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

Artesian Resources Co. (NASDAQ:ARTNA) was the target of a large decline in short interest during the month of October. As of October 31st, there was short interest totalling 97,700 shares, a decline of 12.5% from the October 15th total of 111,700 shares. Based on an average daily trading volume, of 29,100 shares, the short-interest ratio is presently 3.4 days.

Artesian Resources Stock Up 1.3 %

ARTNA stock opened at $34.09 on Friday. The business’s 50-day moving average is $35.88 and its two-hundred day moving average is $36.71. The company has a market cap of $351.13 million, a price-to-earnings ratio of 17.48 and a beta of 0.21. Artesian Resources has a fifty-two week low of $32.93 and a fifty-two week high of $44.78. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.09 and a current ratio of 1.22.

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

Artesian Resources Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 25th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.301 per share. This represents a $1.20 annualized dividend and a yield of 3.53%. The ex-dividend date is Friday, November 15th. This is a positive change from Artesian Resources’s previous quarterly dividend of $0.30. Artesian Resources’s payout ratio is currently 60.51%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in ARTNA. Lazard Asset Management LLC purchased a new position in shares of Artesian Resources during the 1st quarter valued at $41,000. Quest Partners LLC purchased a new position in shares of Artesian Resources in the second quarter valued at about $42,000. Point72 DIFC Ltd bought a new position in shares of Artesian Resources in the second quarter worth about $50,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Artesian Resources during the first quarter worth about $161,000. Finally, Ballentine Partners LLC purchased a new position in Artesian Resources in the 3rd quarter worth approximately $217,000. 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.