Artesian Resources Corporation (NASDAQ:ARTNA) Sees Significant Decrease in Short Interest

Artesian Resources Corporation (NASDAQ:ARTNA) was the recipient of a large decrease in short interest during the month of August. As of August 14th, there was short interest totaling 50,060 shares, a decrease of 45.3% from the July 30th total of 91,570 shares. Based on an average trading volume of 31,270 shares, the days-to-cover ratio is presently 1.6 days. Approximately 0.6% of the company’s shares are sold short.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings raised Artesian Resources from a “hold (c-)” rating to a “hold (c)” rating in a research report on Friday, July 17th. Two research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has a consensus rating of “Hold”.

Hedge Funds Weigh In On Artesian Resources

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ARTNA. Ancora Advisors LLC acquired a new position in shares of Artesian Resources in the second quarter worth $136,000. Cullen Capital Management LLC acquired a new stake in shares of Artesian Resources in the second quarter valued at $394,000. 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 purchasing an additional 42,000 shares during the period. Gabelli Funds LLC boosted its holdings in Artesian Resources by 23.4% in the first quarter. Gabelli Funds LLC now owns 29,000 shares of the utilities provider’s stock valued at $924,000 after purchasing an additional 5,500 shares during the period. Finally, FCA Corp TX grew its stake in Artesian Resources by 6.8% during the 1st quarter. FCA Corp TX now owns 69,722 shares of the utilities provider’s stock worth $2,221,000 after purchasing an additional 4,412 shares in the last quarter. Hedge funds and other institutional investors own 57.37% of the company’s stock.

Artesian Resources Stock Performance

Shares of Artesian Resources stock opened at $35.49 on Monday. The business has a 50-day moving average of $34.42 and a 200 day moving average of $33.17. Artesian Resources has a 12 month low of $30.50 and a 12 month high of $36.00. The stock has a market capitalization of $366.66 million, a price-to-earnings ratio of 15.50 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.

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 analysts’ consensus estimates of $0.59 by $0.05. The company had revenue of $30.66 million for the quarter, compared to analyst estimates of $29.80 million. Artesian Resources had a net margin of 20.18% and a return on equity of 9.37%.

Artesian Resources Announces Dividend

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

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.