Artesian Resources (NASDAQ:ARTNA) Share Price Crosses Above 200-Day Moving Average - Time to Sell?

Key Points

• Artesian Resources shares moved above their 200-day moving average, reaching $33.90 before closing at $33.32, while remaining below the 50-day average of $35.01.
• Analysts maintain a cautious outlook: Weiss Ratings upgraded the stock slightly from “hold (c)” to “hold (c+),” while the two analysts covering it have an average Hold rating.
• The company reported better-than-expected quarterly results, with EPS of $0.64 versus the $0.59 consensus and revenue of $30.66 million. It also pays a quarterly dividend of $0.3199 per share, representing an annualized yield of about 3.8%.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report)'s share price passed above its 200-day moving average during trading on Thursday. The stock has a 200-day moving average of $33.40 and traded as high as $33.90. Artesian Resources shares last traded at $33.32, with a volume of 24,273 shares traded.

Analyst Ratings Changes

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

Artesian Resources Stock Down 1.3%

The stock's fifty day moving average price is $35.01 and its 200 day moving average price is $33.40. The stock has a market cap of $344.20 million, a P/E ratio of 14.55 and a beta of 0.34. The company has a current ratio of 1.01, a quick ratio of 0.89 and a debt-to-equity ratio of 0.71.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last posted its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $29.80 million.

Artesian Resources Announces Dividend

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

Hedge Funds Weigh In On Artesian Resources

Institutional investors have recently modified their holdings of the company. Ancora Advisors LLC bought a new stake in Artesian Resources in the 2nd quarter worth approximately $136,000. Cullen Capital Management LLC bought a new position in Artesian Resources during the second quarter valued at approximately $394,000. Renaissance Technologies LLC raised its stake in shares of Artesian Resources by 15.1% during the first 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 raised its stake in shares of Artesian Resources by 23.4% during the first 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 lifted its holdings in shares of Artesian Resources by 6.8% in 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 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.

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