Artesian Resources (ARTNA) Upgraded by ValuEngine to “Buy”

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ValuEngine upgraded shares of Artesian Resources (NASDAQ:ARTNA) from a hold rating to a buy rating in a research note published on Tuesday morning.

Separately, BidaskClub raised shares of Artesian Resources from a sell rating to a hold rating in a research report on Saturday, October 27th.

Shares of ARTNA opened at $38.00 on Tuesday. The company has a market cap of $348.85 million, a P/E ratio of 22.08 and a beta of -0.03. The company has a debt-to-equity ratio of 0.71, a quick ratio of 0.37 and a current ratio of 0.41. Artesian Resources has a twelve month low of $32.00 and a twelve month high of $43.16.

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

The company also recently declared a quarterly dividend, which will be paid on Wednesday, November 21st. Stockholders of record on Wednesday, November 14th will be given a $0.242 dividend. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $0.97 dividend on an annualized basis and a dividend yield of 2.55%.

Several institutional investors have recently made changes to their positions in the company. BlackRock Inc. grew its stake in shares of Artesian Resources by 6.3% in the second quarter. BlackRock Inc. now owns 415,541 shares of the utilities provider’s stock worth $16,111,000 after acquiring an additional 24,516 shares during the last quarter. Renaissance Technologies LLC grew its stake in shares of Artesian Resources by 2.6% in the second quarter. Renaissance Technologies LLC now owns 341,800 shares of the utilities provider’s stock worth $13,252,000 after acquiring an additional 8,500 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Artesian Resources by 2.5% in the second quarter. Dimensional Fund Advisors LP now owns 258,732 shares of the utilities provider’s stock worth $10,031,000 after acquiring an additional 6,425 shares during the last quarter. Northern Trust Corp grew its stake in shares of Artesian Resources by 3.0% in the second quarter. Northern Trust Corp now owns 121,035 shares of the utilities provider’s stock worth $4,693,000 after acquiring an additional 3,533 shares during the last quarter. Finally, Dalton Greiner Hartman Maher & Co. grew its stake in shares of Artesian Resources by 42.8% in the second quarter. Dalton Greiner Hartman Maher & Co. now owns 92,854 shares of the utilities provider’s stock worth $3,600,000 after acquiring an additional 27,841 shares during the last quarter. Institutional investors and hedge funds own 38.01% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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