New Jersey Resources Co. (NYSE:NJR) Shares Acquired by US Bancorp DE

US Bancorp DE raised its stake in shares of New Jersey Resources Co. (NYSE:NJRGet Rating) by 531.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 33,875 shares of the utilities provider’s stock after purchasing an additional 28,507 shares during the quarter. US Bancorp DE’s holdings in New Jersey Resources were worth $1,311,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Moody National Bank Trust Division acquired a new position in New Jersey Resources during the 3rd quarter valued at approximately $388,000. Strategy Asset Managers LLC purchased a new stake in shares of New Jersey Resources in the 3rd quarter valued at $339,000. Alps Advisors Inc. purchased a new stake in shares of New Jersey Resources in the 2nd quarter valued at $350,000. BNP Paribas Arbitrage SA boosted its holdings in shares of New Jersey Resources by 38.9% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 56,473 shares of the utilities provider’s stock valued at $2,515,000 after acquiring an additional 15,829 shares during the last quarter. Finally, Confluence Investment Management LLC boosted its holdings in shares of New Jersey Resources by 1.3% in the 3rd quarter. Confluence Investment Management LLC now owns 434,538 shares of the utilities provider’s stock valued at $16,817,000 after acquiring an additional 5,462 shares during the last quarter. Institutional investors and hedge funds own 74.09% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently commented on NJR. Mizuho upped their price objective on shares of New Jersey Resources from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Friday, November 18th. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Friday, January 13th. JPMorgan Chase & Co. upped their price objective on shares of New Jersey Resources from $40.00 to $46.00 and gave the company an “underweight” rating in a report on Monday, January 9th. Wells Fargo & Company lowered their price target on shares of New Jersey Resources from $51.00 to $50.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 10th. Finally, Guggenheim lowered their price target on shares of New Jersey Resources from $41.00 to $40.00 in a report on Monday, October 24th. One analyst has rated the stock with a sell rating and three have given a hold rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $45.50.

New Jersey Resources Stock Performance

Shares of NYSE NJR opened at $50.49 on Wednesday. The company’s fifty day moving average price is $48.96 and its 200 day moving average price is $45.62. New Jersey Resources Co. has a 1 year low of $37.79 and a 1 year high of $51.59. The company has a market capitalization of $4.87 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 3.44 and a beta of 0.63. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.42 and a current ratio of 0.68.

New Jersey Resources (NYSE:NJRGet Rating) last announced its quarterly earnings results on Thursday, November 17th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.04. The firm had revenue of $765.49 million for the quarter, compared to the consensus estimate of $602.80 million. New Jersey Resources had a net margin of 9.46% and a return on equity of 13.56%. On average, research analysts predict that New Jersey Resources Co. will post 2.48 earnings per share for the current year.

New Jersey Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Shareholders of record on Wednesday, December 14th were issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 3.09%. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.36. The ex-dividend date was Tuesday, December 13th. New Jersey Resources’s dividend payout ratio (DPR) is presently 54.55%.

Insider Buying and Selling at New Jersey Resources

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 3,000 shares of the stock in a transaction on Tuesday, November 22nd. The shares were sold at an average price of $49.16, for a total transaction of $147,480.00. Following the transaction, the chief operating officer now directly owns 40,169 shares of the company’s stock, valued at $1,974,708.04. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 0.72% of the company’s stock.

About New Jersey Resources

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New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 569,300 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.

Further Reading

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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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