499,740 Shares of NewJersey Resources Corporation $NJR Purchased by M&G PLC

M&G PLC acquired a new position in shares of NewJersey Resources Corporation (NYSE:NJR) in the third quarter, HoldingsChannel.com reports. The institutional investor acquired 499,740 shares of the utilities provider’s stock, valued at approximately $25,487,000.

A number of other large investors also recently modified their holdings of the company. Essential Partners LLC lifted its position in shares of NewJersey Resources by 67.3% during the 2nd quarter. Essential Partners LLC now owns 686 shares of the utilities provider’s stock worth $38,000 after purchasing an additional 276 shares during the last quarter. Root Financial Partners LLC purchased a new position in NewJersey Resources in the third quarter valued at $35,000. Roxbury Financial LLC raised its stake in NewJersey Resources by 72.9% in the second quarter. Roxbury Financial LLC now owns 885 shares of the utilities provider’s stock valued at $50,000 after buying an additional 373 shares in the last quarter. Fiduciary Financial Advisors purchased a new stake in NewJersey Resources during the 2nd quarter worth about $51,000. Finally, Parallel Advisors LLC lifted its holdings in NewJersey Resources by 42.3% during the 1st quarter. Parallel Advisors LLC now owns 985 shares of the utilities provider’s stock worth $54,000 after buying an additional 293 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, COO Patrick Migliaccio sold 3,000 shares of the stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of $55.63, for a total value of $166,890.00. Following the completion of the sale, the chief operating officer directly owned 32,202 shares of the company’s stock, valued at approximately $1,791,397.26. This represents a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.70% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a report on Sunday, September 20th. Raymond James Financial set a $61.00 target price on NewJersey Resources in a research note on Thursday, October 15th. JPMorgan Chase & Co. lowered their price target on NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating for the company in a report on Friday, September 11th. Huntington assumed coverage on NewJersey Resources in a report on Monday, September 14th. They issued an “outperform” rating and a $68.00 price target for the company. Finally, New Street Research set a $68.00 price target on shares of NewJersey Resources in a research note on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, NewJersey Resources currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.50.

NewJersey Resources Price Performance

Shares of NYSE:NJR opened at $54.40 on Tuesday. NewJersey Resources Corporation has a 12 month low of $44.51 and a 12 month high of $60.86. The firm has a market capitalization of $5.52 billion, a P/E ratio of 15.13, a P/E/G ratio of 3.21 and a beta of 0.45. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45. The company’s fifty day moving average price is $52.64 and its 200 day moving average price is $54.58.

NewJersey Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Investors of record on Thursday, September 24th were given a $0.50 dividend. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.4750. The ex-dividend date of this dividend was Thursday, September 24th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.7%. NewJersey Resources’s payout ratio is currently 55.25%.

NewJersey Resources Profile

New Jersey Resources Corporation is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, it distributes natural gas, provides energy-related services, and develops and operates clean energy and infrastructure assets.

Its utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers in New Jersey. The company also provides natural gas supply and energy management services, operates natural gas storage and transportation assets, and offers home services such as heating, cooling, plumbing, and appliance repair.

New Jersey Resources also invests in solar and other clean energy projects through its renewable energy business.