UMB Bank n.a. Raises Position in New Jersey Resources Co. (NYSE:NJR)

UMB Bank n.a. boosted its position in shares of New Jersey Resources Co. (NYSE:NJR) by 107.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,744 shares of the utilities provider’s stock after purchasing an additional 905 shares during the period. UMB Bank n.a.’s holdings in New Jersey Resources were worth $86,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Roxbury Financial LLC acquired a new stake in shares of New Jersey Resources in the 4th quarter valued at about $25,000. Halbert Hargrove Global Advisors LLC acquired a new position in New Jersey Resources during the 4th quarter valued at about $42,000. Ameriflex Group Inc. acquired a new position in shares of New Jersey Resources during the fourth quarter worth approximately $51,000. Lazard Asset Management LLC grew its stake in shares of New Jersey Resources by 6,245.8% in the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider’s stock worth $71,000 after purchasing an additional 1,499 shares in the last quarter. Finally, Quarry LP grew its position in New Jersey Resources by 13,692.3% in the 4th quarter. Quarry LP now owns 1,793 shares of the utilities provider’s stock valued at $84,000 after buying an additional 1,780 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on NJR shares. Wells Fargo & Company lifted their price target on New Jersey Resources from $51.00 to $53.00 and gave the company an “equal weight” rating in a research report on Wednesday, May 7th. Jefferies Financial Group started coverage on shares of New Jersey Resources in a report on Tuesday, April 1st. They set a “hold” rating and a $51.00 price target on the stock. Wall Street Zen raised New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, May 14th. New Street Research set a $51.00 target price on shares of New Jersey Resources in a research report on Tuesday, April 1st. Finally, Mizuho reduced their price target on New Jersey Resources from $52.00 to $50.00 and set a “neutral” rating for the company in a report on Thursday, May 15th. Five analysts have rated the stock with a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, New Jersey Resources currently has a consensus rating of “Hold” and a consensus target price of $51.67.

Insiders Place Their Bets

In other news, CFO Roberto Bel sold 1,173 shares of the stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $50.00, for a total value of $58,650.00. Following the completion of the transaction, the chief financial officer now directly owns 22,649 shares of the company’s stock, valued at approximately $1,132,450. This represents a 4.92% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.72% of the company’s stock.

New Jersey Resources Price Performance

Shares of New Jersey Resources stock opened at $44.84 on Friday. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 1.29. The firm has a fifty day simple moving average of $47.22 and a 200-day simple moving average of $47.52. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 13.51 and a beta of 0.62. New Jersey Resources Co. has a 1-year low of $41.68 and a 1-year high of $51.95.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.11. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. The firm had revenue of $913.03 million during the quarter, compared to the consensus estimate of $732.00 million. During the same quarter in the prior year, the company earned $1.41 EPS. The firm’s revenue for the quarter was up 38.8% compared to the same quarter last year. On average, sell-side analysts expect that New Jersey Resources Co. will post 3.15 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 4.01%. The ex-dividend date of this dividend is Tuesday, June 10th. New Jersey Resources’s payout ratio is presently 43.69%.

New Jersey Resources Profile

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.