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

Artesian Resources Corporation (NASDAQ:ARTNA)’s stock price passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $32.60 and traded as high as $33.41. Artesian Resources shares last traded at $32.95, with a volume of 22,297 shares.

Analyst Ratings Changes

Several equities research analysts have recently commented on ARTNA shares. Zacks Research lowered shares of Artesian Resources from a “hold” rating to a “strong sell” rating in a report on Thursday, January 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Artesian Resources in a report on Wednesday, January 21st. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Reduce”.

Artesian Resources Stock Performance

The business’s 50-day moving average price is $32.04 and its 200-day moving average price is $32.60. The company has a current ratio of 0.68, a quick ratio of 0.54 and a debt-to-equity ratio of 0.70. The stock has a market cap of $339.71 million, a PE ratio of 15.05 and a beta of 0.33.

Artesian Resources (NASDAQ:ARTNA) last announced its earnings results on Friday, October 31st. The utilities provider reported $0.68 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $30.49 million during the quarter, compared to the consensus estimate of $30.00 million. Artesian Resources had a net margin of 20.72% and a return on equity of 9.51%. As a group, equities research analysts expect that Artesian Resources Corporation will post 1.92 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in Artesian Resources during the 3rd quarter valued at about $38,000. Jones Financial Companies Lllp grew its stake in shares of Artesian Resources by 39.7% during the third quarter. Jones Financial Companies Lllp now owns 1,435 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 408 shares during the last quarter. Osaic Holdings Inc. grew its stake 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 last quarter. BNP Paribas Financial Markets increased its holdings in shares of Artesian Resources by 422.1% during the second quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock valued at $125,000 after acquiring an additional 3,005 shares in the last quarter. Finally, PharVision Advisers LLC purchased a new position in shares of Artesian Resources in the 3rd quarter valued at approximately $210,000. 57.37% of the stock is currently owned by hedge funds and other institutional investors.

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.