Arizona State Retirement System lifted its holdings in shares of New Jersey Resources Corp (NYSE:NJR) by 0.3% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 63,744 shares of the utilities provider’s stock after acquiring an additional 221 shares during the period. Arizona State Retirement System’s holdings in New Jersey Resources were worth $3,174,000 at the end of the most recent quarter.
Several other large investors have also modified their holdings of NJR. Oregon Public Employees Retirement Fund grew its position in shares of New Jersey Resources by 4,467.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock worth $35,000 after buying an additional 1,542,723 shares during the period. BlackRock Inc. grew its position in shares of New Jersey Resources by 4.5% during the 4th quarter. BlackRock Inc. now owns 12,547,617 shares of the utilities provider’s stock worth $573,052,000 after buying an additional 539,323 shares during the period. Northern Trust Corp grew its position in shares of New Jersey Resources by 36.2% during the 4th quarter. Northern Trust Corp now owns 1,851,821 shares of the utilities provider’s stock worth $84,573,000 after buying an additional 492,576 shares during the period. Norges Bank acquired a new stake in shares of New Jersey Resources during the 4th quarter worth approximately $21,222,000. Finally, Rhumbline Advisers boosted its stake in New Jersey Resources by 63.9% during the 4th quarter. Rhumbline Advisers now owns 278,082 shares of the utilities provider’s stock worth $12,700,000 after acquiring an additional 108,465 shares during the last quarter. Institutional investors own 67.08% of the company’s stock.
New Jersey Resources stock opened at $49.26 on Thursday. New Jersey Resources Corp has a fifty-two week low of $40.28 and a fifty-two week high of $51.83. The company has a market cap of $4.50 billion, a P/E ratio of 17.98, a PEG ratio of 3.63 and a beta of 0.33. The company has a debt-to-equity ratio of 0.79, a quick ratio of 0.79 and a current ratio of 1.05.
New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Friday, May 3rd. The utilities provider reported $1.27 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.08. New Jersey Resources had a net margin of 4.51% and a return on equity of 8.91%. The business had revenue of $866.26 million for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter last year, the firm earned $1.62 EPS. New Jersey Resources’s quarterly revenue was down 15.0% compared to the same quarter last year. Analysts expect that New Jersey Resources Corp will post 2 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be paid a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 2.38%. The ex-dividend date of this dividend is Friday, June 14th. New Jersey Resources’s payout ratio is 42.70%.
In other New Jersey Resources news, Director Jane M. Kenny sold 3,000 shares of New Jersey Resources stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $49.63, for a total value of $148,890.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Patrick J. Migliaccio sold 2,068 shares of New Jersey Resources stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $49.96, for a total transaction of $103,317.28. The disclosure for this sale can be found here. Insiders have sold a total of 26,068 shares of company stock worth $1,287,777 in the last three months. 1.30% of the stock is owned by insiders.
Separately, Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $54.00 price objective on the stock in a research note on Thursday, April 11th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and two have given a buy rating to the company’s stock. New Jersey Resources currently has an average rating of “Hold” and an average price target of $50.00.
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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 538,700 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.
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