Short Interest in Artesian Resources Co. (NASDAQ:ARTNA) Declines By 12.5%

Artesian Resources Co. (NASDAQ:ARTNA) saw 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 trading volume of 29,100 shares, the short-interest ratio is currently 3.4 days.

Artesian Resources Stock Performance

Shares of NASDAQ:ARTNA opened at $34.09 on Friday. The company has a current ratio of 1.22, a quick ratio of 1.09 and a debt-to-equity ratio of 0.74. 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 12 month low of $32.93 and a 12 month high of $44.78. The company has a 50-day moving average price of $35.88 and a 200-day moving average price of $36.71.

Artesian Resources (NASDAQ:ARTNA) last announced its earnings results on Monday, November 4th. The utilities provider reported $0.66 EPS for the quarter, beating analysts’ consensus estimates 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%. As a group, equities analysts anticipate that Artesian Resources will post 1.92 EPS for the current year.

Artesian Resources Increases Dividend

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

Hedge Funds Weigh In On Artesian Resources

A number of institutional investors and hedge funds have recently made changes to their positions in ARTNA. Lazard Asset Management LLC bought a new stake in Artesian Resources during the 1st quarter valued at about $41,000. Quest Partners LLC purchased a new stake in Artesian Resources during the 2nd quarter valued at $42,000. Point72 DIFC Ltd purchased a new position in shares of Artesian Resources in the second quarter worth $50,000. State Board of Administration of Florida Retirement System bought a new position in shares of Artesian Resources during the first quarter valued at $161,000. Finally, Ballentine Partners LLC bought a new stake in Artesian Resources in the 3rd quarter worth about $217,000. Institutional investors own 57.37% of the company’s stock.

Artesian Resources Company Profile

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.