ISELIN, NJ – Middlesex Water Firm (NASDAQ:) has introduced modifications to its government compensation agreements, in line with a current SEC submitting. The corporate, specializing in water provide, disclosed that it’ll not prolong its present Change in Management Agreements previous December 31, 2024, for sure executives.
On Monday (NASDAQ:), the corporate entered into new Change in Management Agreements with a number of prime executives, set to take impact from January 1, 2025. These agreements embody provisions for severance advantages within the occasion of employment termination following a change in charge of the corporate, reminiscent of a major acquisition of firm shares or board modifications.
Along with the brand new agreements, Middlesex Water Firm and its President and Chief Govt Officer, Nadine Leslie, have agreed to an modification to Leslie’s present Change in Management Settlement on Sunday. This modification aligns Leslie’s settlement with the brand new phrases established for different executives.
The agreements specify that the executives will obtain compensation, together with a lump sum cost and continuation of sure advantages, if they’re terminated with out trigger or resign for good motive inside two years after a change in management.
In different current information, Middlesex Water Firm declared a quarterly money dividend of $0.34 per share, marking a 4.62% improve from the earlier dividend. This choice continues the corporate’s 52-year streak of dividend progress. Nevertheless, Baird downgraded Middlesex Water’s inventory to Impartial from Outperform, following the corporate’s current quarterly submitting that omitted its anticipated capital expenditure outlook, introducing issues about future income and earnings visibility.
By way of personnel modifications, Middlesex Water introduced the appointment of Mohammed G. Zerhouni as Senior Vice President, Chief Monetary Officer, and Treasurer. Zerhouni, who brings over 20 years of finance management expertise within the regulated utility sector, succeeds A. Bruce O’Connor following his retirement.
Moreover, Tidewater (NYSE:) Utilities, a subsidiary of Middlesex Water, is ready to adjust to the forthcoming United States Environmental Safety Company’s ingesting water customary for particular PFAS compounds. The corporate has been proactively testing all its 175 wells and has put in ion trade resin methods for PFAS remedy at 4 places.
InvestingPro Insights
Middlesex Water Firm’s current government compensation modifications align with its long-term stability and progress technique. Based on InvestingPro information, the corporate boasts a market capitalization of $1.19 billion and has demonstrated stable monetary efficiency with a ten.14% income progress over the past twelve months as of Q3 2024. This progress is especially noteworthy within the utilities sector, which regularly sees slower enlargement charges.
InvestingPro Ideas spotlight MSEX’s dedication to shareholder worth, having raised its dividend for 21 consecutive years and maintained funds for 54 years. This monitor document of constant dividend progress, coupled with a present dividend yield of two.12%, might attraction to income-focused traders on the lookout for stability within the water utility area.
The corporate’s profitability over the past twelve months, as famous by InvestingPro Ideas, helps its capability to supply aggressive government compensation packages and preserve its dividend coverage. With a P/E ratio of 28.73, MSEX is buying and selling at a premium in comparison with some friends, which might mirror investor confidence within the firm’s administration and future prospects.
For traders in search of extra complete evaluation, InvestingPro presents extra ideas and metrics to additional consider Middlesex Water Firm’s monetary well being and market place.
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