Artesian Resources (NASDAQ:ARTNA) Shares Cross Above 200-Day Moving Average – Here’s Why

Artesian Resources Corporation (NASDAQ:ARTNA) crossed above its 200-day moving average during trading on Tuesday . The stock has a 200-day moving average of $32.57 and traded as high as $33.49. Artesian Resources shares last traded at $33.16, with a volume of 31,973 shares.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on ARTNA. Zacks Research raised shares of Artesian Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, January 30th. Weiss Ratings reissued a “hold (c-)” rating on shares of Artesian Resources in a research note on Wednesday, January 21st. Two investment analysts have rated the stock with a Hold rating, Based on data from MarketBeat, Artesian Resources currently has a consensus rating of “Hold”.

Artesian Resources Stock Performance

The company has a market cap of $341.88 million, a PE ratio of 15.14 and a beta of 0.36. The stock’s 50 day simple moving average is $32.35 and its two-hundred day simple moving average is $32.57. The company has a quick ratio of 0.54, a current ratio of 0.68 and a debt-to-equity ratio of 0.70.

Artesian Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 25th. Stockholders of record on Friday, February 13th will be paid a $0.3136 dividend. This represents a $1.25 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, February 13th. Artesian Resources’s payout ratio is currently 57.08%.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the business. Quarry LP purchased a new stake in Artesian Resources during the third quarter worth approximately $38,000. Jones Financial Companies Lllp lifted its holdings in shares of Artesian Resources by 39.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,435 shares of the utilities provider’s stock valued at $47,000 after acquiring an additional 408 shares in the last quarter. Osaic Holdings Inc. boosted its position in Artesian Resources by 44.6% during the 2nd quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider’s stock worth $55,000 after purchasing an additional 503 shares during the period. Copeland Capital Management LLC acquired a new stake in Artesian Resources in the 4th quarter valued at $63,000. Finally, BNP Paribas Financial Markets raised its position in Artesian Resources by 422.1% in the second quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock valued at $125,000 after purchasing an additional 3,005 shares during the period. Hedge funds and other institutional investors 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.