Artesian Resources (NASDAQ:ARTNA) Posts Earnings Results, Beats Estimates By $0.05 EPS

Key Points

• Artesian Resources reported quarterly EPS of $0.64, beating the consensus estimate of $0.59 by $0.05. The company posted a 9.61% return on equity and a 20.86% net margin.
• Shares rose 1.0% to $34.40 during Thursday trading, giving the company a market capitalization of approximately $355 million.
• Institutional investors own 57.37% of Artesian Resources, while analysts maintain a consensus “Hold” rating; Weiss Ratings recently upgraded its assessment from “hold (c-)” to “hold (c).”

Artesian Resources (NASDAQ:ARTNA - Get Free Report) posted its quarterly earnings results on Thursday. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.59 by $0.05, Zacks reports. Artesian Resources had a return on equity of 9.61% and a net margin of 20.86%.

Artesian Resources Trading Up 1.0%

Shares of NASDAQ ARTNA traded up $0.33 during midday trading on Thursday, reaching $34.40. 18,443 shares of the stock were exchanged, compared to its average volume of 31,538. Artesian Resources has a 12 month low of $30.50 and a 12 month high of $35.49. The company has a market capitalization of $355.01 million, a price-to-earnings ratio of 15.22 and a beta of 0.33. 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 business has a 50-day simple moving average of $33.52 and a two-hundred day simple moving average of $32.93.

Institutional Trading of Artesian Resources

Several hedge funds have recently added to or reduced their stakes in ARTNA. Vanguard Group Inc. grew its stake in Artesian Resources by 0.6% in the third quarter. Vanguard Group Inc. now owns 514,412 shares of the utilities provider's stock valued at $16,767,000 after acquiring an additional 3,079 shares during the period. Adage Capital Partners GP L.L.C. bought a new position in shares of Artesian Resources during the 2nd quarter valued at about $5,034,000. Geode Capital Management LLC lifted its holdings in shares of Artesian Resources by 1.8% during the 4th quarter. Geode Capital Management LLC now owns 109,114 shares of the utilities provider's stock valued at $3,451,000 after purchasing an additional 1,919 shares in the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Artesian Resources in the 3rd quarter valued at approximately $3,048,000. Finally, Goldman Sachs Group Inc. increased its stake in Artesian Resources by 10.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 72,289 shares of the utilities provider's stock worth $2,360,000 after purchasing an additional 6,956 shares in the last quarter. Institutional investors and hedge funds own 57.37% of the company's stock.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Artesian Resources from a "hold (c-)" rating to a "hold (c)" rating in a research note on Friday, July 17th. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold".

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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