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

Shares of Artesian Resources Corporation (NASDAQ:ARTNA) passed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $32.35 and traded as high as $33.00. Artesian Resources shares last traded at $32.52, with a volume of 17,217 shares.

Analyst Ratings Changes

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

Artesian Resources Price Performance

The firm’s 50-day moving average is $32.19 and its 200-day moving average is $32.35. The company has a debt-to-equity ratio of 0.73, a current ratio of 1.01 and a quick ratio of 0.89. The company has a market capitalization of $335.61 million, a P/E ratio of 14.39 and a beta of 0.34.

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. The company 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 company also recently declared a quarterly dividend, which was paid on Friday, May 29th. Shareholders of record on Friday, May 15th were given a $0.3199 dividend. The ex-dividend date was Friday, May 15th. This is an increase 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%. Artesian Resources’s dividend payout ratio (DPR) is currently 56.64%.

Hedge Funds Weigh In On Artesian Resources

A number of hedge funds have recently modified their holdings of ARTNA. Northwestern Mutual Wealth Management Co. boosted its position 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 period. Adage Capital Partners GP L.L.C. purchased a new position in shares of Artesian Resources in the second quarter worth $5,034,000. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Artesian Resources in the third quarter worth $3,048,000. Prospera Financial Services Inc lifted its holdings in shares of Artesian Resources by 93.9% in the third quarter. Prospera Financial Services Inc now owns 117,493 shares of the utilities provider’s stock worth $3,830,000 after buying an additional 56,890 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings 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 buying an additional 42,000 shares in the last quarter. 57.37% of the stock is currently owned by 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.