NewJersey Resources Corporation $NJR Shares Sold by State of Alaska Department of Revenue

State of Alaska Department of Revenue cut its holdings in NewJersey Resources Corporation (NYSE:NJR) by 4.1% during the 2nd quarter, Holdings Channel reports. The firm owned 11,261 shares of the utilities provider’s stock after selling 480 shares during the period. State of Alaska Department of Revenue’s holdings in NewJersey Resources were worth $504,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of NJR. Crews Bank & Trust acquired a new stake in shares of NewJersey Resources in the first quarter valued at approximately $37,000. Hexagon Capital Partners LLC boosted its position in NewJersey Resources by 42.0% during the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider’s stock worth $41,000 after acquiring an additional 248 shares during the last quarter. Brooklyn Investment Group boosted its position in NewJersey Resources by 1,715.4% during the first quarter. Brooklyn Investment Group now owns 1,416 shares of the utilities provider’s stock worth $69,000 after acquiring an additional 1,338 shares during the last quarter. UMB Bank n.a. boosted its position in NewJersey Resources by 107.9% during the first quarter. UMB Bank n.a. now owns 1,744 shares of the utilities provider’s stock worth $86,000 after acquiring an additional 905 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its position in NewJersey Resources by 83.7% during the first quarter. Farther Finance Advisors LLC now owns 1,859 shares of the utilities provider’s stock worth $91,000 after acquiring an additional 847 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Stock Performance

Shares of NJR stock opened at $46.51 on Thursday. The company’s fifty day simple moving average is $46.99 and its 200-day simple moving average is $46.81. NewJersey Resources Corporation has a 52 week low of $43.80 and a 52 week 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 cap of $4.67 billion, a PE ratio of 11.37 and a beta of 0.64.

NewJersey Resources (NYSE:NJR) last issued its earnings results on Monday, August 4th. The utilities provider reported $0.06 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.12. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business had revenue of $298.95 million for the quarter, compared to the consensus estimate of $305.05 million. During the same quarter last year, the firm posted ($0.09) EPS. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. As a group, equities research analysts anticipate that NewJersey Resources Corporation will post 3.15 EPS for the current year.

NewJersey Resources Increases Dividend

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

Analyst Ratings Changes

NJR has been the topic of a number of analyst reports. Raymond James Financial restated an “outperform” rating and set a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Wall Street Zen upgraded shares of NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Saturday, September 13th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of NewJersey Resources in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the company. According to MarketBeat, NewJersey Resources has an average rating of “Hold” and an average 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.