BidaskClub Lowers Artesian Resources (ARTNA) to Sell

BidaskClub cut shares of Artesian Resources (NASDAQ:ARTNA) from a hold rating to a sell rating in a report issued on Tuesday.

Separately, ValuEngine raised shares of Artesian Resources from a hold rating to a buy rating in a report on Tuesday, November 6th.

ARTNA traded up $0.18 on Tuesday, reaching $36.98. The company had a trading volume of 6 shares, compared to its average volume of 14,866. Artesian Resources has a fifty-two week low of $32.00 and a fifty-two week high of $43.16. The firm has a market cap of $338.96 million, a P/E ratio of 21.45 and a beta of -0.03. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.37 and a current ratio of 0.49.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 21st. Shareholders of record on Wednesday, November 14th will be issued a $0.242 dividend. The ex-dividend date is Tuesday, November 13th. This represents a $0.97 dividend on an annualized basis and a yield of 2.62%. This is an increase from Artesian Resources’s previous quarterly dividend of $0.24.

Several institutional investors have recently modified their holdings of the company. First Trust Advisors LP lifted its holdings in shares of Artesian Resources by 18.5% during the 2nd quarter. First Trust Advisors LP now owns 9,461 shares of the utilities provider’s stock worth $367,000 after acquiring an additional 1,477 shares during the period. California Public Employees Retirement System lifted its holdings in shares of Artesian Resources by 9.8% during the 2nd quarter. California Public Employees Retirement System now owns 18,000 shares of the utilities provider’s stock worth $698,000 after acquiring an additional 1,600 shares during the period. Panagora Asset Management Inc. lifted its stake in Artesian Resources by 2.3% in the 3rd quarter. Panagora Asset Management Inc. now owns 72,186 shares of the utilities provider’s stock valued at $2,655,000 after purchasing an additional 1,615 shares during the last quarter. Bank of New York Mellon Corp lifted its stake in Artesian Resources by 1.9% in the 3rd quarter. Bank of New York Mellon Corp now owns 98,512 shares of the utilities provider’s stock valued at $3,623,000 after purchasing an additional 1,798 shares during the last quarter. Finally, MetLife Investment Advisors LLC lifted its stake in Artesian Resources by 60.6% in the 3rd quarter. MetLife Investment Advisors LLC now owns 6,050 shares of the utilities provider’s stock valued at $223,000 after purchasing an additional 2,284 shares during the last quarter. 37.90% of the stock is owned by institutional investors.

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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