Metropolitan Life Insurance Co NY boosted its position in shares of New Jersey Resources Corp (NYSE:NJR) by 1.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,479 shares of the utilities provider’s stock after acquiring an additional 669 shares during the quarter. Metropolitan Life Insurance Co NY owned 0.06% of New Jersey Resources worth $2,328,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. CWM LLC increased its position in shares of New Jersey Resources by 2,317.4% during the third quarter. CWM LLC now owns 556 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 533 shares during the period. AllSquare Wealth Management LLC purchased a new stake in New Jersey Resources during the 3rd quarter worth about $36,000. Stonebridge Capital Advisors LLC purchased a new stake in New Jersey Resources during the 2nd quarter worth about $45,000. Executive Wealth Management LLC acquired a new stake in New Jersey Resources in the 2nd quarter valued at about $45,000. Finally, Coastal Investment Advisors Inc. raised its position in New Jersey Resources by 84.2% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 921 shares of the utilities provider’s stock valued at $45,000 after purchasing an additional 421 shares in the last quarter. Institutional investors own 67.70% of the company’s stock.
A number of brokerages have recently commented on NJR. ValuEngine downgraded New Jersey Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Zacks Investment Research cut shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday. Finally, TheStreet downgraded shares of New Jersey Resources from a “b-” rating to a “c+” rating in a research note on Thursday, October 17th.
New Jersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, November 19th. The utilities provider reported $0.29 EPS for the quarter, meeting the consensus estimate of $0.29. The firm had revenue of $479.08 million for the quarter, compared to analyst estimates of $694.50 million. New Jersey Resources had a return on equity of 11.31% and a net margin of 6.54%. New Jersey Resources’s revenue for the quarter was down 26.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.33) earnings per share. On average, analysts predict that New Jersey Resources Corp will post 2.15 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Thursday, December 19th will be given a dividend of $0.313 per share. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.29. This represents a $1.25 annualized dividend and a dividend yield of 2.98%. The ex-dividend date of this dividend is Wednesday, December 18th. New Jersey Resources’s dividend payout ratio is currently 64.10%.
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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