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

Key Points

• Artesian Resources shares moved above their 200-day moving average, reaching $36.00 and last trading at $35.89 versus the $33.10 average.
• The company exceeded quarterly expectations, reporting adjusted earnings of $0.64 per share and revenue of $30.66 million, ahead of analyst estimates of $0.59 and $29.80 million, respectively.
• Artesian declared a quarterly dividend of $0.3199, equivalent to approximately $1.28 annually and a 3.6% yield; analysts maintain a consensus “Hold” rating, while institutional investors own 57.37% of the stock.

Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) passed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of $33.10 and traded as high as $36.00. Artesian Resources shares last traded at $35.89, with a volume of 17,784 shares changing hands.

Analyst Ratings Changes

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

Artesian Resources Price Performance

The company has a current ratio of 1.01, a quick ratio of 0.89 and a debt-to-equity ratio of 0.71. The firm has a market cap of $370.74 million, a P/E ratio of 15.67 and a beta of 0.33. The company has a fifty day moving average price of $34.17 and a two-hundred day moving average price of $33.10.

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

Artesian Resources Dividend Announcement

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

Institutional Investors Weigh In On Artesian Resources

Several large investors have recently made changes to their positions in the stock. Quarry LP bought a new stake in Artesian Resources in the 3rd quarter valued at $38,000. Osaic Holdings Inc. boosted its stake in Artesian Resources by 44.6% in the 2nd quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider's stock worth $55,000 after purchasing an additional 503 shares during the period. Jones Financial Companies Lllp increased its holdings in Artesian Resources by 985.2% during the 1st quarter. Jones Financial Companies Lllp now owns 2,713 shares of the utilities provider's stock worth $89,000 after purchasing an additional 2,463 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in Artesian Resources by 422.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider's stock worth $125,000 after purchasing an additional 3,005 shares in the last quarter. Finally, Ancora Advisors LLC acquired a new stake in shares of Artesian Resources in the 2nd quarter valued at about $136,000. Institutional investors own 57.37% of the company's stock.

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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