Artesian Resources (NASDAQ:ARTNA) Shares Cross Above 200-Day Moving Average – Here’s What Happened

Shares of Artesian Resources Corporation (NASDAQ:ARTNA) 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.

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 Friday, July 17th. Two analysts have rated the stock with a Hold rating, According to MarketBeat, the stock has a consensus rating of “Hold”.

Artesian Resources Price Performance

The stock has a market capitalization of $367.02 million, a P/E ratio of 15.52 and a beta of 0.33. The company has a debt-to-equity ratio of 0.71, a current ratio of 1.01 and a quick ratio of 0.89. The company’s 50 day simple moving average is $34.23 and its two-hundred day simple moving average is $33.12.

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

Artesian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, August 28th. Shareholders of record on Monday, August 17th will be paid a $0.3199 dividend. This represents a $1.28 annualized dividend and a yield of 3.6%. The ex-dividend date of this dividend is Monday, August 17th. Artesian Resources’s dividend payout ratio is presently 55.90%.

Hedge Funds Weigh In On Artesian Resources

A number of large investors have recently made changes to their positions in the company. Quarry LP acquired a new stake in Artesian Resources during the third quarter worth approximately $38,000. Osaic Holdings Inc. increased its position in Artesian Resources by 44.6% during 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 in the last quarter. Jones Financial Companies Lllp boosted its position 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 buying an additional 2,463 shares during the period. BNP Paribas Financial Markets grew 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 acquiring an additional 3,005 shares during the period. Finally, Ancora Advisors LLC bought a new stake in Artesian Resources in the second quarter valued at $136,000. Institutional investors own 57.37% of the company’s stock.

Artesian Resources Company Profile

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.