Artesian Resources (NASDAQ:ARTNA) Downgraded by StockNews.com to Sell

Artesian Resources (NASDAQ:ARTNA - Get Free Report) was downgraded by stock analysts at StockNews.com from a "hold" rating to a "sell" rating in a report released on Wednesday.

Separately, TheStreet lowered shares of Artesian Resources from a "b-" rating to a "c+" rating in a research report on Monday, February 5th.

Artesian Resources Price Performance

ARTNA traded down $1.23 on Wednesday, hitting $35.19. 49,195 shares of the company were exchanged, compared to its average volume of 37,174. The company has a debt-to-equity ratio of 0.77, a quick ratio of 1.10 and a current ratio of 1.37. The business's fifty day moving average is $35.80 and its 200 day moving average is $39.13. Artesian Resources has a fifty-two week low of $33.84 and a fifty-two week high of $58.41. The firm has a market capitalization of $362.03 million, a P/E ratio of 21.20 and a beta of 0.18.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last issued its earnings results on Wednesday, March 13th. The utilities provider reported $0.34 earnings per share for the quarter. The company had revenue of $24.55 million for the quarter. Artesian Resources had a net margin of 16.89% and a return on equity of 7.62%. As a group, sell-side analysts anticipate that Artesian Resources will post 1.99 EPS for the current year.

Hedge Funds Weigh In On Artesian Resources

Several institutional investors and hedge funds have recently modified their holdings of ARTNA. Kestra Advisory Services LLC raised its stake in Artesian Resources by 170.0% during the third quarter. Kestra Advisory Services LLC now owns 257,466 shares of the utilities provider's stock worth $10,811,000 after purchasing an additional 162,092 shares during the period. Foundry Partners LLC raised its stake in Artesian Resources by 6.3% during the third quarter. Foundry Partners LLC now owns 109,456 shares of the utilities provider's stock worth $4,596,000 after purchasing an additional 6,488 shares during the period. Swiss National Bank raised its stake in Artesian Resources by 11.3% during the third quarter. Swiss National Bank now owns 20,650 shares of the utilities provider's stock worth $867,000 after purchasing an additional 2,100 shares during the period. Quadrature Capital Ltd raised its stake in Artesian Resources by 21.3% during the third quarter. Quadrature Capital Ltd now owns 12,210 shares of the utilities provider's stock worth $513,000 after purchasing an additional 2,148 shares during the period. Finally, Raymond James & Associates raised its stake in Artesian Resources by 6.7% during the third quarter. Raymond James & Associates now owns 6,318 shares of the utilities provider's stock worth $265,000 after purchasing an additional 398 shares during the period. 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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