Artesian Resources (ARTNA) Upgraded to “Hold” by BidaskClub

BidaskClub upgraded shares of Artesian Resources (NASDAQ:ARTNA) from a sell rating to a hold rating in a research report report published on Friday.

Separately, ValuEngine upgraded Artesian Resources from a hold rating to a buy rating in a research note on Tuesday, November 6th.

Artesian Resources stock traded down $0.12 during trading on Friday, reaching $35.97. The company had a trading volume of 7,752 shares, compared to its average volume of 13,294. Artesian Resources has a 52 week low of $32.00 and a 52 week high of $43.16. The stock has a market cap of $333.65 million, a P/E ratio of 21.10 and a beta of -0.03. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.46 and a current ratio of 0.49.

Artesian Resources (NASDAQ:ARTNA) last announced its earnings results on Wednesday, November 7th. The utilities provider reported $0.42 EPS for the quarter. Artesian Resources had a return on equity of 10.74% and a net margin of 18.51%. The company had revenue of $21.92 million for the quarter.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 14th were paid a $0.242 dividend. This represents a $0.97 dividend on an annualized basis and a yield of 2.69%. The ex-dividend date of this dividend was Tuesday, November 13th. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.24.

A number of hedge funds have recently modified their holdings of ARTNA. MetLife Investment Advisors LLC purchased a new stake in Artesian Resources in the 2nd quarter worth $146,000. Captrust Financial Advisors purchased a new stake in Artesian Resources in the 3rd quarter worth $164,000. Cutler Group LP increased its stake in Artesian Resources by 307.9% in the 3rd quarter. Cutler Group LP now owns 5,209 shares of the utilities provider’s stock worth $191,000 after buying an additional 3,932 shares in the last quarter. BRYN MAWR TRUST Co purchased a new stake in Artesian Resources in the 2nd quarter worth $230,000. Finally, First Trust Advisors LP increased its stake in Artesian Resources by 18.5% in the 2nd quarter. First Trust Advisors LP now owns 9,461 shares of the utilities provider’s stock worth $367,000 after buying an additional 1,477 shares in the last quarter. Institutional investors and hedge funds own 38.28% 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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