Artesian Resources Corporation (NASDAQ:ARTNA) Sees Large Decrease in Short Interest

Key Points

• Short interest in Artesian Resources fell 36.6% to 86,194 shares as of July 15, representing approximately 1.1% of shares outstanding and 2.8 days of average trading volume.
• The stock declined 1.6% to $34.32, while its latest quarterly results exceeded expectations with earnings of $0.57 per share versus the $0.48 consensus and revenue of $27.77 million.
• Artesian raised its quarterly dividend to $0.3199, implying an annualized yield of 3.7%; analysts maintain a consensus “Hold” rating, and institutional investors own 57.37% of the company.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) was the target of a large decrease in short interest during the month of July. As of July 15th, there was short interest totaling 86,194 shares, a decrease of 36.6% from the June 30th total of 135,967 shares. Approximately 1.1% of the company's shares are short sold. Based on an average daily volume of 30,883 shares, the short-interest ratio is presently 2.8 days.

Artesian Resources Stock Down 1.6%

ARTNA stock traded down $0.55 on Thursday, reaching $34.32. 21,843 shares of the company traded hands, compared to its average volume of 31,095. The firm has a fifty day simple moving average of $33.31 and a 200-day simple moving average of $32.88. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.01 and a quick ratio of 0.89. The company has a market cap of $354.14 million, a P/E ratio of 15.20 and a beta of 0.34. Artesian Resources has a one year low of $30.50 and a one year high of $35.49.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The utilities provider reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.48 by $0.09. Artesian Resources had a net margin of 20.86% and a return on equity of 9.61%. The business had revenue of $27.77 million during the quarter, compared to analyst estimates of $27.00 million.

Artesian Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were issued a $0.3199 dividend. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, May 15th. This is a positive change from Artesian Resources's previous quarterly dividend of $0.31. Artesian Resources's dividend payout ratio is 56.64%.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised shares of Artesian Resources from a "hold (c-)" rating to a "hold (c)" rating in a research report on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat.com, Artesian Resources has an average rating of "Hold".

Institutional Investors Weigh In On Artesian Resources

A number of hedge funds have recently added to or reduced their stakes in ARTNA. Jones Financial Companies Lllp boosted its stake in shares of Artesian Resources by 985.2% in the 1st quarter. Jones Financial Companies Lllp now owns 2,713 shares of the utilities provider's stock worth $89,000 after buying an additional 2,463 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Artesian Resources by 10.6% during the first quarter. Goldman Sachs Group Inc. now owns 72,289 shares of the utilities provider's stock valued at $2,360,000 after purchasing an additional 6,956 shares during the period. Jane Street Group LLC increased its holdings in Artesian Resources by 129.0% in the 1st quarter. Jane Street Group LLC now owns 37,508 shares of the utilities provider's stock worth $1,225,000 after acquiring an additional 21,127 shares in the last quarter. Creative Planning purchased a new stake in shares of Artesian Resources in the second quarter worth $267,000. Finally, American Century Companies Inc. increased its stake in Artesian Resources by 19.2% in the 2nd quarter. American Century Companies Inc. now owns 22,501 shares of the utilities provider's stock worth $755,000 after buying an additional 3,631 shares in the last quarter. 57.37% of the stock is currently owned by hedge funds and other institutional investors.

About Artesian Resources

Artesian Resources Corporation NASDAQ: ARTNA is a publicly traded water and wastewater utility company headquartered in Wilmington, Delaware. The company provides regulated water distribution and wastewater collection services to residential, commercial and industrial customers. Through its operating subsidiaries, Artesian is subject to oversight by public utility commissions in Delaware, Maryland and Pennsylvania, ensuring the delivery of safe, high-quality water in compliance with state and federal standards.

Traced back to its roots as the Artesian Water Company founded in 1905, the organization has expanded its footprint through a combination of organic growth and strategic acquisitions.

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