Artesian Resources (NASDAQ:ARTNA) Share Price Passes Above 200 Day Moving Average – Here’s Why

Artesian Resources Corporation (NASDAQ:ARTNA) shares crossed above its two hundred day moving average during trading on Friday . The stock has a two hundred day moving average of $32.63 and traded as high as $34.73. Artesian Resources shares last traded at $33.88, with a volume of 19,460 shares changing hands.

Analyst Ratings Changes

Several research firms have recently weighed in on ARTNA. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, January 21st. Zacks Research raised Artesian Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Two investment analysts have rated the stock with a Hold rating, According to MarketBeat.com, Artesian Resources has an average rating of “Hold”.

Artesian Resources Trading Down 0.5%

The company has a market capitalization of $349.30 million, a PE ratio of 15.47 and a beta of 0.36. The company’s fifty day moving average is $32.87 and its 200-day moving average is $32.63. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.68 and a quick ratio of 0.54.

Artesian Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Friday, February 13th were given a $0.3136 dividend. This represents a $1.25 annualized dividend and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, February 13th. Artesian Resources’s payout ratio is presently 57.08%.

Hedge Funds Weigh In On Artesian Resources

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its holdings in 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 purchasing an additional 326,902 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new position in shares of Artesian Resources during the 2nd quarter worth approximately $5,034,000. Hotchkis & Wiley Capital Management LLC purchased a new stake in Artesian Resources during the third quarter valued at approximately $3,048,000. Prospera Financial Services Inc acquired a new stake in Artesian Resources in the second quarter valued at approximately $2,034,000. Finally, Wells Fargo & Company MN grew its holdings in Artesian Resources by 452.0% in the fourth quarter. Wells Fargo & Company MN now owns 38,525 shares of the utilities provider’s stock worth $1,218,000 after purchasing an additional 31,546 shares during the last quarter. Hedge funds and other 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.