]. Market Performance - MSEX shares are currently trading lower by 1.66% to $60.31 [7].

Core Viewpoint - Middlesex Water Company has appointed Gregory Sorensen as Vice President and Chief Operating Officer, effective December 16, 2024, as part of its strategic succession planning and organizational realignment efforts [1][2]. Group 1: Leadership Appointment - Gregory Sorensen brings extensive utility experience, a commitment to safety, employee development, finance, and regulatory compliance to his new role [2]. - Sorensen previously served as President of the West Region at Liberty Utilities, overseeing operations in the U.S. and Chile, managing a team of 800 professionals, and handling regulated utility revenue exceeding $400 million [3]. Group 2: Responsibilities and Vision - In his new role, Sorensen will be responsible for the operational performance of Middlesex Water Company, overseeing Engineering and Operations functions, including capital program planning, water and wastewater operations, safety management, environmental compliance, and sustainability initiatives [3][4]. - Sorensen expressed his commitment to maintaining the company's tradition of operational excellence and enhancing service quality for customers and communities [4]. Group 3: Company Overview - Middlesex Water Company, established in 1897, provides high-quality water services for residential, commercial, industrial, and fire protection purposes, serving a population of approximately 500,000 in New Jersey and Delaware [5]. - The company focuses on balancing the needs of employees, customers, and shareholders while investing in infrastructure and community support to ensure reliable utility services and economic growth [5].

Core Viewpoint - Middlesex Water (MSEX) reported quarterly earnings of $0.80 per share, exceeding the Zacks Consensus Estimate of $0.67 per share, and showing an increase from $0.56 per share a year ago, representing an earnings surprise of 19.40% [1][2] Financial Performance - The company posted revenues of $55.1 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 10.20%, compared to $46.72 million in the same quarter last year [2] - Over the last four quarters, Middlesex Water has exceeded consensus EPS estimates two times and topped consensus revenue estimates two times [2] Stock Performance - Middlesex Water shares have declined approximately 4.8% since the beginning of the year, while the S&P 500 has gained 21.9% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.36 on revenues of $41 million, and for the current fiscal year, it is $2.21 on revenues of $181 million [7] - The estimate revisions trend for Middlesex Water is mixed, and future changes in estimates will be closely monitored following the recent earnings report [6][7] Industry Context - The Utility - Water Supply industry is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5]

Exhibit 99.1 MIDDLESEX WATER ANNOUNCES THIRD QUARTER 2024 FINANCIAL RESULTS Ø Diluted earnings per share of $0.80 for the quarter, an increase of 42.9% in comparison to the prior year Ø Common dividend increased by 4.62%. Iselin, NJ, (October 31, 2024) - Middlesex Water Company ("Middlesex" or the "Company") (NASDAQ:MSEX) a provider of water and wastewater services, today announced third quarter financial results. Third Quarter Operating Results Diluted earnings per share were $0.80 and $0.56 for the three ...

ISELIN, N.J., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ: MSEX) announced today that its Board of Directors has declared a quarterly cash dividend of $0.34 per share on its common stock, a 4.62% increase from the $0.325 per share dividend last declared in July 2024. This increase raises the annual dividend rate to $1.36 from $1.30 per share of common stock and marks Middlesex’s 52nd consecutive year of dividend increases. The dividend at the new rate is payable December 2, 2024, to sh ...

ISELIN, N.J., Oct. 21, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX), a provider of water, wastewater and related utility services, plans to announce its financial results for the third quarter ended September 30, 2024 on October 31, 2024 after the market closes. The press release and the company’s 10-Q filing will be available in the Investors section of the Company’s website. About Middlesex Water CompanyEstablished in 1897, Middlesex Water Company serves as a trusted provider offering li ...

ISELIN, N.J., Oct. 09, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (the "Company" or "Middlesex"), (Nasdaq:MSEX), a provider of water and wastewater and related services primarily in New Jersey and Delaware, today announced that Bernadette M. Sohler, Vice President of Corporate Affairs, will be retiring on December 31, 2024 after a 30-year career with the Company. Sohler joined Middlesex in 1994 and served in positions of increasing responsibility before being named to the executive leadership team as ...

ISELIN, N.J., Oct. 03, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (NASDAQ:MSEX), a provider of water, wastewater and related utility services, is pleased to announce it has been named a finalist in Ragan's prestigious PR Daily Awards. The PR Daily Awards program is regarded as the communications industry's most esteemed recognition platform, honoring the most impactful public relations, marketing, and social media campaigns across various sectors. Middlesex is being recognized in the Video: Single Use ...

Company Overview - Middlesex Water Company is a trusted provider of high-quality water services for residential, commercial, industrial, and fire protection purposes, established in 1897 [4] - The company offers a full range of water, wastewater utility, and related services, specializing in municipal and industrial contract operations, as well as water and wastewater system technical operations and maintenance [4] - Middlesex Water and its subsidiaries serve a population of half a million people in New Jersey and Delaware [4] - The company is focused on investing in its people, infrastructure, and communities to support reliable and resilient utility services, economic growth, and quality of life [4] Industry Event Participation - Middlesex Water's Vice President of Enterprise Engineering, G Christian Andreasen, Jr P E, will speak at the Second Annual Gabelli Funds PFAS Symposium on September 26, 2024, at the Harvard Club in New York City [1] - The symposium aims to facilitate dialogue on environmental and public health challenges posed by PFAS (Per- and Polyfluoroalkyl substances), their persistence in the environment, and effective treatment technologies [1] Leadership and Expertise - G Christian Andreasen, Jr P E, has over 40 years of experience in water and wastewater utility operations, including planning, engineering, construction, and management [2] - Andreasen oversees capital program project development and delivery, capital improvement activities, and asset management initiatives [2] - His leadership in treating PFAS in groundwater in New Jersey has positioned Middlesex Water to respond to stricter EPA regulations and support local municipalities in addressing PFAS issues [3] Strategic Positioning - Middlesex Water's expertise in PFAS treatment has enhanced its ability to comply with stringent EPA regulations and serve as a resource for local municipalities [3] - The company's participation in the PFAS Symposium highlights its commitment to addressing critical environmental and public health challenges related to PFAS [1][3]

ISELIN, N.J., Sept. 17, 2024 (GLOBE NEWSWIRE) -- Middlesex Water Company (the "Company" or "Middlesex Water") has announced that its President and Chief Executive Officer, Nadine Leslie, and Senior Vice President, Chief Financial Officer and Treasurer, Mohammed G. (Rally) Zerhouni, will be participating in the 4th Annual Virtual Water Utilities Conference hosted by Janney Montgomery Scott on Thursday, September 19, 2024 at 1:00 p.m. (ET). Ms. Leslie and Mr. Zerhouni will be providing a Company update. The C ...