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

Key Points

• Artesian Resources shares rose above their 200-day moving average of $33.38, reaching $35.47 before closing at $35.07; trading volume was 18,743 shares.
• The utility reported quarterly EPS of $0.64, exceeding estimates of $0.59, while revenue of $30.66 million also topped expectations. It maintains a quarterly dividend of $0.3199 per share, equal to a 3.6% annual yield.
• Analyst sentiment remains neutral, with both covering analysts rating the stock “Hold.” Institutional investors and hedge funds own 57.37% of the company, with several firms recently increasing their positions.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) passed above its 200-day moving average during trading on Wednesday . The stock has a 200-day moving average of $33.38 and traded as high as $35.47. Artesian Resources shares last traded at $35.07, with a volume of 18,743 shares changing hands.

Analyst Ratings Changes

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

Artesian Resources Stock Down 0.4%

The stock has a market cap of $362.27 million, a P/E ratio of 15.31 and a beta of 0.34. The firm has a 50 day simple moving average of $34.99 and a 200-day simple moving average of $33.38. The company has a quick ratio of 0.89, a current ratio of 1.01 and a debt-to-equity ratio of 0.71.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last issued its quarterly earnings results 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 return on equity of 9.37% and a net margin of 20.18%.The business had revenue of $30.66 million for the quarter, compared to the consensus estimate of $29.80 million.

Artesian Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 28th. Stockholders of record on Monday, August 17th were issued a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date was Monday, August 17th. Artesian Resources's payout ratio is 55.90%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Northwestern Mutual Wealth Management Co. increased its stake in shares of Artesian Resources by 344,107.4% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 326,997 shares of the utilities provider's stock valued at $10,336,000 after buying an additional 326,902 shares during the period. Renaissance Technologies LLC boosted its holdings in Artesian Resources by 15.1% in the first quarter. Renaissance Technologies LLC now owns 320,456 shares of the utilities provider's stock valued at $10,207,000 after acquiring an additional 42,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in Artesian Resources by 0.6% in the first quarter. Dimensional Fund Advisors LP now owns 189,917 shares of the utilities provider's stock valued at $6,049,000 after acquiring an additional 1,220 shares during the last quarter. Kestra Advisory Services LLC increased its position in Artesian Resources by 1.0% during the 1st quarter. Kestra Advisory Services LLC now owns 166,443 shares of the utilities provider's stock valued at $5,301,000 after purchasing an additional 1,664 shares during the period. Finally, Prospera Financial Services Inc raised its holdings in Artesian Resources by 6.9% during the 4th quarter. Prospera Financial Services Inc now owns 125,620 shares of the utilities provider's stock worth $3,972,000 after purchasing an additional 8,127 shares during the last quarter. 57.37% of the stock is owned by institutional investors and hedge funds.

About Artesian Resources

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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