Artesian Resources (NASDAQ:ARTNA) Stock Price Crosses Above 200-Day Moving Average – Here’s Why

Artesian Resources Corporation (NASDAQ:ARTNA) shares passed above its two hundred day moving average during trading on Wednesday . The stock has a two hundred day moving average of $32.60 and traded as high as $33.41. Artesian Resources shares last traded at $32.95, with a volume of 22,297 shares traded.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on ARTNA shares. Zacks Research downgraded Artesian Resources from a “hold” rating to a “strong sell” rating in a research report on Thursday, January 1st. Weiss Ratings reissued a “hold (c-)” rating on shares of Artesian Resources in a research report on Wednesday, January 21st. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Reduce”.

Artesian Resources Stock Down 1.3%

The firm has a market cap of $339.71 million, a PE ratio of 15.05 and a beta of 0.33. The company has a 50-day simple moving average of $32.04 and a 200-day simple moving average of $32.60. 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 issued its quarterly earnings results on Friday, October 31st. The utilities provider reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. The firm had revenue of $30.49 million during the quarter, compared to analyst estimates of $30.00 million. Artesian Resources had a return on equity of 9.51% and a net margin of 20.72%. Analysts expect that Artesian Resources Corporation will post 1.92 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Artesian Resources

A number of hedge funds have recently added to or reduced their stakes in ARTNA. Vanguard Group Inc. raised its stake in shares of Artesian Resources by 0.6% during the third quarter. Vanguard Group Inc. now owns 514,412 shares of the utilities provider’s stock valued at $16,767,000 after acquiring an additional 3,079 shares in the last quarter. Adage Capital Partners GP L.L.C. bought a new stake in Artesian Resources during the 2nd quarter valued at $5,034,000. Legal & General Group Plc lifted its holdings in shares of Artesian Resources by 14.3% in the 2nd quarter. Legal & General Group Plc now owns 142,048 shares of the utilities provider’s stock worth $4,767,000 after buying an additional 17,752 shares during the period. Roffman Miller Associates Inc. PA grew its position in shares of Artesian Resources by 16.4% during the 4th quarter. Roffman Miller Associates Inc. PA now owns 137,337 shares of the utilities provider’s stock worth $4,341,000 after buying an additional 19,342 shares in the last quarter. Finally, Prospera Financial Services Inc increased its stake in shares of Artesian Resources by 93.9% during the third quarter. Prospera Financial Services Inc now owns 117,493 shares of the utilities provider’s stock valued at $3,830,000 after buying an additional 56,890 shares during the period. 57.37% of the stock is currently owned by institutional investors.

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.