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

Artesian Resources Corporation (NASDAQ:ARTNA)’s stock price crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred 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 trading hands.

Analysts Set New Price Targets

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

Artesian Resources Stock Up 0.7%

The company has a 50-day moving average of $32.26 and a 200-day moving average of $32.41. The company has a market capitalization of $337.88 million, a price-to-earnings ratio of 14.49 and a beta of 0.34. The company has a current ratio of 1.01, a quick ratio of 0.89 and a debt-to-equity ratio of 0.73.

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

Artesian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Stockholders of record on Friday, May 15th were issued a $0.3199 dividend. This is a boost from Artesian Resources’s previous quarterly dividend of $0.31. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.9%. The ex-dividend date of this dividend was Friday, May 15th. Artesian Resources’s dividend payout ratio is currently 56.64%.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of ARTNA. Northwestern Mutual Wealth Management Co. raised 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 purchasing an additional 326,902 shares during the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in shares of Artesian Resources in the second quarter worth about $5,034,000. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Artesian Resources in the third quarter worth about $3,048,000. Renaissance Technologies LLC raised its stake in shares of Artesian Resources by 15.1% in the first quarter. Renaissance Technologies LLC now owns 320,456 shares of the utilities provider’s stock worth $10,207,000 after purchasing an additional 42,000 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of 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 worth $1,443,000 after purchasing an additional 35,718 shares during the last quarter. 57.37% of the stock is currently owned by hedge funds and other institutional investors.

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.