Wealth Enhancement Advisory Services LLC Grows Position in NewJersey Resources Corporation $NJR

Wealth Enhancement Advisory Services LLC grew its holdings in shares of NewJersey Resources Corporation (NYSE:NJR) by 2.9% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 11,553 shares of the utilities provider’s stock after purchasing an additional 325 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in NewJersey Resources were worth $524,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Hexagon Capital Partners LLC boosted its holdings in NewJersey Resources by 42.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider’s stock worth $41,000 after buying an additional 248 shares during the period. Jacobi Capital Management LLC lifted its position in shares of NewJersey Resources by 1.0% during the first quarter. Jacobi Capital Management LLC now owns 28,505 shares of the utilities provider’s stock worth $1,398,000 after acquiring an additional 275 shares in the last quarter. Xponance Inc. boosted its holdings in shares of NewJersey Resources by 1.9% in the first quarter. Xponance Inc. now owns 15,310 shares of the utilities provider’s stock worth $751,000 after acquiring an additional 288 shares during the period. Good Life Advisors LLC grew its position in shares of NewJersey Resources by 1.0% in the first quarter. Good Life Advisors LLC now owns 34,976 shares of the utilities provider’s stock valued at $1,716,000 after purchasing an additional 333 shares in the last quarter. Finally, Choreo LLC grew its position in shares of NewJersey Resources by 4.1% in the first quarter. Choreo LLC now owns 9,404 shares of the utilities provider’s stock valued at $465,000 after purchasing an additional 372 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on NJR. Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Raymond James Financial reissued an “outperform” rating and issued a $50.00 price target (up from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of NewJersey Resources in a research report on Saturday, September 27th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, NewJersey Resources presently has a consensus rating of “Hold” and a consensus price target of $51.43.

NewJersey Resources Price Performance

NJR opened at $46.99 on Monday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.76 and a quick ratio of 0.48. NewJersey Resources Corporation has a 1 year low of $43.80 and a 1 year high of $51.94. The stock’s 50 day simple moving average is $46.93 and its 200 day simple moving average is $46.82. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 11.49 and a beta of 0.64.

NewJersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.12. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%.The firm had revenue of $298.95 million during the quarter, compared to analyst estimates of $305.05 million. During the same quarter in the prior year, the firm posted ($0.09) earnings per share. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. As a group, analysts predict that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

NewJersey Resources Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 22nd were issued a dividend of $0.475 per share. The ex-dividend date was Monday, September 22nd. This represents a $1.90 dividend on an annualized basis and a yield of 4.0%. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.45. NewJersey Resources’s dividend payout ratio (DPR) is presently 46.45%.

About NewJersey Resources

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.