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Artesian (ARTNA) Rewards Shareholders With 2% Dividend Hike
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Artesian Resources Corporation (ARTNA - Free Report) announced that its board of directors approved a 2% increase in the Class A and Class B common stock dividend, thereby bringing the annual dividend to $1.09 per share. The quarterly dividend of 27.29 cents is payable on May 23, 2022 to shareholders of record at the close of the business on May 9, 2022. Artesian Resources’ new dividend yield of 2.3% compares favorably with the industry’s figure of 1.8%.
Artesian Resources has been expanding its water and wastewater businesses significantly over time through planned acquisitions and organic means. ARTNA’s stable performance allows the company to continuously deliver a fair return to shareholders. The new dividend marks the company’s 118th consecutive quarterly dividend payment and the 25th straight year of a dividend hike.
Can Artesian Resources Sustain the Dividend Hike?
In 2021, Artesian Resources’ net cash provided by operating activities amounted to $31.3 million, up 53.8% from the prior year. This upside is primarily attributable to water sales revenues, affected materially by changes in water sales and the extent of increases in rates approved by state public service commissions.
Artesian Resources is making efforts to grow organically and inorganically, this is boosting its performance and cash flow. In the past four years, Artesian Resources completed seven acquisitions. Backed by these positives, its consistent dividend raises seem sustainable. The completion of Town of Clayton’s water assets will further boost ARTNA’s performance.
Utilities Hiking Dividend
Apart from Artesian Resources, a few utility companies are rewarding shareholders with dividend hikes, namely Essential Utilities Inc. (WTRG - Free Report) , American States Water Co. (AWR - Free Report) and California Water Service Group (CWT - Free Report) .
In March 2022, Essential Utilities approved an 8% increase in the quarterly dividend to 27 cents per share. The utility increased the dividend 31 times in the past 30 years. Essential Utilities has a current dividend yield of 2.1%, better than the Zacks S&P 500 composite’s yield of 1.5%.The Zacks Consensus Estimate for WTRG’s 2022 earnings per share (EPS) indicates year-over-year growth of 6.6%.
In February 2022, American States Water approved a 9% increase in the quarterly dividend to 36.5 cents per share. This marks the utility’s 67th consecutive annual dividend hike. American States Water has a current dividend yield of 1.7%. The Zacks Consensus Estimate for AWR’s 2022 EPS indicates year-over-year growth of 6.5%.
In January 2022, California Water Service approved an 8.7% increase in the quarterly dividend to 25 cents per share. This marks the utility’s 55th consecutive annual dividend hike. California Water Service has a current dividend yield of 1.7%. The Zacks Consensus Estimate for CWT’s 2023 EPS indicates year-over-year growth of 9.6%.
Zacks Rank & Price Performance
Currently, Artesian Resources carries a Zacks Rank #4 (Sell). In the past six months, shares of ARTNA have rallied 19.2% compared with the industry’s 3.8% growth.
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Artesian (ARTNA) Rewards Shareholders With 2% Dividend Hike
Artesian Resources Corporation (ARTNA - Free Report) announced that its board of directors approved a 2% increase in the Class A and Class B common stock dividend, thereby bringing the annual dividend to $1.09 per share. The quarterly dividend of 27.29 cents is payable on May 23, 2022 to shareholders of record at the close of the business on May 9, 2022. Artesian Resources’ new dividend yield of 2.3% compares favorably with the industry’s figure of 1.8%.
Artesian Resources has been expanding its water and wastewater businesses significantly over time through planned acquisitions and organic means. ARTNA’s stable performance allows the company to continuously deliver a fair return to shareholders. The new dividend marks the company’s 118th consecutive quarterly dividend payment and the 25th straight year of a dividend hike.
Can Artesian Resources Sustain the Dividend Hike?
In 2021, Artesian Resources’ net cash provided by operating activities amounted to $31.3 million, up 53.8% from the prior year. This upside is primarily attributable to water sales revenues, affected materially by changes in water sales and the extent of increases in rates approved by state public service commissions.
Artesian Resources is making efforts to grow organically and inorganically, this is boosting its performance and cash flow. In the past four years, Artesian Resources completed seven acquisitions. Backed by these positives, its consistent dividend raises seem sustainable. The completion of Town of Clayton’s water assets will further boost ARTNA’s performance.
Utilities Hiking Dividend
Apart from Artesian Resources, a few utility companies are rewarding shareholders with dividend hikes, namely Essential Utilities Inc. (WTRG - Free Report) , American States Water Co. (AWR - Free Report) and California Water Service Group (CWT - Free Report) .
In March 2022, Essential Utilities approved an 8% increase in the quarterly dividend to 27 cents per share. The utility increased the dividend 31 times in the past 30 years. Essential Utilities has a current dividend yield of 2.1%, better than the Zacks S&P 500 composite’s yield of 1.5%.The Zacks Consensus Estimate for WTRG’s 2022 earnings per share (EPS) indicates year-over-year growth of 6.6%.
In February 2022, American States Water approved a 9% increase in the quarterly dividend to 36.5 cents per share. This marks the utility’s 67th consecutive annual dividend hike. American States Water has a current dividend yield of 1.7%. The Zacks Consensus Estimate for AWR’s 2022 EPS indicates year-over-year growth of 6.5%.
In January 2022, California Water Service approved an 8.7% increase in the quarterly dividend to 25 cents per share. This marks the utility’s 55th consecutive annual dividend hike. California Water Service has a current dividend yield of 1.7%. The Zacks Consensus Estimate for CWT’s 2023 EPS indicates year-over-year growth of 9.6%.
Zacks Rank & Price Performance
Currently, Artesian Resources carries a Zacks Rank #4 (Sell). In the past six months, shares of ARTNA have rallied 19.2% compared with the industry’s 3.8% growth.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research