Glenmede Trust Co. NA held its position in shares of NewJersey Resources Corporation (NYSE:NJR) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 9,527 shares of the utilities provider’s stock at the end of the first quarter. Glenmede Trust Co. NA’s holdings in NewJersey Resources Corporation were worth $337,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently made changes to their positions in NJR. Ladenburg Thalmann Financial Services Inc. boosted its position in shares of NewJersey Resources Corporation by 11.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,951 shares of the utilities provider’s stock worth $104,000 after buying an additional 292 shares in the last quarter. Mosaic Family Wealth LLC boosted its position in shares of NewJersey Resources Corporation by 3.7% in the first quarter. Mosaic Family Wealth LLC now owns 4,116 shares of the utilities provider’s stock worth $163,000 after buying an additional 147 shares in the last quarter. World Asset Management Inc purchased a new position in shares of NewJersey Resources Corporation during the first quarter worth $210,000. AE Wealth Management LLC purchased a new position in shares of NewJersey Resources Corporation during the first quarter worth $211,000. Finally, Fulton Bank N.A. purchased a new position in shares of NewJersey Resources Corporation during the first quarter worth $214,000. Institutional investors and hedge funds own 65.07% of the company’s stock.
NewJersey Resources Corporation (NYSE:NJR) traded up 1.87% during mid-day trading on Tuesday, reaching $43.60. The company had a trading volume of 342,595 shares. NewJersey Resources Corporation has a 12 month low of $30.46 and a 12 month high of $43.60. The stock’s 50-day moving average is $41.08 and its 200 day moving average is $39.94. The firm has a market capitalization of $3.75 billion, a P/E ratio of 19.54 and a beta of 0.47.
NewJersey Resources Corporation (NYSE:NJR) last posted its quarterly earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.01 by $0.19. The firm had revenue of $457.52 million for the quarter, compared to analyst estimates of $410.24 million. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. NewJersey Resources Corporation’s quarterly revenue was up 16.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.13 earnings per share. On average, analysts predict that NewJersey Resources Corporation will post $1.74 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 22nd will be given a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a yield of 2.34%. The ex-dividend date is Thursday, September 21st. NewJersey Resources Corporation’s payout ratio is 45.74%.
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A number of research analysts have recently weighed in on NJR shares. Zacks Investment Research upgraded NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, July 11th. BidaskClub cut NewJersey Resources Corporation from a “strong-buy” rating to a “buy” rating in a research report on Thursday, June 22nd. Finally, Bank of America Corporation reiterated an “underperform” rating and set a $35.00 price objective (up previously from $32.00) on shares of NewJersey Resources Corporation in a research report on Friday, May 19th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $38.80.
NewJersey Resources Corporation Company Profile
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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