NewJersey Resources Corporation $NJR Shares Sold by Bank of Montreal Can

Bank of Montreal Can cut its position in shares of NewJersey Resources Corporation (NYSE:NJR) by 6.4% in the second quarter, Holdings Channel.com reports. The institutional investor owned 50,317 shares of the utilities provider’s stock after selling 3,432 shares during the period. Bank of Montreal Can’s holdings in NewJersey Resources were worth $2,255,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in NewJersey Resources by 3.5% in the first quarter. Dimensional Fund Advisors LP now owns 3,424,736 shares of the utilities provider’s stock valued at $168,019,000 after purchasing an additional 115,570 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in NewJersey Resources by 0.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 1,274,588 shares of the utilities provider’s stock valued at $62,531,000 after acquiring an additional 7,132 shares in the last quarter. Nuveen LLC bought a new stake in NewJersey Resources in the first quarter worth $29,509,000. Bragg Financial Advisors Inc lifted its position in shares of NewJersey Resources by 33.1% in the first 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 during the last quarter. Finally, Energy Income Partners LLC raised its holdings in 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 acquiring an additional 13,114 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Price Performance

Shares of NJR opened at $46.06 on Thursday. The stock has a market capitalization of $4.63 billion, a P/E ratio of 11.26 and a beta of 0.67. The company has a 50 day moving average of $46.30 and a 200-day moving average of $46.26. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a twelve month low of $43.46 and a twelve month high of $51.94.

NewJersey Resources (NYSE:NJR) last released its earnings results on Friday, May 19th. The utilities provider reported $1.36 earnings per share for the quarter. The business had revenue of $912.32 million during the quarter. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. As a group, equities research analysts forecast that NewJersey Resources Corporation will post 3.15 EPS for the current fiscal year.

NewJersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be given a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date of this dividend is Friday, December 12th. NewJersey Resources’s dividend payout ratio (DPR) is presently 46.45%.

Analyst Ratings Changes

Several analysts have issued reports on NJR shares. Raymond James Financial restated an “outperform” rating and issued a $50.00 price target (up from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Weiss Ratings restated a “hold (c)” rating on shares of NewJersey Resources in a research note on Wednesday, October 8th. Finally, Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Two analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, NewJersey Resources has an average rating of “Hold” and a consensus target price of $51.43.

NewJersey Resources Company Profile

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.