Pacer Advisors Inc. boosted its position in NewJersey Resources Corporation (NYSE:NJR) by 11.9% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,012 shares of the utilities provider’s stock after acquiring an additional 1,173 shares during the quarter. Pacer Advisors Inc.’s holdings in NewJersey Resources Corporation were worth $437,000 at the end of the most recent quarter.
Other large investors have also recently modified their holdings of the company. Mosaic Family Wealth LLC raised its holdings in NewJersey Resources Corporation by 5.9% in the second quarter. Mosaic Family Wealth LLC now owns 4,359 shares of the utilities provider’s stock valued at $173,000 after acquiring an additional 243 shares in the last quarter. Wedbush Securities Inc. acquired a new stake in NewJersey Resources Corporation during the second quarter worth approximately $205,000. World Asset Management Inc acquired a new stake in NewJersey Resources Corporation during the first quarter worth approximately $210,000. AE Wealth Management LLC acquired a new stake in NewJersey Resources Corporation during the first quarter worth approximately $211,000. Finally, Public Employees Retirement System of Ohio raised its holdings in NewJersey Resources Corporation by 2.0% during the first quarter. Public Employees Retirement System of Ohio now owns 5,539 shares of the utilities provider’s stock worth $219,000 after purchasing an additional 111 shares in the last quarter. 64.00% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages have recently commented on NJR. Argus lifted their target price on shares of NewJersey Resources Corporation from $46.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 28th. Zacks Investment Research raised shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 target price on the stock in a report on Tuesday, July 11th. BidaskClub lowered shares of 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 lifted their price objective on shares of NewJersey Resources Corporation from $35.00 to $38.00 and gave the company an “underperform” rating in a research report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, one has given a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $40.80.
NewJersey Resources Corporation (NJR) opened at 41.65 on Friday. NewJersey Resources Corporation has a 1-year low of $30.46 and a 1-year high of $44.30. The stock’s 50 day moving average price is $43.29 and its 200 day moving average price is $41.23. The firm has a market cap of $3.60 billion, a P/E ratio of 18.67 and a beta of 0.47.
NewJersey Resources Corporation (NYSE:NJR) last released its earnings results on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.01 by $0.19. The company had revenue of $457.52 million during the quarter, compared to the consensus estimate of $410.24 million. NewJersey Resources Corporation had a return on equity of 12.77% and a net margin of 8.81%. The firm’s quarterly revenue was up 16.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.13 earnings per share. Equities research analysts predict that NewJersey Resources Corporation will post $1.74 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 22nd will be given a dividend of $0.255 per share. The ex-dividend date is Thursday, September 21st. This represents a $1.02 dividend on an annualized basis and a dividend yield of 2.45%. NewJersey Resources Corporation’s payout ratio is currently 48.88%.
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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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