BidaskClub Downgrades Artesian Resources (NASDAQ:ARTNA) to Sell

BidaskClub cut shares of Artesian Resources (NASDAQ:ARTNA) from a hold rating to a sell rating in a report issued on Friday, September 20th, BidAskClub reports.

Artesian Resources stock opened at $37.15 on Friday. The stock has a market cap of $344.34 million, a P/E ratio of 24.10 and a beta of 0.11. The company has a fifty day simple moving average of $36.23 and a 200-day simple moving average of $36.47. Artesian Resources has a 12-month low of $32.27 and a 12-month high of $40.97. The company has a current ratio of 0.24, a quick ratio of 0.22 and a debt-to-equity ratio of 0.75.

Artesian Resources (NASDAQ:ARTNA) last released its quarterly earnings data on Wednesday, August 7th. The utilities provider reported $0.41 earnings per share (EPS) for the quarter. The business had revenue of $20.65 million during the quarter. Artesian Resources had a net margin of 17.52% and a return on equity of 9.30%.

The business also recently declared a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, November 7th. This is a boost from Artesian Resources’s previous quarterly dividend of $0.25. This represents a $1.00 dividend on an annualized basis and a yield of 2.69%.

Institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in shares of Artesian Resources by 8.3% in the second quarter. BlackRock Inc. now owns 464,354 shares of the utilities provider’s stock valued at $17,260,000 after buying an additional 35,453 shares during the last quarter. Renaissance Technologies LLC raised its holdings in shares of Artesian Resources by 2.8% in the second quarter. Renaissance Technologies LLC now owns 383,300 shares of the utilities provider’s stock valued at $14,247,000 after buying an additional 10,600 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Artesian Resources by 0.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 270,179 shares of the utilities provider’s stock valued at $9,421,000 after buying an additional 1,518 shares during the last quarter. Costello Asset Management INC raised its holdings in shares of Artesian Resources by 3.2% in the second quarter. Costello Asset Management INC now owns 153,793 shares of the utilities provider’s stock valued at $5,716,000 after buying an additional 4,772 shares during the last quarter. Finally, Wells Fargo & Company MN raised its holdings in shares of Artesian Resources by 27.8% in the second quarter. Wells Fargo & Company MN now owns 124,807 shares of the utilities provider’s stock valued at $4,639,000 after buying an additional 27,163 shares during the last quarter. 42.31% of the stock is owned by hedge funds and other institutional investors.

About Artesian Resources

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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