Artesian Resources (ARTNA) Lifted to Buy at ValuEngine

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ValuEngine upgraded shares of Artesian Resources (NASDAQ:ARTNA) from a hold rating to a buy rating in a research report sent to investors on Tuesday.

Separately, BidaskClub cut Artesian Resources from a sell rating to a strong sell rating in a report on Friday, October 5th.

ARTNA traded down $0.76 on Tuesday, hitting $36.50. 9,396 shares of the company’s stock traded hands, compared to its average volume of 18,115. The company has a market capitalization of $351.62 million, a PE ratio of 22.25 and a beta of -0.03. Artesian Resources has a one year low of $32.00 and a one year high of $43.16. The company has a current ratio of 0.41, a quick ratio of 0.37 and a debt-to-equity ratio of 0.71.

Artesian Resources (NASDAQ:ARTNA) last released its quarterly earnings results on Tuesday, August 7th. The utilities provider reported $0.42 earnings per share for the quarter. The business had revenue of $20.24 million during the quarter. Artesian Resources had a return on equity of 10.85% and a net margin of 18.42%.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 14th will be issued a dividend of $0.242 per share. This represents a $0.97 annualized dividend and a yield of 2.65%. The ex-dividend date is Tuesday, November 13th. This is a boost from Artesian Resources’s previous quarterly dividend of $0.24.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wells Fargo & Company MN boosted its holdings in shares of Artesian Resources by 28.9% in the 1st quarter. Wells Fargo & Company MN now owns 72,865 shares of the utilities provider’s stock worth $2,658,000 after purchasing an additional 16,358 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Artesian Resources by 3.2% in the 1st quarter. Dimensional Fund Advisors LP now owns 252,307 shares of the utilities provider’s stock worth $9,204,000 after purchasing an additional 7,731 shares during the period. Dalton Greiner Hartman Maher & Co. boosted its holdings in shares of Artesian Resources by 42.8% in the 2nd quarter. Dalton Greiner Hartman Maher & Co. now owns 92,854 shares of the utilities provider’s stock worth $3,600,000 after purchasing an additional 27,841 shares during the period. ELCO Management Co. LLC purchased a new position in shares of Artesian Resources in the 2nd quarter worth approximately $207,000. Finally, First Trust Advisors LP boosted its holdings in shares of Artesian Resources by 18.5% in the 2nd quarter. First Trust Advisors LP now owns 9,461 shares of the utilities provider’s stock worth $367,000 after purchasing an additional 1,477 shares during the period. Institutional investors and hedge funds own 38.01% of the company’s stock.

Artesian Resources Company Profile

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services on the Delmarva Peninsula. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater services to customers in Delaware.

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To view ValuEngine’s full report, visit ValuEngine’s official website.

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