Artesian Resources (NASDAQ:ARTNA) Stock Rating Upgraded by Zacks Investment Research

Zacks Investment Research upgraded shares of Artesian Resources (NASDAQ:ARTNAGet Rating) from a sell rating to a hold rating in a research report report published on Wednesday, Zacks.com reports.

According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “

Separately, StockNews.com lowered shares of Artesian Resources from a buy rating to a hold rating in a report on Tuesday.

NASDAQ ARTNA opened at $46.62 on Wednesday. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.40 and a quick ratio of 0.36. The stock has a market capitalization of $438.69 million, a PE ratio of 25.76 and a beta of 0.09. Artesian Resources has a 1 year low of $35.90 and a 1 year high of $50.88. The business’s 50-day moving average is $47.52 and its 200 day moving average is $45.34.

Artesian Resources (NASDAQ:ARTNAGet Rating) last posted its earnings results on Tuesday, May 3rd. The utilities provider reported $0.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.49 by ($0.02). Artesian Resources had a return on equity of 9.67% and a net margin of 18.52%. As a group, equities research analysts anticipate that Artesian Resources will post 1.9 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, May 23rd. Shareholders of record on Monday, May 9th will be issued a $0.273 dividend. The ex-dividend date is Friday, May 6th. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.27. This represents a $1.09 annualized dividend and a yield of 2.34%. Artesian Resources’s dividend payout ratio (DPR) is 59.12%.

In other news, Director Nicholle Renee Taylor sold 2,000 shares of Artesian Resources stock in a transaction that occurred on Wednesday, March 16th. The shares were sold at an average price of $47.02, for a total transaction of $94,040.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Pierre A. Anderson sold 628 shares of the business’s stock in a transaction that occurred on Friday, March 18th. The stock was sold at an average price of $48.00, for a total transaction of $30,144.00. The disclosure for this sale can be found here. Insiders sold 10,524 shares of company stock valued at $500,788 over the last 90 days. 20.59% of the stock is currently owned by company insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in ARTNA. Marshall Wace North America L.P. purchased a new position in Artesian Resources in the 1st quarter worth approximately $40,000. Metropolitan Life Insurance Co NY bought a new stake in shares of Artesian Resources during the 3rd quarter valued at $84,000. Citigroup Inc. grew its position in shares of Artesian Resources by 120.9% during the 4th quarter. Citigroup Inc. now owns 2,054 shares of the utilities provider’s stock valued at $95,000 after acquiring an additional 1,124 shares during the period. BNP Paribas Arbitrage SA grew its position in shares of Artesian Resources by 37.4% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,855 shares of the utilities provider’s stock valued at $109,000 after acquiring an additional 777 shares during the period. Finally, Barclays PLC grew its position in shares of Artesian Resources by 219.9% during the 3rd quarter. Barclays PLC now owns 3,327 shares of the utilities provider’s stock valued at $127,000 after acquiring an additional 2,287 shares during the period. Institutional investors own 45.75% of the company’s stock.

Artesian Resources Company Profile (Get Rating)

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. 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 collection, treatment infrastructure, and wastewater services to customers in Delaware.

Read More

Get a free copy of the Zacks research report on Artesian Resources (ARTNA)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Artesian Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Artesian Resources and related companies with MarketBeat.com's FREE daily email newsletter.