Artesian Resources Corporation (NASDAQ:ARTNA) Plans $0.31 Quarterly Dividend

Key Points

• Artesian Resources Corporation has declared a quarterly dividend of $0.31 per share, with shareholders of record set to receive it on August 25th, resulting in an annualized yield of 3.7%.
• The company reported earnings of $0.61 per share for the last quarter, exceeding estimates, while revenue was slightly below forecasts at $28.55 million.
• Artesian Resources has seen significant increases in institutional investments, with some hedge funds boosting their stakes by as much as 4,084.4% in the first quarter.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) declared a quarterly dividend on Monday, August 4th, Wall Street Journal reports. Shareholders of record on Friday, August 15th will be paid a dividend of 0.3074 per share by the utilities provider on Monday, August 25th. This represents a c) dividend on an annualized basis and a yield of 3.7%. The ex-dividend date of this dividend is Friday, August 15th.

Artesian Resources has a dividend payout ratio of 55.7% indicating that its dividend is sufficiently covered by earnings. Analysts expect Artesian Resources to earn $2.00 per share next year, which means the company should continue to be able to cover its $1.23 annual dividend with an expected future payout ratio of 61.5%.

Artesian Resources Stock Up 1.1%

Shares of ARTNA stock traded up $0.38 during trading on Friday, reaching $33.58. The company's stock had a trading volume of 21,694 shares, compared to its average volume of 32,929. The business has a fifty day moving average price of $33.55 and a 200-day moving average price of $33.01. The company has a quick ratio of 0.77, a current ratio of 0.98 and a debt-to-equity ratio of 0.73. The company has a market cap of $346.14 million, a price-to-earnings ratio of 15.47 and a beta of 0.34. Artesian Resources has a one year low of $29.45 and a one year high of $38.94.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.05. Artesian Resources had a net margin of 20.84% and a return on equity of 9.60%. The firm had revenue of $28.55 million for the quarter, compared to analyst estimates of $29.00 million. Analysts anticipate that Artesian Resources will post 1.92 earnings per share for the current year.

About Artesian Resources

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater collection, treatment infrastructure, and wastewater services to customers in Delaware.