Artesian Resources (NASDAQ:ARTNA) Upgraded at BidaskClub

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BidaskClub upgraded shares of Artesian Resources (NASDAQ:ARTNA) from a sell rating to a hold rating in a report issued on Friday morning, BidAskClub reports.

Artesian Resources stock opened at $37.15 on Friday. The company has a 50 day moving average price of $36.23 and a 200-day moving average price of $36.47. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.22 and a current ratio of 0.24. Artesian Resources has a fifty-two week low of $32.27 and a fifty-two week high of $40.97. The company has a market capitalization of $344.99 million, a PE ratio of 24.14 and a beta of 0.11.

Artesian Resources (NASDAQ:ARTNA) last posted its quarterly earnings results on Wednesday, August 7th. The utilities provider reported $0.41 earnings per share for the quarter. Artesian Resources had a net margin of 17.52% and a return on equity of 9.30%. The firm had revenue of $20.65 million during the quarter.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 22nd. Investors of record on Friday, November 8th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.69%. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Thursday, November 7th.

A number of hedge funds have recently modified their holdings of ARTNA. BlackRock Inc. increased its holdings in Artesian Resources by 8.3% during the second quarter. BlackRock Inc. now owns 464,354 shares of the utilities provider’s stock valued at $17,260,000 after buying an additional 35,453 shares during the period. Wells Fargo & Company MN grew its holdings in Artesian Resources by 27.8% in the second quarter. Wells Fargo & Company MN now owns 124,807 shares of the utilities provider’s stock worth $4,639,000 after purchasing an additional 27,163 shares during the last quarter. Renaissance Technologies LLC grew its holdings in Artesian Resources by 2.8% in the second quarter. Renaissance Technologies LLC now owns 383,300 shares of the utilities provider’s stock worth $14,247,000 after purchasing an additional 10,600 shares during the last quarter. Morgan Stanley grew its holdings in Artesian Resources by 7.8% in the second quarter. Morgan Stanley now owns 110,329 shares of the utilities provider’s stock worth $4,101,000 after purchasing an additional 7,999 shares during the last quarter. Finally, Costello Asset Management INC grew its holdings in Artesian Resources by 3.2% in the second quarter. Costello Asset Management INC now owns 153,793 shares of the utilities provider’s stock worth $5,716,000 after purchasing an additional 4,772 shares during the last quarter. 42.31% of the stock is currently owned by institutional investors.

About Artesian Resources

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services on the Delmarva Peninsula. The company distributes and sells water to residential, commercial, industrial, governmental, municipal, and utility customers, as well as for public and private fire protection in the states of Delaware, Maryland, and Pennsylvania; and offers wastewater services to customers in Delaware.

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