Artesian Resources (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 released on Saturday.

Shares of ARTNA opened at $37.80 on Friday. The company has a debt-to-equity ratio of 0.71, a current ratio of 0.41 and a quick ratio of 0.37. Artesian Resources has a one year low of $32.00 and a one year high of $43.16. The firm has a market capitalization of $334.52 million, a P/E ratio of 21.17 and a beta of -0.05.

Artesian Resources (NASDAQ:ARTNA) last issued its quarterly earnings data on Tuesday, August 7th. The utilities provider reported $0.42 EPS for the quarter. Artesian Resources had a return on equity of 10.85% and a net margin of 18.42%. The company had revenue of $20.24 million during the quarter.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 21st. Investors of record on Wednesday, November 14th will be given a dividend of $0.242 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This is an increase from Artesian Resources’s previous quarterly dividend of $0.24. This represents a $0.97 annualized dividend and a yield of 2.56%.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Advisors LLC purchased a new position in Artesian Resources during the second quarter valued at $146,000. ELCO Management Co. LLC purchased a new position in Artesian Resources during the second quarter valued at $207,000. BRYN MAWR TRUST Co purchased a new position in Artesian Resources during the second quarter valued at $230,000. First Trust Advisors LP lifted its position in Artesian Resources by 18.5% during the second quarter. First Trust Advisors LP now owns 9,461 shares of the utilities provider’s stock valued at $367,000 after purchasing an additional 1,477 shares in the last quarter. Finally, California Public Employees Retirement System lifted its position in Artesian Resources by 9.8% during the second quarter. California Public Employees Retirement System now owns 18,000 shares of the utilities provider’s stock valued at $698,000 after purchasing an additional 1,600 shares in the last quarter. Institutional investors own 37.99% of the company’s stock.

Artesian Resources Company Profile

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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