Artesian Resources Co. (ARTNA) to Issue Quarterly Dividend of $0.30 on May 28th

Artesian Resources Co. (NASDAQ:ARTNA) announced a quarterly dividend on Monday, May 6th, Zacks reports. Investors of record on Friday, May 17th will be given a dividend of 0.296 per share by the utilities provider on Tuesday, May 28th. This represents a $1.18 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Thursday, May 16th. This is a boost from Artesian Resources’s previous quarterly dividend of $0.29.

Artesian Resources has raised its dividend by an average of 4.1% per year over the last three years and has increased its dividend every year for the last 6 years. Artesian Resources has a dividend payout ratio of 55.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Artesian Resources to earn $2.10 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 55.2%.

Artesian Resources Stock Performance

Shares of NASDAQ ARTNA traded down $0.09 during mid-day trading on Wednesday, hitting $38.18. The company had a trading volume of 3,170 shares, compared to its average volume of 35,646. The firm has a market cap of $392.87 million, a P/E ratio of 23.02 and a beta of 0.20. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.37 and a quick ratio of 1.10. Artesian Resources has a 12 month low of $33.42 and a 12 month high of $55.98. The business’s 50-day simple moving average is $35.63 and its 200-day simple moving average is $38.26.

Artesian Resources (NASDAQ:ARTNA) last announced its quarterly earnings results on Monday, May 6th. The utilities provider reported $0.43 EPS for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. The firm had revenue of $24.54 million during the quarter, compared to analysts’ expectations of $24.00 million. Artesian Resources had a net margin of 16.89% and a return on equity of 7.62%. As a group, analysts predict that Artesian Resources will post 1.99 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on ARTNA shares. StockNews.com raised shares of Artesian Resources from a “sell” rating to a “hold” rating in a report on Thursday, April 18th. TheStreet downgraded Artesian Resources from a “b-” rating to a “c+” rating in a report on Monday, February 5th.

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.