NewJersey Resources Corporation $NJR Position Increased by Cullen Frost Bankers Inc.

Cullen Frost Bankers Inc. grew its holdings in shares of NewJersey Resources Corporation (NYSE:NJR) by 153.0% in the second quarter, HoldingsChannel reports. The fund owned 754 shares of the utilities provider’s stock after buying an additional 456 shares during the period. Cullen Frost Bankers Inc.’s holdings in NewJersey Resources were worth $34,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its position in NewJersey Resources by 3.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 3,424,736 shares of the utilities provider’s stock worth $168,019,000 after acquiring an additional 115,570 shares during the period. Charles Schwab Investment Management Inc. boosted its position in NewJersey Resources by 0.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,274,588 shares of the utilities provider’s stock worth $62,531,000 after acquiring an additional 7,132 shares during the period. Nuveen LLC acquired a new position in NewJersey Resources during the 1st quarter worth $29,509,000. Bragg Financial Advisors Inc raised its stake in shares of NewJersey Resources by 33.1% in the 1st quarter. Bragg Financial Advisors Inc now owns 463,948 shares of the utilities provider’s stock worth $22,761,000 after buying an additional 115,341 shares in the last quarter. Finally, Energy Income Partners LLC raised its stake in shares of NewJersey Resources by 4.2% in the 1st quarter. Energy Income Partners LLC now owns 324,997 shares of the utilities provider’s stock worth $15,944,000 after buying an additional 13,114 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

NewJersey Resources Stock Performance

Shares of NJR stock opened at $46.02 on Monday. NewJersey Resources Corporation has a 1-year low of $43.80 and a 1-year high of $51.94. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of 11.25 and a beta of 0.64. The stock’s fifty day simple moving average is $46.81 and its 200-day simple moving average is $46.60.

NewJersey Resources (NYSE:NJR) last issued its quarterly earnings results on Friday, May 19th. The utilities provider reported $1.36 earnings per share for the quarter. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%.The business had revenue of $912.32 million for the quarter. On average, sell-side analysts predict that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

NewJersey Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 22nd were paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 4.1%. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.45. The ex-dividend date was Monday, September 22nd. NewJersey Resources’s dividend payout ratio is presently 46.45%.

Analyst Ratings Changes

A number of research firms have recently commented on NJR. Weiss Ratings reissued a “hold (c)” rating on shares of NewJersey Resources in a research note on Saturday. Wall Street Zen raised NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday. Finally, Raymond James Financial reissued an “outperform” rating and issued a $50.00 price objective (up previously from $49.00) on shares of NewJersey Resources in a research note on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $51.43.

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.