Short Interest in Artesian Resources Co. (NASDAQ:ARTNA) Decreases By 31.3%

Artesian Resources Co. (NASDAQ:ARTNA) was the target of a significant decline in short interest during the month of March. As of March 31st, there was short interest totalling 56,300 shares, a decline of 31.3% from the March 15th total of 82,000 shares. Based on an average daily trading volume, of 44,800 shares, the days-to-cover ratio is presently 1.3 days. Currently, 0.7% of the shares of the stock are sold short.

Artesian Resources Stock Up 1.2 %

Shares of NASDAQ:ARTNA opened at $34.66 on Friday. The company has a quick ratio of 1.07, a current ratio of 1.22 and a debt-to-equity ratio of 0.74. The firm has a market cap of $357.10 million, a P/E ratio of 17.77 and a beta of 0.27. Artesian Resources has a 12 month low of $29.45 and a 12 month high of $41.29. The company’s 50-day moving average price is $32.22 and its two-hundred day moving average price is $32.84.

Artesian Resources (NASDAQ:ARTNA) last released its quarterly earnings results on Tuesday, March 25th. The utilities provider reported $0.37 EPS for the quarter, beating the consensus estimate of $0.36 by $0.01. Artesian Resources had a net margin of 18.96% and a return on equity of 8.57%. The business had revenue of $25.00 million for the quarter, compared to analysts’ expectations of $25.00 million. As a group, research analysts forecast that Artesian Resources will post 1.92 EPS for the current fiscal year.

Artesian Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, February 21st. Stockholders of record on Friday, February 7th were given a dividend of $0.3014 per share. The ex-dividend date of this dividend was Friday, February 7th. This represents a $1.21 dividend on an annualized basis and a dividend yield of 3.48%. This is an increase from Artesian Resources’s previous quarterly dividend of $0.30. Artesian Resources’s payout ratio is presently 60.61%.

Hedge Funds Weigh In On Artesian Resources

Several hedge funds have recently added to or reduced their stakes in the company. Trexquant Investment LP raised its position in shares of Artesian Resources by 83.5% during the 4th quarter. Trexquant Investment LP now owns 50,164 shares of the utilities provider’s stock valued at $1,586,000 after acquiring an additional 22,821 shares during the last quarter. Citadel Advisors LLC increased its holdings in Artesian Resources by 56.1% in the fourth quarter. Citadel Advisors LLC now owns 53,305 shares of the utilities provider’s stock valued at $1,686,000 after purchasing an additional 19,152 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Artesian Resources by 7.4% in the fourth quarter. Renaissance Technologies LLC now owns 276,937 shares of the utilities provider’s stock valued at $8,757,000 after buying an additional 19,126 shares during the period. D. E. Shaw & Co. Inc. bought a new position in Artesian Resources during the fourth quarter worth about $550,000. Finally, Capstone Investment Advisors LLC acquired a new position in shares of Artesian Resources during the 4th quarter worth about $544,000. 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.