Artesian Resources (NASDAQ:ARTNA) Share Price Breaks Above 200 Day Moving Average - Here's What Happened

Key Points

• Artesian Resources shares rose above their 200-day moving average of $33.41, reaching $34.07 before last trading at $33.62.
• Weiss Ratings upgraded the stock from “hold (c)” to “hold (c+),” while the two analysts covering Artesian Resources maintain an overall “Hold” rating.
• The company exceeded quarterly expectations with EPS of $0.64 versus a $0.59 consensus estimate and reported a quarterly dividend of $0.3199, equivalent to a 3.8% yield.

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 $33.41 and traded as high as $34.07. Artesian Resources shares last traded at $33.62, with a volume of 32,044 shares.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Artesian Resources from a "hold (c)" rating to a "hold (c+)" rating in a report on Thursday, September 3rd. Two equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Artesian Resources has an average rating of "Hold".

Artesian Resources Trading Up 2.0%

The stock has a market capitalization of $347.19 million, a price-to-earnings ratio of 14.68 and a beta of 0.34. The company's 50 day moving average is $34.92 and its 200 day moving average is $33.41. 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 results on Friday, August 7th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analyst estimates of $29.80 million.

Artesian Resources Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 17th were paid a $0.3199 dividend. This represents a $1.28 annualized dividend and a dividend yield of 3.8%. The ex-dividend date was Monday, August 17th. Artesian Resources's dividend payout ratio (DPR) is presently 55.90%.

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 bought a new stake in shares of Artesian Resources in the 2nd quarter worth approximately $136,000. Sei Investments Co. bought a new stake in shares of Artesian Resources during the first quarter valued at approximately $213,000. Cullen Capital Management LLC bought a new stake in shares of Artesian Resources during the second quarter valued at approximately $394,000. Gabelli Funds LLC raised its stake in shares of Artesian Resources by 23.4% in the first quarter. Gabelli Funds LLC now owns 29,000 shares of the utilities provider's stock valued at $924,000 after purchasing an additional 5,500 shares in the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Artesian Resources by 372.4% in the first quarter. Assenagon Asset Management S.A. now owns 45,310 shares of the utilities provider's stock valued at $1,443,000 after purchasing an additional 35,718 shares in the last quarter. 57.37% of the stock is currently owned by institutional investors.

Artesian Resources Company Profile

Artesian Resources Corporation is a regulated water utility holding company headquartered in Newark, Delaware. Through its subsidiaries, the company provides water service to residential, commercial, industrial and institutional customers, along with wastewater services in selected markets.

The company owns and operates water supply and distribution systems, including wells, treatment facilities, storage tanks and pipelines. Its operations also include water treatment, wastewater management, contract operations and related engineering and consulting services for municipalities, developers and other customers.

Artesian primarily serves communities in Delaware, Maryland and Pennsylvania.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.