Artesian Resources Co. (NASDAQ:ARTNA) Sees Significant Drop in Short Interest

Artesian Resources Co. (NASDAQ:ARTNA) was the target of a significant decrease in short interest during the month of November. As of November 30th, there was short interest totalling 87,300 shares, a decrease of 8.9% from the November 15th total of 95,800 shares. Based on an average trading volume of 29,200 shares, the days-to-cover ratio is presently 3.0 days.

Artesian Resources Stock Up 0.5 %

Shares of NASDAQ ARTNA traded up $0.17 during trading hours on Friday, hitting $33.43. The stock had a trading volume of 30,818 shares, compared to its average volume of 48,074. The firm’s 50-day moving average price is $34.61 and its two-hundred day moving average price is $36.07. Artesian Resources has a 52 week low of $32.93 and a 52 week high of $44.59. The company has a market capitalization of $344.33 million, a P/E ratio of 17.14 and a beta of 0.22. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.07 and a current ratio of 1.22.

Artesian Resources (NASDAQ:ARTNA) last released its quarterly earnings results on Monday, November 4th. The utilities provider reported $0.66 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.05. The company had revenue of $29.14 million during the quarter, compared to the consensus estimate of $29.00 million. Artesian Resources had a return on equity of 8.57% and a net margin of 18.96%. Analysts anticipate that Artesian Resources will post 1.92 EPS for the current fiscal year.

Artesian Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, November 25th. Stockholders of record on Friday, November 15th were given a $0.301 dividend. This is an increase from Artesian Resources’s previous quarterly dividend of $0.30. This represents a $1.20 annualized dividend and a dividend yield of 3.60%. The ex-dividend date was Friday, November 15th. Artesian Resources’s dividend payout ratio (DPR) is currently 62.05%.

Institutional Trading of Artesian Resources

Several hedge funds have recently added to or reduced their stakes in the business. Foundry Partners LLC grew its stake in shares of Artesian Resources by 7.3% in the second quarter. Foundry Partners LLC now owns 127,890 shares of the utilities provider’s stock worth $4,497,000 after acquiring an additional 8,730 shares during the last quarter. Private Advisor Group LLC raised its position in shares of Artesian Resources by 132.6% during the second quarter. Private Advisor Group LLC now owns 19,051 shares of the utilities provider’s stock valued at $670,000 after buying an additional 10,861 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Artesian Resources in the second quarter valued at about $42,000. American Century Companies Inc. grew its position in Artesian Resources by 19.1% during the second quarter. American Century Companies Inc. now owns 9,467 shares of the utilities provider’s stock worth $333,000 after buying an additional 1,518 shares in the last quarter. Finally, Cornercap Investment Counsel Inc. bought a new position in Artesian Resources during the second quarter valued at about $539,000. Institutional investors own 57.37% of the company’s stock.

About Artesian Resources

Artesian Resources Corporation, through its subsidiaries, provides water, wastewater, and other services in Delaware, Maryland, and Pennsylvania. 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 collection, treatment infrastructure, and wastewater services to customers in Delaware.