Artesian Resources Corporation (NASDAQ:ARTNA) Sees Large Drop in Short Interest

Key Points

• Short interest fell 45.3% in August to 50,060 shares, representing 0.6% of ARTNA’s outstanding shares and a short-interest ratio of 1.6 days.
• Artesian Resources reported quarterly EPS of $0.64, beating estimates by $0.05, while revenue of $30.66 million also exceeded expectations.
• Shares rose 0.8% to $35.63, near the stock’s 52-week high, and the company maintains a quarterly dividend of $0.3199, equivalent to a 3.6% yield; analysts collectively rate the stock “Hold.”

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) was the recipient of a significant decline in short interest in the month of August. As of August 14th, there was short interest totaling 50,060 shares, a decline of 45.3% from the July 30th total of 91,570 shares. Currently, 0.6% of the shares of the stock are sold short. Based on an average trading volume of 31,270 shares, the short-interest ratio is presently 1.6 days.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Artesian Resources

Several institutional investors and hedge funds have recently added to or reduced their stakes in ARTNA. Ancora Advisors LLC purchased a new stake in shares of Artesian Resources in the second quarter valued at $136,000. Cullen Capital Management LLC acquired a new position in Artesian Resources during the second quarter valued at $394,000. Renaissance Technologies LLC lifted its stake in Artesian Resources by 15.1% in the 1st quarter. Renaissance Technologies LLC now owns 320,456 shares of the utilities provider's stock worth $10,207,000 after acquiring an additional 42,000 shares in the last quarter. Gabelli Funds LLC lifted its stake in Artesian Resources by 23.4% in the 1st quarter. Gabelli Funds LLC now owns 29,000 shares of the utilities provider's stock worth $924,000 after acquiring an additional 5,500 shares in the last quarter. Finally, FCA Corp TX boosted its position in Artesian Resources by 6.8% during the 1st quarter. FCA Corp TX now owns 69,722 shares of the utilities provider's stock worth $2,221,000 after acquiring an additional 4,412 shares during the period. 57.37% of the stock is currently owned by hedge funds and other institutional investors.

Artesian Resources Trading Up 0.8%

Shares of NASDAQ:ARTNA traded up $0.30 during midday trading on Friday, reaching $35.63. The company had a trading volume of 39,217 shares, compared to its average volume of 28,257. The company has a fifty day simple moving average of $34.42 and a two-hundred day simple moving average of $33.17. The firm has a market cap of $368.06 million, a price-to-earnings ratio of 15.56 and a beta of 0.33. Artesian Resources has a 1-year low of $30.50 and a 1-year high of $36.00. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.89 and a current ratio of 1.01.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.64 EPS for the quarter, beating analysts' consensus estimates of $0.59 by $0.05. Artesian Resources had a net margin of 20.18% and a return on equity of 9.37%. The company had revenue of $30.66 million during the quarter, compared to analyst estimates of $29.80 million.

Artesian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 17th were paid a $0.3199 dividend. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.28 dividend on an annualized basis and a yield of 3.6%. Artesian Resources's dividend payout ratio (DPR) is currently 55.90%.

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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