Artesian Resources (NASDAQ:ARTNA) Shares Pass Above 200 Day Moving Average - Here's What Happened

Key Points

• Artesian Resources shares rose above their 200-day moving average during Friday trading, reaching as high as $34.30 before last trading at $33.98. The move came on volume of 38,228 shares.
• The company reported better-than-expected quarterly results, with EPS of $0.57 versus estimates of $0.48 and revenue of $27.77 million versus expectations of $27.00 million.
• Artesian Resources also raised its quarterly dividend to $0.3199 per share from $0.31, implying a 3.8% annualized yield. Meanwhile, Weiss Ratings downgraded the stock one notch from “hold (c)” to “hold (c-)” while overall analyst sentiment remains Hold.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $32.72 and traded as high as $34.30. Artesian Resources shares last traded at $33.98, with a volume of 38,228 shares.

Analyst Ratings Changes

Separately, Weiss Ratings downgraded shares of Artesian Resources from a "hold (c)" rating to a "hold (c-)" rating in a research note on Thursday, May 7th. Two equities research analysts have rated the stock with a Hold rating, According to MarketBeat, the company currently has an average rating of "Hold".

Artesian Resources Stock Up 0.1%

The firm has a 50-day simple moving average of $32.96 and a 200 day simple moving average of $32.72. 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 stock has a market capitalization of $350.67 million, a P/E ratio of 15.04 and a beta of 0.34.

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

Artesian Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a $0.3199 dividend. This is a boost from Artesian Resources's previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, May 15th. This represents a $1.28 annualized dividend and a dividend yield of 3.8%. Artesian Resources's dividend payout ratio is 56.64%.

Institutional Investors Weigh In On Artesian Resources

Several institutional investors and hedge funds have recently made changes to their positions in the business. Quarry LP bought a new stake in Artesian Resources in the third quarter worth approximately $38,000. Osaic Holdings Inc. boosted its holdings in shares of Artesian Resources by 44.6% during the 2nd quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider's stock worth $55,000 after buying an additional 503 shares in the last quarter. Copeland Capital Management LLC bought a new position in shares of Artesian Resources during the 4th quarter worth approximately $63,000. Jones Financial Companies Lllp grew its position in shares of Artesian Resources by 985.2% during 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 period. Finally, BNP Paribas Financial Markets grew its position in shares of Artesian Resources by 422.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider's stock worth $125,000 after buying an additional 3,005 shares during the period. 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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