New Jersey Resources Corp (NYSE:NJR) Shares Sold by Phocas Financial Corp.

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Phocas Financial Corp. reduced its stake in New Jersey Resources Corp (NYSE:NJR) by 0.9% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 129,695 shares of the utilities provider’s stock after selling 1,241 shares during the period. Phocas Financial Corp. owned 0.15% of New Jersey Resources worth $5,804,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Schwab Charles Investment Management Inc. boosted its stake in New Jersey Resources by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 660,745 shares of the utilities provider’s stock valued at $29,569,000 after acquiring an additional 43,033 shares during the period. Tortoise Index Solutions LLC raised its holdings in shares of New Jersey Resources by 11.8% during the second quarter. Tortoise Index Solutions LLC now owns 45,969 shares of the utilities provider’s stock valued at $2,057,000 after buying an additional 4,834 shares during the last quarter. Oregon Public Employees Retirement Fund raised its holdings in shares of New Jersey Resources by 4.2% during the second quarter. Oregon Public Employees Retirement Fund now owns 33,785 shares of the utilities provider’s stock valued at $1,512,000 after buying an additional 1,353 shares during the last quarter. Wells Fargo & Company MN raised its holdings in shares of New Jersey Resources by 6.9% during the second quarter. Wells Fargo & Company MN now owns 1,069,817 shares of the utilities provider’s stock valued at $47,875,000 after buying an additional 69,099 shares during the last quarter. Finally, United Services Automobile Association raised its holdings in shares of New Jersey Resources by 26.9% during the second quarter. United Services Automobile Association now owns 148,227 shares of the utilities provider’s stock valued at $3,452,000 after buying an additional 31,439 shares during the last quarter. Institutional investors own 66.42% of the company’s stock.

A number of equities research analysts have recently weighed in on the company. ValuEngine raised New Jersey Resources from a “hold” rating to a “buy” rating in a report on Tuesday. Wells Fargo & Co lifted their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a report on Monday, September 17th. Guggenheim cut New Jersey Resources from a “buy” rating to a “neutral” rating in a report on Monday, September 10th. They noted that the move was a valuation call. Finally, Zacks Investment Research raised New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Thursday, August 9th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $47.50.

NYSE:NJR traded down $0.96 during midday trading on Friday, hitting $44.54. 418,178 shares of the stock were exchanged, compared to its average volume of 501,990. New Jersey Resources Corp has a one year low of $35.55 and a one year high of $47.93. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of 25.75, a PEG ratio of 2.49 and a beta of 0.19. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.45 and a quick ratio of 1.16.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.11). New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. The firm had revenue of $543.44 million for the quarter, compared to the consensus estimate of $496.70 million. During the same period in the previous year, the firm earned $0.20 EPS. On average, sell-side analysts expect that New Jersey Resources Corp will post 2.65 EPS for the current year.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

Further Reading: Beta

Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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