Artesian Resources (NASDAQ:ARTNA) Share Price Passes Above 200 Day Moving Average – What’s Next?

Shares of Artesian Resources Corporation (NASDAQ:ARTNA) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $32.41 and traded as high as $33.00. Artesian Resources shares last traded at $32.74, with a volume of 46,210 shares changing hands.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Artesian Resources from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, May 7th. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Artesian Resources currently has a consensus rating of “Hold”.

Artesian Resources Price Performance

The company’s 50 day moving average price is $32.27 and its 200-day moving average price is $32.43. The company has a market cap of $333.13 million, a price-to-earnings ratio of 14.28 and a beta of 0.34. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.89 and a current ratio of 1.01.

Artesian Resources (NASDAQ:ARTNA) last released its earnings results on Tuesday, May 5th. The utilities provider reported $0.57 EPS for the quarter, beating the consensus estimate of $0.48 by $0.09. The business had revenue of $27.77 million during the quarter, compared to analyst estimates of $27.00 million. Artesian Resources had a net margin of 20.86% and a return on equity of 9.61%.

Artesian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were given a dividend of $0.3199 per share. This is a boost from Artesian Resources’s previous quarterly dividend of $0.31. The ex-dividend date was Friday, May 15th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 4.0%. Artesian Resources’s payout ratio is currently 56.64%.

Hedge Funds Weigh In On Artesian Resources

Hedge funds have recently modified their holdings of the stock. Quarry LP purchased a new stake in shares of Artesian Resources during the third quarter valued at $38,000. Jones Financial Companies Lllp increased its stake in Artesian Resources by 39.7% in the 3rd quarter. Jones Financial Companies Lllp now owns 1,435 shares of the utilities provider’s stock worth $47,000 after purchasing an additional 408 shares in the last quarter. Osaic Holdings Inc. increased 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 in the last quarter. Copeland Capital Management LLC acquired a new stake in Artesian Resources during the 4th quarter worth about $63,000. Finally, BNP Paribas Financial Markets raised 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 buying an additional 3,005 shares during the period. 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.