ValuEngine Upgrades Artesian Resources (NASDAQ:ARTNA) to “Buy”

Artesian Resources (NASDAQ:ARTNA) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a report released on Thursday, ValuEngine reports.

Separately, BidaskClub raised shares of Artesian Resources from a “sell” rating to a “hold” rating in a research note on Friday, September 27th.

Shares of NASDAQ:ARTNA opened at $36.73 on Thursday. Artesian Resources has a 52-week low of $32.84 and a 52-week high of $40.97. The firm has a fifty day moving average of $36.50 and a 200 day moving average of $36.31. The firm has a market capitalization of $340.85 million, a PE ratio of 23.91 and a beta of 0.09. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.22 and a current ratio of 0.24.

Artesian Resources (NASDAQ:ARTNA) last posted its quarterly earnings results on Wednesday, August 7th. The utilities provider reported $0.41 earnings per share for the quarter. The business had revenue of $20.65 million during the quarter. Artesian Resources had a net margin of 17.52% and a return on equity of 9.30%.

Several hedge funds and other institutional investors have recently made changes to their positions in ARTNA. BlackRock Inc. grew its holdings in Artesian Resources by 8.3% in the second quarter. BlackRock Inc. now owns 464,354 shares of the utilities provider’s stock worth $17,260,000 after purchasing an additional 35,453 shares during the period. Wells Fargo & Company MN grew its holdings in Artesian Resources by 27.8% in the second quarter. Wells Fargo & Company MN now owns 124,807 shares of the utilities provider’s stock worth $4,639,000 after purchasing an additional 27,163 shares during the period. Renaissance Technologies LLC grew its holdings in Artesian Resources by 2.8% in the second quarter. Renaissance Technologies LLC now owns 383,300 shares of the utilities provider’s stock worth $14,247,000 after purchasing an additional 10,600 shares during the period. Dalton Greiner Hartman Maher & Co. grew its holdings in Artesian Resources by 9.1% in the third quarter. Dalton Greiner Hartman Maher & Co. now owns 100,655 shares of the utilities provider’s stock worth $3,724,000 after purchasing an additional 8,427 shares during the period. Finally, Morgan Stanley grew its holdings in Artesian Resources by 7.8% in the second quarter. Morgan Stanley now owns 110,329 shares of the utilities provider’s stock worth $4,101,000 after purchasing an additional 7,999 shares during the period. Institutional investors own 42.31% of the company’s stock.

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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To view ValuEngine’s full report, visit ValuEngine’s official website.

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