Artesian Resources Corporation (NASDAQ:ARTNA) Sees Significant Growth in Short Interest

Artesian Resources Corporation (NASDAQ:ARTNA) saw a significant increase in short interest during the month of March. As of March 13th, there was short interest totaling 140,879 shares, an increase of 30.6% from the February 26th total of 107,897 shares. Based on an average trading volume of 56,099 shares, the days-to-cover ratio is presently 2.5 days. Approximately 1.7% of the shares of the company are sold short.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Artesian Resources in a report on Wednesday, January 21st. Zacks Research raised shares of Artesian Resources from a “strong sell” rating to a “hold” rating in a report on Friday, January 30th. Two equities research analysts have rated the stock with a Hold rating, According to data from MarketBeat, Artesian Resources presently has a consensus rating of “Hold”.

Hedge Funds Weigh In On Artesian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Quarry LP bought a new position in shares of Artesian Resources during the third quarter valued at $38,000. Jones Financial Companies Lllp grew its holdings in Artesian Resources by 39.7% during the 3rd quarter. Jones Financial Companies Lllp now owns 1,435 shares of the utilities provider’s stock worth $47,000 after acquiring an additional 408 shares during the period. Osaic Holdings Inc. increased its stake 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 acquiring an additional 503 shares in the last quarter. Copeland Capital Management LLC acquired a new position in shares of Artesian Resources during the fourth quarter valued at about $63,000. Finally, BNP Paribas Financial Markets grew its stake in shares of Artesian Resources by 422.1% in the 2nd quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock valued at $125,000 after buying an additional 3,005 shares during the period. 57.37% of the stock is owned by institutional investors.

Artesian Resources Trading Up 0.4%

ARTNA opened at $32.62 on Tuesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.52 and a current ratio of 0.64. Artesian Resources has a one year low of $30.50 and a one year high of $36.19. The business’s 50 day moving average price is $32.96 and its 200 day moving average price is $32.51. The stock has a market capitalization of $336.64 million, a PE ratio of 14.69 and a beta of 0.36.

Artesian Resources (NASDAQ:ARTNA) last posted its quarterly earnings results on Thursday, March 12th. The utilities provider reported $0.40 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.03. The firm had revenue of $28.02 million for the quarter, compared to analyst estimates of $28.00 million. Artesian Resources had a net margin of 20.76% and a return on equity of 9.52%. As a group, equities research analysts expect that Artesian Resources will post 1.92 EPS for the current year.

Artesian Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, February 25th. Stockholders of record on Friday, February 13th were given a dividend of $0.3136 per share. This represents a $1.25 annualized dividend and a dividend yield of 3.8%. The ex-dividend date of this dividend was Friday, February 13th. Artesian Resources’s dividend payout ratio is currently 56.31%.

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.