Bank of New York Mellon Corp lowered its holdings in shares of New Jersey Resources Corp (NYSE:NJR) by 19.5% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,259,213 shares of the utilities provider’s stock after selling 304,780 shares during the period. Bank of New York Mellon Corp’s holdings in New Jersey Resources were worth $58,050,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP grew its stake in New Jersey Resources by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,787,711 shares of the utilities provider’s stock worth $80,001,000 after purchasing an additional 200,006 shares during the period. Northern Trust Corp boosted its holdings in New Jersey Resources by 1.9% in the second quarter. Northern Trust Corp now owns 1,327,875 shares of the utilities provider’s stock worth $59,421,000 after acquiring an additional 25,394 shares in the last quarter. Wells Fargo & Company MN boosted its holdings in New Jersey Resources by 3.1% in the third quarter. Wells Fargo & Company MN now owns 1,103,053 shares of the utilities provider’s stock worth $50,850,000 after acquiring an additional 33,236 shares in the last quarter. FMR LLC boosted its holdings in New Jersey Resources by 17.4% in the second quarter. FMR LLC now owns 1,102,865 shares of the utilities provider’s stock worth $49,353,000 after acquiring an additional 163,226 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in New Jersey Resources by 0.9% in the third quarter. Victory Capital Management Inc. now owns 649,773 shares of the utilities provider’s stock worth $29,954,000 after acquiring an additional 5,610 shares in the last quarter. 66.05% of the stock is owned by institutional investors and hedge funds.
In other news, Director M William Howard, Jr. sold 1,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 27th. The stock was sold at an average price of $47.91, for a total value of $47,910.00. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders sold 3,000 shares of company stock worth $138,080 in the last 90 days. Corporate insiders own 1.30% of the company’s stock.
NJR stock opened at $44.86 on Friday. New Jersey Resources Corp has a twelve month low of $35.55 and a twelve month high of $51.83. The company has a debt-to-equity ratio of 0.83, a quick ratio of 0.76 and a current ratio of 1.03. The company has a market capitalization of $3.93 billion, a PE ratio of 16.24, a P/E/G ratio of 3.13 and a beta of 0.31.
New Jersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, November 20th. The utilities provider reported ($0.33) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.44) by $0.11. New Jersey Resources had a return on equity of 16.92% and a net margin of 8.01%. The company had revenue of $647.30 million for the quarter, compared to analyst estimates of $549.59 million. During the same quarter last year, the company earned ($0.14) earnings per share. The company’s revenue for the quarter was up 20.7% on a year-over-year basis. Equities research analysts anticipate that New Jersey Resources Corp will post 2.03 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, January 2nd. Stockholders of record on Friday, December 14th were issued a $0.2925 dividend. This represents a $1.17 dividend on an annualized basis and a dividend yield of 2.61%. The ex-dividend date was Thursday, December 13th. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.27. New Jersey Resources’s dividend payout ratio (DPR) is currently 42.70%.
Several research analysts have issued reports on NJR shares. Guggenheim lowered New Jersey Resources from a “neutral” rating to a “sell” rating in a report on Monday, January 7th. They noted that the move was a valuation call. Zacks Investment Research upgraded New Jersey Resources from a “hold” rating to a “buy” rating and set a $55.00 price target on the stock in a report on Friday, November 23rd. Wells Fargo & Co increased their price target on New Jersey Resources from $45.00 to $47.00 and gave the stock a “market perform” rating in a report on Monday, September 17th. Finally, ValuEngine upgraded New Jersey Resources from a “hold” rating to a “buy” rating in a report on Tuesday, October 9th. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $48.25.
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About New Jersey Resources
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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