Artesian Resources (NASDAQ:ARTNA) Announces Quarterly Earnings Results, Beats Expectations By $0.09 EPS

Artesian Resources (NASDAQ:ARTNA) posted its earnings results on Wednesday. The utilities provider reported $0.57 EPS for the quarter, beating analysts’ consensus estimates of $0.48 by $0.09, Zacks reports. The company had revenue of $27.77 million for the quarter, compared to analysts’ expectations of $27.00 million. Artesian Resources had a net margin of 20.86% and a return on equity of 9.66%.

Artesian Resources Stock Up 1.2%

Shares of ARTNA traded up $0.38 during mid-day trading on Friday, hitting $32.06. 3,603 shares of the company’s stock were exchanged, compared to its average volume of 56,967. The stock’s 50-day moving average is $32.36 and its 200-day moving average is $32.42. 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 fifty-two week low of $30.50 and a fifty-two week high of $35.03. The company has a market cap of $330.80 million, a price-to-earnings ratio of 14.19 and a beta of 0.33.

Artesian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, May 29th. Shareholders of record on Friday, May 15th will be paid a dividend of $0.3199 per share. This represents a $1.28 dividend on an annualized basis and a yield of 4.0%. This is a boost from Artesian Resources’s previous quarterly dividend of $0.31. The ex-dividend date is Friday, May 15th. Artesian Resources’s payout ratio is currently 56.64%.

Hedge Funds Weigh In On Artesian Resources

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Adage Capital Partners GP L.L.C. acquired a new position in shares of Artesian Resources during the second quarter worth about $5,034,000. Hotchkis & Wiley Capital Management LLC acquired a new position in Artesian Resources during the 3rd quarter worth approximately $3,048,000. Wells Fargo & Company MN grew its holdings in Artesian Resources by 452.0% during the 4th quarter. Wells Fargo & Company MN now owns 38,525 shares of the utilities provider’s stock worth $1,218,000 after acquiring an additional 31,546 shares in the last quarter. UBS Group AG increased its position in shares of Artesian Resources by 53.3% in the 3rd quarter. UBS Group AG now owns 65,413 shares of the utilities provider’s stock valued at $2,132,000 after purchasing an additional 22,730 shares during the last quarter. Finally, Jane Street Group LLC raised its holdings in shares of Artesian Resources by 129.0% in the 1st quarter. Jane Street Group LLC now owns 37,508 shares of the utilities provider’s stock valued at $1,225,000 after purchasing an additional 21,127 shares in the last quarter. Hedge funds and other institutional investors own 57.37% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. 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 reiterated a “hold (c-)” rating on shares of Artesian Resources in a report on Wednesday, January 21st. Two research analysts have rated the stock with a Hold rating, Based on data from MarketBeat, the company has a consensus rating of “Hold”.

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.