Artesian Resources (NASDAQ:ARTNA) Announces Quarterly Earnings Results, Beats Estimates By $0.05 EPS

Artesian Resources (NASDAQ:ARTNA) announced its earnings results on Friday. The utilities provider reported $0.64 earnings per share for the quarter, beating the consensus estimate of $0.59 by $0.05, Zacks reports. Artesian Resources had a return on equity of 9.61% and a net margin of 20.86%.The business had revenue of $30.66 million during the quarter, compared to analysts’ expectations of $29.80 million.

Artesian Resources Trading Up 0.8%

ARTNA traded up $0.26 during trading on Friday, reaching $34.66. The company had a trading volume of 20,631 shares, compared to its average volume of 48,338. The firm’s 50-day simple moving average is $33.52 and its 200 day simple moving average is $32.93. The company has a market cap of $357.69 million, a price-to-earnings ratio of 15.34 and a beta of 0.33. Artesian Resources has a 12-month low of $30.50 and a 12-month high of $35.49. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.89 and a current ratio of 1.01.

Artesian Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 28th. Investors of record on Monday, August 17th will be given a $0.3199 dividend. The ex-dividend date is Monday, August 17th. This represents a $1.28 dividend on an annualized basis and a dividend yield of 3.7%. Artesian Resources’s dividend payout ratio (DPR) is 56.64%.

Analysts Set New Price Targets

Separately, Weiss Ratings raised shares of Artesian Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 17th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

Institutional Trading of Artesian Resources

Hedge funds have recently bought and sold shares of the company. Quarry LP purchased a new position in shares of Artesian Resources during the third quarter valued at $38,000. Osaic Holdings Inc. boosted its position in Artesian Resources by 44.6% during the 2nd 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 period. Jones Financial Companies Lllp grew its stake in Artesian Resources by 985.2% during the 1st quarter. Jones Financial Companies Lllp now owns 2,713 shares of the utilities provider’s stock valued at $89,000 after acquiring an additional 2,463 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of Artesian Resources by 422.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock valued at $125,000 after purchasing an additional 3,005 shares during the period. Finally, Royal Bank of Canada lifted its position in shares of Artesian Resources by 9.0% in the fourth quarter. Royal Bank of Canada now owns 5,813 shares of the utilities provider’s stock worth $183,000 after purchasing an additional 480 shares in the last quarter. 57.37% of the stock is 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.