Artesian Resources (NASDAQ:ARTNA) Announces Quarterly Earnings Results, Beats Expectations By $0.03 EPS

Key Points

• Artesian Resources reported quarterly EPS of $0.40, beating the consensus by $0.03 (revenue $28.02M vs. $28.00M), with a return on equity of 9.51% and a net margin of 20.72%.
• The company paid a quarterly dividend of $0.3136 (annualized $1.25), representing a yield of 3.8% and a payout ratio of 57.08%.
• Shares traded up to $32.71 (market cap ~$337.3M, P/E 14.9), and Wall Street consensus remains a Hold.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) announced its quarterly earnings results on Thursday. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.03, Zacks reports. Artesian Resources had a return on equity of 9.51% and a net margin of 20.72%.The business had revenue of $28.02 million during the quarter, compared to the consensus estimate of $28.00 million.

Artesian Resources Stock Performance

ARTNA traded up $0.32 during trading on Friday, hitting $32.71. 27,623 shares of the company traded hands, compared to its average volume of 35,216. The firm has a market cap of $337.28 million, a P/E ratio of 14.90 and a beta of 0.36. The company has a quick ratio of 0.54, a current ratio of 0.68 and a debt-to-equity ratio of 0.70. Artesian Resources has a one year low of $30.50 and a one year high of $36.19. The stock's fifty day moving average is $33.16 and its 200 day moving average is $32.63.

Artesian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Friday, February 13th were given a dividend of $0.3136 per share. The ex-dividend date was Friday, February 13th. This represents a $1.25 annualized dividend and a yield of 3.8%. Artesian Resources's dividend payout ratio is presently 57.08%.

Institutional Investors Weigh In On Artesian Resources

Several large investors have recently modified their holdings of the stock. Quarry LP bought a new stake in shares of Artesian Resources in the 3rd quarter worth approximately $38,000. Osaic Holdings Inc. increased its position in Artesian Resources by 44.6% in the second quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider's stock worth $55,000 after buying an additional 503 shares during the last quarter. Jones Financial Companies Lllp increased its position in Artesian Resources by 985.2% in the first 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. BNP Paribas Financial Markets raised its stake in shares of Artesian Resources by 422.1% in the second quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider's stock valued at $125,000 after buying an additional 3,005 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of Artesian Resources by 9.0% during the 4th quarter. Royal Bank of Canada now owns 5,813 shares of the utilities provider's stock valued at $183,000 after buying an additional 480 shares during the last quarter. Hedge funds and other institutional investors own 57.37% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ARTNA shares. Weiss Ratings reaffirmed a "hold (c-)" rating on shares of Artesian Resources in a report on Wednesday, January 21st. Zacks Research raised 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, According to MarketBeat.com, Artesian Resources has a consensus rating of "Hold".

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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