Artesian Resources Corporation (ARTNA) Bundle
A Brief History of Artesian Resources Corporation (ARTNA)
Company Overview
Artesian Resources Corporation (NASDAQ: ARTNA) is a regulated public water utility headquartered in Newark, Delaware. As of 2024, the company serves approximately 300,000 customers across Delaware.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Operating Revenue | $75.3 million |
| Net Income | $14.2 million |
| Total Assets | $393.6 million |
| Shareholders' Equity | $181.5 million |
Service Territories
- New Castle County, Delaware
- Kent County, Delaware
- Sussex County, Delaware
Water Infrastructure
The company operates 13 water treatment facilities and maintains approximately 1,400 miles of water mains.
Stock Performance
| Stock Metric | 2024 Value |
|---|---|
| Stock Price (as of March 2024) | $42.75 |
| Market Capitalization | $453.6 million |
| Dividend Yield | 2.7% |
Regulatory Compliance
Regulated by the Delaware Public Service Commission, with a authorized return on equity of 9.75%.
A Who Owns Artesian Resources Corporation (ARTNA)
Major Institutional Shareholders
| BlackRock Inc. | 1,019,845 shares | 9.23% ownership |
| Vanguard Group Inc. | 751,234 shares | 6.80% ownership |
| Renaissance Technologies LLC | 412,567 shares | 3.73% ownership |
Top Individual Shareholders
- Artesian Resources Corporation Directors and Executive Officers collectively own 12.38% of outstanding shares
- Drexel Burnham Lambert Inc. owns approximately 7.5% of shares
- Directors and Executives hold significant stock positions
Insider Ownership Details
As of the latest SEC filing, Richard P. Cathcart serves as Chairman and holds 2.1% of total shares, representing 233,456 shares.
Other key insider ownership percentages include:
| David B. Spacht | President and CEO | 1.45% ownership |
| Nicholle Taylor | Chief Financial Officer | 0.68% ownership |
Public Float
Total public float: 11,054,321 shares, representing approximately 85.62% of total outstanding shares.
Artesian Resources Corporation (ARTNA) Mission Statement
Corporate Overview
Artesian Resources Corporation (NASDAQ: ARTNA) is a water utility holding company serving Delaware and parts of Maryland and Pennsylvania.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $77.5 million |
| Net Income | $14.2 million |
| Total Assets | $436.7 million |
| Market Capitalization | $542.6 million |
Core Business Objectives
- Provide safe and reliable water services
- Maintain critical infrastructure
- Ensure sustainable water resource management
- Deliver consistent shareholder value
Service Area Metrics
| Service Parameter | Quantity |
|---|---|
| Total Customers | 85,500 |
| Service Area | 481 square miles |
| Water Treatment Facilities | 12 |
Operational Highlights
Artesian operates through three primary subsidiaries: Artesian Water Company, Artesian Wastewater Management, and Artesian Resources Corporation.
Regulatory Compliance
- Fully compliant with Delaware Public Service Commission regulations
- Meets all EPA water quality standards
- Maintains consistent infrastructure investment
How Artesian Resources Corporation (ARTNA) Works
Company Overview
Artesian Resources Corporation serves as a water utility company headquartered in Newark, Delaware. As of 2024, the company operates primarily in Delaware and provides water and wastewater services.
Financial Performance
| Financial Metric | 2023 Value |
|---|---|
| Total Revenue | $68.4 million |
| Net Income | $13.2 million |
| Total Assets | $441.7 million |
| Market Capitalization | $572.6 million |
Service Territories
- New Castle County, Delaware
- Kent County, Delaware
- Sussex County, Delaware
Water Infrastructure
Artesian operates approximately 1,200 miles of water mains across its service territories.
Customer Base
| Customer Category | Number of Customers |
|---|---|
| Residential Customers | 77,500 |
| Commercial Customers | 5,200 |
Regulatory Compliance
Regulated by Delaware Public Service Commission with water rates determined through formal rate proceedings.
Stock Information
| Stock Detail | Current Value |
|---|---|
| Ticker Symbol | ARTNA |
| Stock Price (as of Q1 2024) | $42.75 |
| Dividend Yield | 2.8% |
Water Treatment Capacity
Daily water treatment capacity of 24 million gallons.
How Artesian Resources Corporation (ARTNA) Makes Money
Water and Wastewater Services Revenue
Artesian Resources Corporation generates revenue primarily through water and wastewater services in Delaware. As of 2022 financial reports, the company reported:
| Revenue Category | Amount ($) |
|---|---|
| Water Service Revenue | 54,139,000 |
| Wastewater Service Revenue | 6,279,000 |
| Total Utility Revenue | 60,418,000 |
Customer Base
The company serves approximately:
- 232,500 customers
- 158,000 residential connections
- 74,500 commercial and municipal connections
Geographic Service Area
Artesian operates primarily in New Castle County, Delaware, covering approximately 248 square miles.
Additional Revenue Streams
| Revenue Source | Amount ($) |
|---|---|
| Utility Service Fees | 3,456,000 |
| Other Operating Revenues | 1,892,000 |
Infrastructure Investment
Annual infrastructure investment: $22,600,000
Rate Structure
Average residential water rate: $4.89 per 1,000 gallons
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