Artesian Resources (NASDAQ:ARTNA) Announces Quarterly Earnings Results

Artesian Resources (NASDAQ:ARTNA) issued its earnings results on Thursday. The utilities provider reported $0.40 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.03, Zacks reports. The company had revenue of $28.02 million for the quarter, compared to the consensus estimate of $28.00 million. Artesian Resources had a return on equity of 9.51% and a net margin of 20.72%.

Artesian Resources Stock Up 1.1%

NASDAQ:ARTNA traded up $0.37 during trading hours on Friday, reaching $32.76. The company’s stock had a trading volume of 39,626 shares, compared to its average volume of 35,456. The company has a debt-to-equity ratio of 0.70, a current ratio of 0.68 and a quick ratio of 0.54. The company has a market cap of $337.70 million, a price-to-earnings ratio of 14.98 and a beta of 0.36. Artesian Resources has a one year low of $30.50 and a one year high of $36.19. The business’s 50-day moving average is $33.16 and its 200-day moving average is $32.63.

Artesian Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Investors of record on Friday, February 13th were paid a $0.3136 dividend. This represents a $1.25 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Friday, February 13th. Artesian Resources’s payout ratio is presently 57.08%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Zacks Research raised shares of Artesian Resources from a “strong sell” rating to a “hold” rating in a research report on Friday, January 30th. Weiss Ratings reissued a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, January 21st. Two analysts have rated the stock with a Hold rating, Based on data from MarketBeat.com, Artesian Resources has a consensus rating of “Hold”.

Institutional Trading of Artesian Resources

Several large investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. acquired a new position in shares of Artesian Resources during the 2nd quarter valued at about $5,034,000. Hotchkis & Wiley Capital Management LLC acquired a new stake in Artesian Resources in the 3rd quarter worth approximately $3,048,000. Wells Fargo & Company MN lifted its holdings in Artesian Resources by 452.0% in the 4th 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. UBS Group AG boosted its position in Artesian Resources by 53.3% during the third quarter. UBS Group AG now owns 65,413 shares of the utilities provider’s stock worth $2,132,000 after purchasing an additional 22,730 shares during the period. Finally, Jane Street Group LLC boosted its position in Artesian Resources by 129.0% during the first quarter. Jane Street Group LLC now owns 37,508 shares of the utilities provider’s stock worth $1,225,000 after purchasing an additional 21,127 shares during the period. Institutional investors own 57.37% of the company’s stock.

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.