Artesian Resources Corporation (NASDAQ:ARTNA) Short Interest Update

Artesian Resources Corporation (NASDAQ:ARTNA) was the target of a large decline in short interest in July. As of July 15th, there was short interest totaling 86,194 shares, a decline of 36.6% from the June 30th total of 135,967 shares. Approximately 1.1% of the shares of the stock are sold short. Based on an average daily volume of 30,883 shares, the days-to-cover ratio is presently 2.8 days.

Artesian Resources Trading Down 1.6%

Artesian Resources stock traded down $0.55 during midday trading on Thursday, reaching $34.32. The stock had a trading volume of 21,843 shares, compared to its average volume of 31,095. Artesian Resources has a 52-week low of $30.50 and a 52-week high of $35.49. The company has a quick ratio of 0.89, a current ratio of 1.01 and a debt-to-equity ratio of 0.73. The firm has a market cap of $354.14 million, a price-to-earnings ratio of 15.20 and a beta of 0.34. The company has a fifty day moving average of $33.31 and a 200 day moving average of $32.88.

Artesian Resources (NASDAQ:ARTNA) last posted its quarterly earnings data on Tuesday, May 5th. The utilities provider reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09. The company had revenue of $27.77 million during the quarter, compared to analysts’ expectations of $27.00 million. Artesian Resources had a return on equity of 9.61% and a net margin of 20.86%.

Artesian Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 29th. Investors of record on Friday, May 15th were paid a $0.3199 dividend. This represents a $1.28 annualized dividend and a yield of 3.7%. This is an increase from Artesian Resources’s previous quarterly dividend of $0.31. The ex-dividend date of this dividend was Friday, May 15th. Artesian Resources’s payout ratio is currently 56.64%.

Wall Street Analyst Weigh In

Separately, Weiss Ratings raised Artesian Resources from a “hold (c-)” rating to a “hold (c)” rating in a research note on Friday, July 17th. Two analysts have rated the stock with a Hold rating, According to data from MarketBeat, the company has an average rating of “Hold”.

Hedge Funds Weigh In On Artesian Resources

Several institutional investors have recently bought and sold shares of ARTNA. Quarry LP purchased a new position in shares of Artesian Resources in the 3rd quarter valued at $38,000. Osaic Holdings Inc. raised its position in shares of Artesian Resources by 44.6% in the 2nd quarter. Osaic Holdings Inc. now owns 1,632 shares of the utilities provider’s stock valued at $55,000 after purchasing an additional 503 shares during the last quarter. Copeland Capital Management LLC purchased a new position in shares of Artesian Resources in the fourth quarter worth $63,000. Jones Financial Companies Lllp lifted its position in Artesian Resources by 985.2% during the 1st quarter. Jones Financial Companies Lllp now owns 2,713 shares of the utilities provider’s stock worth $89,000 after acquiring an additional 2,463 shares during the period. Finally, BNP Paribas Financial Markets lifted its holdings in shares of Artesian Resources by 422.1% during the second quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock worth $125,000 after purchasing an additional 3,005 shares during the period. 57.37% of the stock is owned by hedge funds and other institutional investors.

About Artesian Resources

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.