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

Key Points

• Artesian Resources' stock (NASDAQ:ARTNA) recently crossed above its 200-day moving average of $33.44, trading as high as $33.81.
• The company reported quarterly earnings of $0.61 EPS, exceeding analysts' expectations of $0.56, although revenue was slightly below forecasts at $28.55 million.
• Artesian Resources declared a quarterly dividend of $0.3074, translating to an annualized yield of 3.7% with a payout ratio of 56.68%.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report)'s share price passed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $33.44 and traded as high as $33.81. Artesian Resources shares last traded at $33.56, with a volume of 19,798 shares traded.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a "hold (c-)" rating on shares of Artesian Resources in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Hold".

Artesian Resources Price Performance

The business's 50 day moving average price is $32.89 and its 200 day moving average price is $33.44. The stock has a market capitalization of $346.00 million, a P/E ratio of 15.47 and a beta of 0.34. The company has a debt-to-equity ratio of 0.72, a current ratio of 0.87 and a quick ratio of 0.69.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last announced its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.61 EPS for the quarter, topping analysts' consensus estimates of $0.56 by $0.05. Artesian Resources had a net margin of 20.84% and a return on equity of 9.55%. The firm had revenue of $28.55 million during the quarter, compared to analyst estimates of $29.00 million. Sell-side analysts forecast that Artesian Resources Corporation will post 1.92 EPS for the current year.

Artesian Resources Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 25th. Stockholders of record on Friday, August 15th were paid a $0.3074 dividend. The ex-dividend date was Friday, August 15th. This represents a $1.23 dividend on an annualized basis and a dividend yield of 3.7%. Artesian Resources's payout ratio is currently 56.68%.

Insider Activity at Artesian Resources

In other news, SVP John M. Thaeder sold 1,000 shares of Artesian Resources stock in a transaction that occurred on Thursday, August 28th. The shares were sold at an average price of $33.37, for a total value of $33,370.00. Following the completion of the sale, the senior vice president directly owned 20,592 shares in the company, valued at $687,155.04. The trade was a 4.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 20.59% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Artesian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Osaic Holdings Inc. boosted its holdings in shares of 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. LPL Financial LLC boosted its holdings in shares of Artesian Resources by 1.7% in the first quarter. LPL Financial LLC now owns 38,968 shares of the utilities provider's stock worth $1,272,000 after buying an additional 643 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Artesian Resources by 13.0% in the second quarter. Raymond James Financial Inc. now owns 9,634 shares of the utilities provider's stock worth $323,000 after buying an additional 1,110 shares during the last quarter. First Trust Advisors LP boosted its holdings in shares of Artesian Resources by 4.2% in the second quarter. First Trust Advisors LP now owns 30,432 shares of the utilities provider's stock worth $1,021,000 after buying an additional 1,222 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in shares of Artesian Resources by 4,084.4% in the first quarter. GAMMA Investing LLC now owns 1,339 shares of the utilities provider's stock worth $41,000 after buying an additional 1,307 shares during the last quarter. Hedge funds and other institutional investors own 57.37% of the company's stock.

Artesian Resources Company Profile

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater collection, treatment infrastructure, and wastewater services to customers in Delaware.

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