Jennison Associates LLC increased its position in shares of New Jersey Resources Co. (NYSE:NJR) by 60.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 35,484 shares of the utilities provider’s stock after purchasing an additional 13,384 shares during the quarter. Jennison Associates LLC’s holdings in New Jersey Resources were worth $1,261,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. lifted its holdings in shares of New Jersey Resources by 7.9% during the fourth quarter. BlackRock Inc. now owns 14,686,757 shares of the utilities provider’s stock worth $522,114,000 after purchasing an additional 1,074,126 shares during the period. State Street Corp lifted its holdings in shares of New Jersey Resources by 5.7% during the third quarter. State Street Corp now owns 8,593,148 shares of the utilities provider’s stock worth $235,016,000 after purchasing an additional 461,282 shares during the period. Wells Fargo & Company MN lifted its holdings in shares of New Jersey Resources by 10.2% during the third quarter. Wells Fargo & Company MN now owns 2,150,179 shares of the utilities provider’s stock worth $58,098,000 after purchasing an additional 199,041 shares during the period. First Trust Advisors LP lifted its holdings in shares of New Jersey Resources by 34.1% during the third quarter. First Trust Advisors LP now owns 1,972,616 shares of the utilities provider’s stock worth $53,300,000 after purchasing an additional 501,374 shares during the period. Finally, Energy Income Partners LLC lifted its holdings in shares of New Jersey Resources by 10.4% during the third quarter. Energy Income Partners LLC now owns 1,561,017 shares of the utilities provider’s stock worth $42,178,000 after purchasing an additional 147,029 shares during the period. 71.65% of the stock is owned by hedge funds and other institutional investors.
New Jersey Resources stock opened at $39.26 on Tuesday. The stock has a market capitalization of $3.78 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 3.89 and a beta of 0.46. New Jersey Resources Co. has a 12 month low of $21.14 and a 12 month high of $42.72. The business has a 50 day simple moving average of $36.44 and a 200-day simple moving average of $32.80. The company has a debt-to-equity ratio of 1.22, a current ratio of 1.17 and a quick ratio of 0.81.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 1st. Stockholders of record on Wednesday, March 17th will be given a $0.333 dividend. This represents a $1.33 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Tuesday, March 16th. New Jersey Resources’s dividend payout ratio (DPR) is presently 64.56%.
In other news, CFO Patrick J. Migliaccio sold 3,811 shares of the business’s stock in a transaction that occurred on Thursday, February 11th. The stock was sold at an average price of $37.11, for a total value of $141,426.21. 0.61% of the stock is owned by insiders.
A number of brokerages have issued reports on NJR. Mizuho boosted their price target on New Jersey Resources from $38.00 to $40.00 and gave the company a “buy” rating in a report on Wednesday, February 10th. TheStreet raised New Jersey Resources from a “c” rating to a “b” rating in a report on Thursday, December 31st. Siebert Williams Shank began coverage on New Jersey Resources in a report on Tuesday, January 19th. They issued a “buy” rating and a $44.00 price target for the company. Finally, Zacks Investment Research raised New Jersey Resources from a “hold” rating to a “buy” rating and set a $42.00 price target for the company in a report on Thursday, February 11th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the stock. New Jersey Resources has a consensus rating of “Hold” and an average price target of $38.60.
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 Storage and Transportation. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 558,000 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.
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