Artesian Resources (NASDAQ:ARTNA) Stock Passes Above Two Hundred Day Moving Average – Here’s Why

Artesian Resources Corporation (NASDAQ:ARTNA)’s share price 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.

Analyst Ratings Changes

Separately, Weiss Ratings upgraded Artesian Resources from a “hold (c)” rating to a “hold (c+)” rating in a research note on Thursday, September 3rd. Two investment analysts have rated the stock with a Hold rating, According to data from MarketBeat.com, the stock has a consensus rating of “Hold”.

Artesian Resources Trading Down 1.7%

The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.89 and a current ratio of 1.01. The company has a 50 day simple moving average of $34.86 and a two-hundred day simple moving average of $33.33. The firm has a market cap of $370.85 million, a PE ratio of 15.68 and a beta of 0.34.

Artesian Resources (NASDAQ:ARTNA) last announced its quarterly earnings data on Friday, August 7th. The utilities provider reported $0.64 earnings per share for the quarter, beating 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 analyst estimates of $29.80 million.

Artesian Resources Dividend Announcement

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

Institutional Trading of Artesian Resources

Institutional investors and hedge funds have recently bought and sold shares of the business. 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 worth $10,336,000 after acquiring an additional 326,902 shares during the period. Adage Capital Partners GP L.L.C. acquired a new position in Artesian Resources during the second quarter valued at $5,034,000. Hotchkis & Wiley Capital Management LLC acquired a new position in Artesian Resources during the third quarter valued at $3,048,000. 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 last quarter. Finally, Assenagon Asset Management S.A. boosted its holdings in Artesian Resources by 372.4% in the first quarter. Assenagon Asset Management S.A. now owns 45,310 shares of the utilities provider’s stock valued at $1,443,000 after purchasing an additional 35,718 shares during the last quarter. 57.37% of the stock is currently owned by institutional investors and hedge funds.

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.