Legal & General Group Plc raised its position in New Jersey Resources Corp (NYSE:NJR) by 0.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 106,927 shares of the utilities provider’s stock after purchasing an additional 448 shares during the period. Legal & General Group Plc’s holdings in New Jersey Resources were worth $4,930,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Rhumbline Advisers raised its stake in shares of New Jersey Resources by 0.7% in the 3rd quarter. Rhumbline Advisers now owns 169,617 shares of the utilities provider’s stock valued at $7,819,000 after purchasing an additional 1,128 shares during the period. Legacy Advisors LLC raised its stake in shares of New Jersey Resources by 10.0% in the 3rd quarter. Legacy Advisors LLC now owns 12,997 shares of the utilities provider’s stock valued at $603,000 after purchasing an additional 1,182 shares during the period. Oregon Public Employees Retirement Fund raised its stake in shares of New Jersey Resources by 4.2% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 33,785 shares of the utilities provider’s stock valued at $1,512,000 after purchasing an additional 1,353 shares during the period. Riverhead Capital Management LLC raised its stake in shares of New Jersey Resources by 23.3% in the 3rd quarter. Riverhead Capital Management LLC now owns 9,007 shares of the utilities provider’s stock valued at $415,000 after purchasing an additional 1,700 shares during the period. Finally, Arizona State Retirement System raised its stake in shares of New Jersey Resources by 2.9% in the 3rd quarter. Arizona State Retirement System now owns 62,681 shares of the utilities provider’s stock valued at $2,890,000 after purchasing an additional 1,770 shares during the period. 66.05% of the stock is currently owned by hedge funds and other institutional investors.
Several analysts have issued reports on the company. ValuEngine raised New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Guggenheim downgraded New Jersey Resources from a “neutral” rating to a “sell” rating in a research note on Monday, January 7th. They noted that the move was a valuation call. Wells Fargo & Co lifted their target price on New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a research report on Monday, September 17th. Finally, Zacks Investment Research downgraded New Jersey Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, November 27th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $48.25.
New Jersey Resources (NYSE:NJR) last released its earnings results on Tuesday, November 20th. The utilities provider reported ($0.33) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.11. The business had revenue of $647.30 million for the quarter, compared to the consensus estimate of $549.59 million. New Jersey Resources had a return on equity of 16.92% and a net margin of 8.01%. New Jersey Resources’s quarterly revenue was up 20.7% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.14) earnings per share. On average, analysts anticipate that New Jersey Resources Corp will post 2.03 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 2nd. Investors of record on Friday, December 14th were given a $0.2925 dividend. The ex-dividend date was Thursday, December 13th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 2.61%. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.27. New Jersey Resources’s payout ratio is currently 42.70%.
In related news, Director M William Howard, Jr. sold 1,000 shares of New Jersey Resources stock in a transaction dated Friday, January 11th. The stock was sold at an average price of $44.63, for a total value of $44,630.00. Following the sale, the director now owns 18,713 shares of the company’s stock, valued at $835,161.19. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In the last ninety days, insiders sold 3,000 shares of company stock worth $138,080. 1.30% of the stock is owned by company insiders.
New Jersey Resources Profile
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 Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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