NewJersey Resources Corporation $NJR Holdings Lifted by Spirit of America Management Corp NY

Spirit of America Management Corp NY increased its holdings in shares of NewJersey Resources Corporation (NYSE:NJR) by 62.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,500 shares of the utilities provider’s stock after buying an additional 2,500 shares during the quarter. Spirit of America Management Corp NY’s holdings in NewJersey Resources were worth $291,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Dimensional Fund Advisors LP grew its holdings in shares of NewJersey Resources by 3.5% during 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 buying an additional 115,570 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of 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 buying an additional 7,132 shares in the last quarter. Nuveen LLC purchased a new position in shares of NewJersey Resources during the first quarter valued at $29,509,000. Bragg Financial Advisors Inc grew its holdings in shares of NewJersey Resources by 33.1% during the first quarter. Bragg Financial Advisors Inc now owns 463,948 shares of the utilities provider’s stock valued at $22,761,000 after buying an additional 115,341 shares in the last quarter. Finally, Energy Income Partners LLC grew its holdings in shares of NewJersey Resources by 4.2% during the first quarter. Energy Income Partners LLC now owns 324,997 shares of the utilities provider’s stock valued at $15,944,000 after buying an additional 13,114 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on NJR. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price target (up previously from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Wall Street Zen cut NewJersey Resources from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NewJersey Resources in a research report on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, NewJersey Resources presently has an average rating of “Hold” and an average target price of $51.43.

NewJersey Resources Price Performance

Shares of NYSE:NJR opened at $46.69 on Friday. NewJersey Resources Corporation has a fifty-two week low of $43.80 and a fifty-two week high of $51.94. The business has a 50-day moving average of $46.92 and a two-hundred day moving average of $46.66. The stock has a market capitalization of $4.69 billion, a P/E ratio of 11.42 and a beta of 0.64. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.76 and a quick ratio of 0.48.

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

NewJersey Resources Increases Dividend

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

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.