Artesian Resources Corporation (NASDAQ:ARTNA) Short Interest Up 19.7% in February

Key Points

• Short interest rose 19.7% in February to 107,897 shares, about 1.3% of the stock and a days-to-cover ratio of 3.9 based on average daily volume.
• Artesian beat the quarter with EPS of $0.40 versus $0.37 expected and revenue of $28.02M, and the company has a market cap of roughly $337M.
• The firm pays a quarterly dividend of $0.3136 (annualized $1.25) for a ~3.8% yield with a ~56% payout ratio, while analysts' consensus rating is a Hold.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) was the target of a large growth in short interest in the month of February. As of February 27th, there was short interest totaling 107,897 shares, a growth of 19.7% from the February 12th total of 90,163 shares. Based on an average daily volume of 27,902 shares, the days-to-cover ratio is presently 3.9 days. Approximately 1.3% of the shares of the stock are sold short. Approximately 1.3% of the shares of the stock are sold short. Based on an average daily volume of 27,902 shares, the days-to-cover ratio is presently 3.9 days.

Artesian Resources Price Performance

Shares of Artesian Resources stock opened at $32.72 on Monday. The firm has a market cap of $337.34 million, a PE ratio of 14.74 and a beta of 0.36. The stock has a 50 day moving average of $33.18 and a 200 day moving average of $32.62. The company has a current ratio of 0.68, a quick ratio of 0.54 and a debt-to-equity ratio of 0.70. Artesian Resources has a 12 month low of $30.50 and a 12 month high of $36.19.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last released its quarterly earnings data on Thursday, March 12th. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.37 by $0.03. The business had revenue of $28.02 million for the quarter, compared to the consensus estimate of $28.00 million. Artesian Resources had a return on equity of 9.57% and a net margin of 20.76%. On average, research analysts expect that Artesian Resources will post 1.92 EPS for the current fiscal year.

Artesian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Friday, February 13th were given a $0.3136 dividend. This represents a $1.25 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, February 13th. Artesian Resources's payout ratio is currently 56.31%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Weiss Ratings reiterated a "hold (c-)" rating on shares of Artesian Resources in a research report on Wednesday, January 21st. Zacks Research upgraded shares of Artesian Resources from a "strong sell" rating to a "hold" rating in a research report on Friday, January 30th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Artesian Resources presently has a consensus rating of "Hold".

Hedge Funds Weigh In On Artesian Resources

Several institutional investors have recently bought and sold shares of the business. Quadrature Capital Ltd increased its holdings in shares of Artesian Resources by 7.0% in the 4th quarter. Quadrature Capital Ltd now owns 10,326 shares of the utilities provider's stock worth $326,000 after buying an additional 679 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Artesian Resources by 4.7% in the 4th quarter. Millennium Management LLC now owns 41,743 shares of the utilities provider's stock valued at $1,319,000 after acquiring an additional 1,891 shares during the last quarter. Trexquant Investment LP lifted its holdings in shares of Artesian Resources by 56.5% in the 4th quarter. Trexquant Investment LP now owns 35,579 shares of the utilities provider's stock valued at $1,125,000 after acquiring an additional 12,852 shares during the last quarter. Russell Investments Group Ltd. grew its position in Artesian Resources by 11.6% in the fourth quarter. Russell Investments Group Ltd. now owns 61,035 shares of the utilities provider's stock worth $1,929,000 after acquiring an additional 6,360 shares in the last quarter. Finally, Royal Bank of Canada grew its position in Artesian Resources by 9.0% in the fourth quarter. Royal Bank of Canada now owns 5,813 shares of the utilities provider's stock worth $183,000 after acquiring an additional 480 shares in the last quarter. Institutional investors own 57.37% of the company's stock.

Artesian Resources Company Profile

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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