Artesian Resources (NASDAQ:ARTNA) Stock Crosses Above 200 Day Moving Average - Here's Why

Key Points

• Artesian Resources shares climbed above their 200-day moving average, reaching $36.98 and last trading at $36.69, compared with a 200-day average of $33.31.
• The company exceeded quarterly expectations, reporting EPS of $0.64 versus the $0.59 consensus estimate and revenue of $30.66 million versus expectations of $29.80 million.
• Analysts maintain a generally neutral outlook, with an average “Hold” rating, while the company continues to offer a quarterly dividend of $0.3199 per share, equivalent to a 3.5% annualized yield.

Shares of Artesian Resources Corporation (NASDAQ:ARTNA - Get Free Report) passed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $33.31 and traded as high as $36.98. Artesian Resources shares last traded at $36.69, with a volume of 39,982 shares trading hands.

Analysts Set New Price Targets

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 equities research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company 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 company has a market capitalization of $379.01 million, a P/E ratio of 16.02 and a beta of 0.34. The company has a 50 day moving average price of $34.81 and a 200 day moving average price of $33.31.

Artesian Resources (NASDAQ:ARTNA - Get Free Report) last announced its quarterly earnings results 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. 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 during the quarter, compared to the consensus estimate of $29.80 million.

Artesian Resources Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, August 28th. Investors of record on Monday, August 17th were issued a dividend of $0.3199 per share. The ex-dividend date of this dividend was Monday, August 17th. This represents a $1.28 annualized dividend and a dividend yield of 3.5%. Artesian Resources's payout ratio is presently 55.90%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ARTNA. Quarry LP acquired a new stake in Artesian Resources during the third quarter worth approximately $38,000. Osaic Holdings Inc. boosted its holdings in shares of Artesian Resources by 44.6% during the second quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider's stock worth $55,000 after acquiring an additional 503 shares during the period. Jones Financial Companies Lllp grew its position in shares of Artesian Resources by 985.2% in the first quarter. Jones Financial Companies Lllp now owns 2,713 shares of the utilities provider's stock valued at $89,000 after purchasing an additional 2,463 shares during the last quarter. BNP Paribas Financial Markets grew its position in shares of Artesian Resources by 422.1% in the second quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider's stock valued at $125,000 after purchasing an additional 3,005 shares during the last quarter. Finally, Ancora Advisors LLC bought a new position in shares of Artesian Resources during the second quarter worth approximately $136,000. Institutional investors and hedge funds 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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