Raymond James & Associates Purchases 321 Shares of New Jersey Resources Co. (NYSE:NJR)

Raymond James & Associates boosted its position in New Jersey Resources Co. (NYSE:NJRGet Rating) by 0.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 42,526 shares of the utilities provider’s stock after buying an additional 321 shares during the period. Raymond James & Associates’ holdings in New Jersey Resources were worth $1,646,000 at the end of the most recent quarter.

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

Insider Activity at New Jersey Resources

In related news, COO Patrick J. Migliaccio sold 3,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 22nd. The stock was sold at an average price of $49.16, for a total value of $147,480.00. Following the transaction, the chief operating officer now owns 40,169 shares in the company, valued at $1,974,708.04. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.72% of the stock is owned by company insiders.

New Jersey Resources Price Performance

Shares of NYSE NJR opened at $48.98 on Wednesday. New Jersey Resources Co. has a twelve month low of $37.96 and a twelve month high of $51.59. The stock’s 50 day moving average price is $49.38 and its 200-day moving average price is $45.80. The company has a market capitalization of $4.72 billion, a PE ratio of 17.13, a PEG ratio of 3.33 and a beta of 0.63. The company has a quick ratio of 0.42, a current ratio of 0.68 and a debt-to-equity ratio of 1.37.

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

New Jersey Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Wednesday, December 14th were paid a $0.39 dividend. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.36. The ex-dividend date was Tuesday, December 13th. This represents a $1.56 annualized dividend and a yield of 3.18%. New Jersey Resources’s dividend payout ratio is presently 54.55%.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on NJR shares. Mizuho lifted their price target on New Jersey Resources from $45.00 to $46.00 and gave the company a “neutral” rating in a research note on Friday, November 18th. Wells Fargo & Company cut their price target on New Jersey Resources from $51.00 to $50.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 10th. Guggenheim cut their price target on New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24th. JPMorgan Chase & Co. lifted their price target on New Jersey Resources from $40.00 to $46.00 and gave the company an “underweight” rating in a research note on Monday, January 9th. Finally, StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a research note on Monday. Two equities research analysts have rated the stock with a sell rating and two have assigned a hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $45.50.

New Jersey Resources Profile

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New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, Storage and Transportation, and Home Services and Other.

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

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