Artesian Resources (NASDAQ:ARTNA) Announces Earnings Results

Artesian Resources (NASDAQ:ARTNA) released its earnings results on Thursday. The utilities provider reported $0.40 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.03, Zacks reports. The business had revenue of $28.02 million during 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 Performance

NASDAQ:ARTNA traded up $0.41 during trading hours on Friday, hitting $32.80. 36,785 shares of the company were exchanged, compared to its average volume of 35,388. 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 has a 52-week low of $30.50 and a 52-week high of $36.19. The stock has a market capitalization of $338.17 million, a price-to-earnings ratio of 14.98 and a beta of 0.36. The company’s 50 day moving average price is $33.16 and its 200-day moving average price is $32.63.

Artesian Resources Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research firms have commented on ARTNA. Zacks Research upgraded Artesian Resources from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Weiss Ratings restated 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, the stock presently has an average rating of “Hold”.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the company. Quarry LP purchased a new position in shares of Artesian Resources during the 3rd quarter valued at about $38,000. Osaic Holdings Inc. boosted its stake in shares of Artesian Resources by 44.6% in the second quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider’s stock worth $55,000 after buying an additional 503 shares during the last quarter. Jones Financial Companies Lllp boosted its stake in shares of Artesian Resources by 985.2% in the first quarter. Jones Financial Companies Lllp now owns 2,713 shares of the utilities provider’s stock worth $89,000 after buying an additional 2,463 shares during the last quarter. BNP Paribas Financial Markets grew its holdings in Artesian Resources by 422.1% during the second quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock worth $125,000 after acquiring an additional 3,005 shares during the period. Finally, Royal Bank of Canada grew its holdings in Artesian Resources by 9.0% during the fourth quarter. Royal Bank of Canada now owns 5,813 shares of the utilities provider’s stock worth $183,000 after acquiring an additional 480 shares during the period. 57.37% of the stock is currently 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.