Artesian Resources (NASDAQ:ARTNA) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm presently has a $39.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 6.62% from the company’s current price.
According to Zacks, “Artesian Resources Corporation operates as the parent holding company of Artesian Water Company, Inc a regulated public water utility. Artesian Water provides water utility service to customers with in its established service territory in portions of New Castle County, Delaware. “
Separately, BidaskClub lowered shares of Artesian Resources from a “sell” rating to a “strong sell” rating in a report on Saturday, March 3rd.
Artesian Resources (NASDAQ:ARTNA) traded up $1.58 on Thursday, hitting $36.58. 16,804 shares of the stock traded hands, compared to its average volume of 22,430. The company has a current ratio of 0.71, a quick ratio of 0.64 and a debt-to-equity ratio of 0.73. Artesian Resources has a fifty-two week low of $32.00 and a fifty-two week high of $43.22. The company has a market cap of $329.19, a price-to-earnings ratio of 25.94 and a beta of 0.17.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Cornerstone Capital Management Holdings LLC. lifted its position in Artesian Resources by 139.7% during the 3rd quarter. Cornerstone Capital Management Holdings LLC. now owns 2,917 shares of the utilities provider’s stock worth $109,000 after buying an additional 1,700 shares in the last quarter. Trustcore Financial Services LLC acquired a new position in Artesian Resources during the 4th quarter worth about $143,000. MetLife Investment Advisors LLC acquired a new position in Artesian Resources during the 4th quarter worth about $145,000. OxFORD Asset Management LLP acquired a new position in Artesian Resources during the 3rd quarter worth about $208,000. Finally, The Manufacturers Life Insurance Company lifted its position in Artesian Resources by 3.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 7,415 shares of the utilities provider’s stock worth $279,000 after buying an additional 235 shares in the last quarter. Institutional investors and hedge funds own 38.83% of the company’s stock.
About Artesian Resources
Artesian Resources Corporation is a holding company. The Company’s subsidiaries offer water, wastewater and other services on the Delmarva Peninsula. The Company distributes and sells water, including water for public and private fire protection, to residential, commercial, industrial, municipal and utility customers in the states of Delaware, Maryland and Pennsylvania.
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