Creative Planning increased its stake in New Jersey Resources Co. (NYSE:NJR – Get Rating) by 22.5% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,596 shares of the utilities provider’s stock after purchasing an additional 2,316 shares during the period. Creative Planning’s holdings in New Jersey Resources were worth $487,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in the stock. Vanguard Group Inc. lifted its holdings in shares of New Jersey Resources by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 10,757,330 shares of the utilities provider’s stock worth $493,331,000 after purchasing an additional 111,403 shares during the last quarter. State Street Corp increased its position in New Jersey Resources by 25.7% in the 2nd quarter. State Street Corp now owns 10,205,678 shares of the utilities provider’s stock valued at $458,082,000 after acquiring an additional 2,084,980 shares during the period. Wellington Management Group LLP increased its position in New Jersey Resources by 22.6% in the 1st quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider’s stock valued at $146,897,000 after acquiring an additional 589,747 shares during the period. Charles Schwab Investment Management Inc. increased its position in New Jersey Resources by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,018,305 shares of the utilities provider’s stock valued at $46,700,000 after acquiring an additional 33,273 shares during the period. Finally, Millennium Management LLC increased its position in New Jersey Resources by 58.9% in the 2nd quarter. Millennium Management LLC now owns 703,235 shares of the utilities provider’s stock valued at $31,315,000 after acquiring an additional 260,564 shares during the period. Institutional investors own 74.09% of the company’s stock.
Analyst Ratings Changes
Several research firms recently commented on NJR. Guggenheim lowered their target price on New Jersey Resources from $41.00 to $40.00 in a research report on Monday, October 24th. JPMorgan Chase & Co. raised their target price on New Jersey Resources from $40.00 to $46.00 and gave the company an “underweight” rating in a research report on Monday, January 9th. StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Tuesday. Mizuho lifted their price target on New Jersey Resources from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, November 18th. Finally, Wells Fargo & Company lowered their price target on New Jersey Resources from $51.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 10th. One investment analyst has rated the stock with a sell rating and three have given a hold rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $45.50.
Insider Buying and Selling
In other news, COO Patrick J. Migliaccio sold 3,000 shares of the firm’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $49.16, for a total value of $147,480.00. Following the completion of the sale, the chief operating officer now owns 40,169 shares of the company’s stock, valued at $1,974,708.04. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.72% of the company’s stock.
New Jersey Resources Stock Performance
Shares of NYSE NJR opened at $52.24 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.68 and a debt-to-equity ratio of 1.37. The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of 18.27, a PEG ratio of 3.34 and a beta of 0.64. The stock’s fifty day simple moving average is $49.60 and its 200 day simple moving average is $46.03. New Jersey Resources Co. has a 52-week low of $38.07 and a 52-week high of $53.01.
New Jersey Resources (NYSE:NJR – Get Rating) last issued its earnings results on Thursday, November 17th. The utilities provider reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.46 by $0.04. The business had revenue of $765.49 million for the quarter, compared to analysts’ expectations of $602.80 million. New Jersey Resources had a return on equity of 13.56% and a net margin of 9.46%. As a group, sell-side analysts forecast that New Jersey Resources Co. will post 2.49 earnings per share for the current fiscal year.
New Jersey Resources Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, April 3rd. Investors of record on Wednesday, March 15th will be issued a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 2.99%. The ex-dividend date is Tuesday, March 14th. New Jersey Resources’s payout ratio is 54.55%.
New Jersey Resources Company Profile
New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, Storage and Transportation, and Home Services and Other.
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