Artesian Resources (NASDAQ:ARTNA) Rating Lowered to Sell at StockNews.com

Artesian Resources (NASDAQ:ARTNA – Get Rating) was downgraded by research analysts at StockNews.com from a “hold” rating to a “sell” rating in a report released on Wednesday.

Artesian Resources Stock Performance

NASDAQ:ARTNA opened at $48.50 on Wednesday. The firm has a 50 day simple moving average of $53.49 and a 200-day simple moving average of $55.59. The company has a debt-to-equity ratio of 0.93, a current ratio of 0.50 and a quick ratio of 0.38. The firm has a market cap of $461.24 million, a PE ratio of 26.80 and a beta of 0.17. Artesian Resources has a 1-year low of $44.08 and a 1-year high of $63.00.

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Artesian Resources (NASDAQ:ARTNA – Get Rating) last issued its earnings results on Tuesday, May 9th. The utilities provider reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.50 by ($0.11). Artesian Resources had a net margin of 17.36% and a return on equity of 9.24%. The business had revenue of $22.50 million during the quarter, compared to analysts’ expectations of $23.00 million. On average, equities analysts expect that Artesian Resources will post 1.74 EPS for the current year.

Institutional Trading of Artesian Resources

A number of hedge funds and other institutional investors have recently made changes to their positions in ARTNA. Lazard Asset Management LLC bought a new stake in shares of Artesian Resources in the 3rd quarter worth approximately $43,000. AdvisorNet Financial Inc purchased a new position in Artesian Resources during the fourth quarter valued at approximately $48,000. Ellevest Inc. grew its position in Artesian Resources by 56.3% during the first quarter. Ellevest Inc. now owns 1,961 shares of the utilities provider’s stock valued at $109,000 after purchasing an additional 706 shares in the last quarter. Barclays PLC grew its position in Artesian Resources by 347.7% during the fourth quarter. Barclays PLC now owns 2,207 shares of the utilities provider’s stock valued at $129,000 after purchasing an additional 1,714 shares in the last quarter. Finally, FMR LLC grew its position in Artesian Resources by 24.4% during the second quarter. FMR LLC now owns 3,416 shares of the utilities provider’s stock valued at $168,000 after purchasing an additional 670 shares in the last quarter. 49.19% of the stock is currently owned by institutional investors.

Artesian Resources Company Profile

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Artesian Resources Corp. is a holding company, which engages in the provision of water resource management. Its activities include residential, commercial water and wastewater, government and contract services, and developers. The company was founded in 1927 and is headquartered in Newark, DE.

Further Reading

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