Louisiana State Employees Retirement System raised its position in NewJersey Resources Corporation (NYSE:NJR) by 3.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,500 shares of the utilities provider’s stock after buying an additional 700 shares during the period. Louisiana State Employees Retirement System’s holdings in NewJersey Resources Corporation were worth $893,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of the company. Mosaic Family Wealth LLC increased its stake 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 during the last quarter. World Asset Management Inc acquired a new stake in shares of NewJersey Resources Corporation during the first quarter worth $210,000. AE Wealth Management LLC acquired a new stake in shares of NewJersey Resources Corporation during the first quarter worth $211,000. Fulton Bank N.A. acquired a new stake in shares of NewJersey Resources Corporation during the first quarter worth $214,000. Finally, American Economic Planning Group Inc. ADV acquired a new stake in shares of NewJersey Resources Corporation during the first quarter worth $215,000. Hedge funds and other institutional investors own 65.12% of the company’s stock.
Shares of NewJersey Resources Corporation (NYSE NJR) traded up 0.12% during mid-day trading on Tuesday, reaching $42.20. The company’s stock had a trading volume of 94,382 shares. NewJersey Resources Corporation has a 12 month low of $30.46 and a 12 month high of $43.50. The company’s 50-day moving average is $41.09 and its 200 day moving average is $39.83. The firm has a market cap of $3.65 billion, a price-to-earnings ratio of 23.16 and a beta of 0.46.
NewJersey Resources Corporation (NYSE:NJR) last issued its quarterly earnings data on Friday, May 5th. The utilities provider reported $1.21 EPS for the quarter, beating the consensus estimate of $1.00 by $0.21. The firm had revenue of $733.55 million during the quarter, compared to the consensus estimate of $617.10 million. NewJersey Resources Corporation had a net margin of 7.38% and a return on equity of 12.63%. The company’s quarterly revenue was up 27.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.91 earnings per share. On average, equities analysts anticipate that NewJersey Resources Corporation will post $1.73 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 22nd will be paid a dividend of $0.255 per share. This represents a $1.02 annualized dividend and a dividend yield of 2.42%. The ex-dividend date is Thursday, September 21st. NewJersey Resources Corporation’s dividend payout ratio (DPR) is 56.35%.
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A number of brokerages have weighed in on NJR. Bank of America Corp reiterated an “underperform” rating and set a $35.00 price target (up from $32.00) on shares of NewJersey Resources Corporation in a report on Friday, May 19th. 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 report on Tuesday, July 11th. Finally, BidaskClub downgraded NewJersey Resources Corporation from a “strong-buy” rating to a “buy” rating in a report on Thursday, June 22nd. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company’s stock. NewJersey Resources Corporation currently has a consensus rating of “Buy” and a consensus target price of $38.80.
About NewJersey Resources Corporation
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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