Zacks Research Downgrades Artesian Resources (NASDAQ:ARTNA) to Strong Sell

Artesian Resources (NASDAQ:ARTNA) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued to investors on Thursday,Zacks.com reports.

Separately, Weiss Ratings reissued a “hold (c-)” rating on shares of Artesian Resources in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Reduce”.

Artesian Resources Stock Down 0.6%

ARTNA opened at $31.42 on Thursday. The stock has a market cap of $323.94 million, a P/E ratio of 14.35 and a beta of 0.33. 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 has a 12 month low of $29.45 and a 12 month high of $36.19. The stock’s 50 day moving average price is $31.89 and its 200 day moving average price is $32.72.

Artesian Resources (NASDAQ:ARTNA) last announced its 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. Artesian Resources had a return on equity of 9.51% and a net margin of 20.72%.The company had revenue of $30.49 million for the quarter, compared to analyst estimates of $30.00 million. As a group, research analysts predict that Artesian Resources will post 1.92 earnings per share for the current year.

Institutional Investors Weigh In On Artesian Resources

Hedge funds have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of Artesian Resources during the 3rd quarter worth approximately $38,000. Jones Financial Companies Lllp lifted its stake in shares of Artesian Resources by 39.7% in 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 during the last quarter. Osaic Holdings Inc. boosted its stake in shares of Artesian Resources by 44.6% during the second 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 in the last quarter. BNP Paribas Financial Markets boosted its position in Artesian Resources by 422.1% during the 2nd quarter. BNP Paribas Financial Markets now owns 3,717 shares of the utilities provider’s stock worth $125,000 after buying an additional 3,005 shares during the period. Finally, PharVision Advisers LLC bought a new stake in shares of Artesian Resources in the third quarter worth $210,000. Institutional investors and hedge funds own 57.37% of the company’s stock.

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.