Artesian Resources (NASDAQ:ARTNA) Stock Passes Above Two Hundred Day Moving Average - Here's What Happened

Shares of Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $32.68 and traded as high as $34.37. Artesian Resources shares last traded at $34.18, with a volume of 19,230 shares traded.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Artesian Resources from a "hold" rating to a "buy" rating in a report on Monday, May 5th.

Artesian Resources Trading Up 0.3%

The business's 50-day simple moving average is $33.80 and its two-hundred day simple moving average is $32.72. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.98 and a quick ratio of 0.77. The stock has a market capitalization of $345.44 million, a price-to-earnings ratio of 16.11 and a beta of 0.33.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last released its earnings results on Monday, May 5th. The utilities provider reported $0.53 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.18. The firm had revenue of $25.89 million during the quarter, compared to analyst estimates of $25.00 million. Artesian Resources had a net margin of 19.60% and a return on equity of 8.98%. On average, research analysts anticipate that Artesian Resources Corporation will post 1.92 earnings per share for the current fiscal year.

Artesian Resources Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, May 27th. Investors of record on Friday, May 16th were paid a $0.3074 dividend. This is a boost from Artesian Resources's previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, May 16th. This represents a $1.23 annualized dividend and a dividend yield of 3.67%. Artesian Resources's payout ratio is presently 59.13%.

Institutional Investors Weigh In On Artesian Resources

A number of large investors have recently added to or reduced their stakes in ARTNA. GAMMA Investing LLC raised its stake 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 valued at $41,000 after purchasing an additional 1,307 shares in the last quarter. Aquatic Capital Management LLC boosted its holdings in Artesian Resources by 703.3% during the fourth quarter. Aquatic Capital Management LLC now owns 2,410 shares of the utilities provider's stock worth $76,000 after buying an additional 2,110 shares during the last quarter. Jones Financial Companies Lllp boosted its holdings in Artesian Resources by 985.2% during 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. Wells Fargo & Company MN boosted its holdings in Artesian Resources by 100.2% during the fourth quarter. Wells Fargo & Company MN now owns 3,514 shares of the utilities provider's stock worth $111,000 after buying an additional 1,759 shares during the last quarter. Finally, Moors & Cabot Inc. bought a new position in shares of Artesian Resources during the 1st quarter valued at about $209,000. Institutional investors own 57.37% of the company's stock.

About Artesian Resources

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.