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Artesian Resources' Unit Acquires Town of Frankford Assets
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Artesian Resources Corporation (ARTNA - Free Report) announced that its subsidiary — Artesian Water Company, Inc. — has completed the acquisition of water assets of the Town of Frankford based in Sussex County, Delaware.
Notably, the company is continuously making investments in the Sussex County to create a larger regional water system, interconnecting existing systems to new service territories. It has invested nearly $44 million in the last three years to improve as well as strengthen water and wastewater infrastructure in Sussex County.
In line with that, Artesian Resources has been undertaking acquisitions to continue to expand its service territory in Delaware. The latest one is the fifth acquisition in the last three years.
Artesian Resources has been investing in water and wastewater infrastructure to provide excellent customer services. The company invested nearly $40.7 million in 2019 and plans to spend nearly $63.4 million in 2020, of which approximately $18 million will be for extending transmission and distribution facilities to address service needs in growth areas of its service territory.
Importance of Consolidation
The water infrastructure in the United States has aged and needs to undergo extensive repair, which is difficult for small service providers. Billions of gallons of potable water are wasted every year in the United States due to breakage of old and soiled pipelines. The U.S. water utility space is very fragmented, with more than 53,000 service providers. Thus, consolidation is important to ensure flow of uninterrupted water service. The acquisition of small water utilities by the bigger companies ensure extension of high-quality services to customers and upgrade of assets of small service providers.
Artesian Resources keeps on undertaking strategic acquisitions and make necessary investment to provide quality water and wastewater services to its expanding customer base.
Water utilities like California Water Service Group (CWT - Free Report) , American Water Works Company (AWK - Free Report) and Middlesex Water Company (MSEX - Free Report) among others are also making strategic acquisitions to expand operations.
Price Movement
In the past six months, Artesian Resources has outperformed the Zacks categorized Utility- Water Supply industry.
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early. See Zacks' 3 Best Stocks to Play This Trend >>
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Artesian Resources' Unit Acquires Town of Frankford Assets
Artesian Resources Corporation (ARTNA - Free Report) announced that its subsidiary — Artesian Water Company, Inc. — has completed the acquisition of water assets of the Town of Frankford based in Sussex County, Delaware.
Notably, the company is continuously making investments in the Sussex County to create a larger regional water system, interconnecting existing systems to new service territories. It has invested nearly $44 million in the last three years to improve as well as strengthen water and wastewater infrastructure in Sussex County.
In line with that, Artesian Resources has been undertaking acquisitions to continue to expand its service territory in Delaware. The latest one is the fifth acquisition in the last three years.
Artesian Resources has been investing in water and wastewater infrastructure to provide excellent customer services. The company invested nearly $40.7 million in 2019 and plans to spend nearly $63.4 million in 2020, of which approximately $18 million will be for extending transmission and distribution facilities to address service needs in growth areas of its service territory.
Importance of Consolidation
The water infrastructure in the United States has aged and needs to undergo extensive repair, which is difficult for small service providers. Billions of gallons of potable water are wasted every year in the United States due to breakage of old and soiled pipelines. The U.S. water utility space is very fragmented, with more than 53,000 service providers. Thus, consolidation is important to ensure flow of uninterrupted water service. The acquisition of small water utilities by the bigger companies ensure extension of high-quality services to customers and upgrade of assets of small service providers.
Artesian Resources keeps on undertaking strategic acquisitions and make necessary investment to provide quality water and wastewater services to its expanding customer base.
Water utilities like California Water Service Group (CWT - Free Report) , American Water Works Company (AWK - Free Report) and Middlesex Water Company (MSEX - Free Report) among others are also making strategic acquisitions to expand operations.
Price Movement
In the past six months, Artesian Resources has outperformed the Zacks categorized Utility- Water Supply industry.
Zacks Rank
Artesian Resources currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>