Prudential Financial Inc. trimmed its position in New Jersey Resources Corp (NYSE:NJR) by 16.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 149,094 shares of the utilities provider’s stock after selling 29,860 shares during the quarter. Prudential Financial Inc. owned approximately 0.17% of New Jersey Resources worth $6,873,000 at the end of the most recent quarter.
Several other institutional investors have also recently made changes to their positions in NJR. Yorktown Management & Research Co Inc raised its stake in New Jersey Resources by 12.5% in the second quarter. Yorktown Management & Research Co Inc now owns 10,461 shares of the utilities provider’s stock valued at $468,000 after purchasing an additional 1,161 shares in the last quarter. Legacy Advisors LLC raised its stake in New Jersey Resources by 10.0% in the third quarter. Legacy Advisors LLC now owns 12,997 shares of the utilities provider’s stock valued at $603,000 after purchasing an additional 1,182 shares in the last quarter. Strs Ohio raised its stake in New Jersey Resources by 14.3% in the second quarter. Strs Ohio now owns 10,400 shares of the utilities provider’s stock valued at $465,000 after purchasing an additional 1,300 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in New Jersey Resources by 4.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 33,785 shares of the utilities provider’s stock valued at $1,512,000 after purchasing an additional 1,353 shares in the last quarter. Finally, Arizona State Retirement System raised its stake in New Jersey Resources by 2.8% in the second quarter. Arizona State Retirement System now owns 60,911 shares of the utilities provider’s stock valued at $2,726,000 after purchasing an additional 1,685 shares in the last quarter. 66.13% of the stock is currently owned by hedge funds and other institutional investors.
In other New Jersey Resources news, Director M William Howard, Jr. sold 1,000 shares of the stock in a transaction that occurred on Tuesday, November 27th. The shares were sold at an average price of $47.91, for a total transaction of $47,910.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is owned by company insiders.
Shares of NJR opened at $49.72 on Friday. The company has a market capitalization of $4.35 billion, a P/E ratio of 17.83, a P/E/G ratio of 3.47 and a beta of 0.23. The company has a current ratio of 1.03, a quick ratio of 0.76 and a debt-to-equity ratio of 0.83. New Jersey Resources Corp has a 1-year low of $35.55 and a 1-year high of $51.83.
New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Tuesday, November 20th. The utilities provider reported ($0.33) EPS for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.11. New Jersey Resources had a net margin of 8.01% and a return on equity of 16.92%. The business had revenue of $647.30 million for the quarter, compared to analysts’ expectations of $549.59 million. During the same period last year, the business earned ($0.14) earnings per share. The business’s quarterly revenue was up 20.7% on a year-over-year basis. On average, analysts anticipate that New Jersey Resources Corp will post 2.03 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Friday, December 14th will be given a dividend of $0.2925 per share. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.27. This represents a $1.17 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Thursday, December 13th. New Jersey Resources’s dividend payout ratio (DPR) is presently 42.70%.
A number of equities research analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of New Jersey Resources from a “buy” rating to a “hold” rating in a research note on Tuesday, November 27th. Wells Fargo & Co raised their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. ValuEngine raised shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. Finally, Guggenheim downgraded shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a research note on Monday, September 10th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $48.25.
New Jersey Resources Company Profile
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.
Receive News & Ratings for New Jersey Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for New Jersey Resources and related companies with MarketBeat.com's FREE daily email newsletter.