749,288 Shares in New Jersey Resources Co. (NYSE:NJR) Acquired by Norges Bank

Norges Bank bought a new stake in New Jersey Resources Co. (NYSE:NJRFree Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 749,288 shares of the utilities provider’s stock, valued at approximately $33,403,000. Norges Bank owned about 0.76% of New Jersey Resources as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of New Jersey Resources by 3.3% in the 3rd quarter. Vanguard Group Inc. now owns 11,564,868 shares of the utilities provider’s stock valued at $469,881,000 after acquiring an additional 373,802 shares in the last quarter. Boston Partners acquired a new stake in shares of New Jersey Resources in the fourth quarter worth $12,779,000. Benjamin F. Edwards & Company Inc. boosted its holdings in shares of New Jersey Resources by 83,963.0% during the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 136,182 shares of the utilities provider’s stock worth $6,071,000 after buying an additional 136,020 shares during the period. Qube Research & Technologies Ltd grew its stake in New Jersey Resources by 876.0% in the 3rd quarter. Qube Research & Technologies Ltd now owns 114,858 shares of the utilities provider’s stock valued at $4,667,000 after buying an additional 103,090 shares during the last quarter. Finally, International Assets Investment Management LLC raised its holdings in New Jersey Resources by 4,358.0% in the 4th quarter. International Assets Investment Management LLC now owns 94,108 shares of the utilities provider’s stock worth $4,195,000 after acquiring an additional 91,997 shares during the period. 70.98% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on NJR. Mizuho lowered their price target on New Jersey Resources from $47.00 to $45.00 and set a “neutral” rating on the stock in a research report on Monday, February 5th. StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Thursday, May 16th.

Get Our Latest Analysis on NJR

Insider Activity at New Jersey Resources

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 20,000 shares of the firm’s stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $42.82, for a total transaction of $856,400.00. Following the completion of the transaction, the chief executive officer now owns 198,705 shares in the company, valued at $8,508,548.10. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.75% of the stock is currently owned by insiders.

New Jersey Resources Stock Up 2.7 %

Shares of NJR opened at $43.48 on Friday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.56 and a current ratio of 0.70. The company has a 50-day simple moving average of $43.17 and a 200-day simple moving average of $42.87. New Jersey Resources Co. has a 52 week low of $38.92 and a 52 week high of $50.72. The firm has a market capitalization of $4.30 billion, a P/E ratio of 17.19 and a beta of 0.62.

New Jersey Resources (NYSE:NJRGet Free Report) last posted its quarterly earnings results on Tuesday, May 7th. The utilities provider reported $1.40 EPS for the quarter, beating the consensus estimate of $1.32 by $0.08. New Jersey Resources had a return on equity of 12.16% and a net margin of 14.46%. The firm had revenue of $657.91 million during the quarter, compared to analysts’ expectations of $669.64 million. On average, equities research analysts expect that New Jersey Resources Co. will post 2.94 earnings per share for the current year.

New Jersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Wednesday, June 12th will be given a dividend of $0.42 per share. The ex-dividend date of this dividend is Wednesday, June 12th. This represents a $1.68 annualized dividend and a dividend yield of 3.86%. New Jersey Resources’s dividend payout ratio (DPR) is currently 66.40%.

About New Jersey Resources

(Free Report)

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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.

See Also

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

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