Artesian Resources (NASDAQ:ARTNA) Lowered to Strong Sell Rating by Zacks Research

Zacks Research downgraded shares of Artesian Resources (NASDAQ:ARTNA) from a hold rating to a strong sell rating in a research note released on Thursday morning,Zacks.com reports.

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Artesian Resources has a consensus rating of “Reduce”.

Artesian Resources Trading Down 0.6%

Shares of NASDAQ ARTNA opened at $31.42 on Thursday. Artesian Resources has a 1-year low of $29.45 and a 1-year high of $36.19. The business has a fifty day moving average price of $31.89 and a 200 day moving average price of $32.72. The stock has a market capitalization of $323.94 million, a P/E ratio of 14.35 and a beta of 0.33. 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 (NASDAQ:ARTNA) last announced its earnings results on Friday, October 31st. The utilities provider reported $0.68 EPS for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. The business had revenue of $30.49 million during the quarter, compared to the consensus estimate of $30.00 million. Artesian Resources had a net margin of 20.72% and a return on equity of 9.51%. Equities research analysts expect that Artesian Resources will post 1.92 EPS for the current fiscal year.

Artesian Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 24th. Investors of record on Friday, November 14th were given a $0.3136 dividend. This represents a $1.25 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend was Friday, November 14th. This is an increase from Artesian Resources’s previous quarterly dividend of $0.31. Artesian Resources’s payout ratio is 57.08%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ARTNA. Russell Investments Group Ltd. grew its holdings in shares of Artesian Resources by 0.7% during the third quarter. Russell Investments Group Ltd. now owns 54,675 shares of the utilities provider’s stock valued at $1,782,000 after buying an additional 392 shares during the last quarter. Jones Financial Companies Lllp lifted its position in Artesian Resources by 39.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,435 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 408 shares during the period. Osaic Holdings Inc. grew its stake in Artesian Resources by 44.6% during the 2nd quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider’s stock valued at $55,000 after purchasing an additional 503 shares during the last quarter. Raymond James Financial Inc. grew its stake in Artesian Resources by 13.0% during the 2nd quarter. Raymond James Financial Inc. now owns 9,634 shares of the utilities provider’s stock valued at $323,000 after purchasing an additional 1,110 shares during the last quarter. Finally, Quarry LP acquired a new position in shares of Artesian Resources in the third quarter valued at about $38,000. Institutional investors and hedge funds own 57.37% of the company’s stock.

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.