Louisiana State Employees Retirement System raised its holdings in New Jersey Resources Corp (NYSE:NJR) by 1.3% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 23,800 shares of the utilities provider’s stock after acquiring an additional 300 shares during the quarter. Louisiana State Employees Retirement System’s holdings in New Jersey Resources were worth $1,185,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. CX Institutional acquired a new position in New Jersey Resources in the 1st quarter valued at about $32,000. Liberty Wealth Management LLC acquired a new position in New Jersey Resources in the 4th quarter valued at about $81,000. Geode Capital Management LLC grew its stake in New Jersey Resources by 11.4% in the 4th quarter. Geode Capital Management LLC now owns 946,488 shares of the utilities provider’s stock valued at $43,226,000 after buying an additional 97,045 shares during the last quarter. Norges Bank acquired a new position in New Jersey Resources in the 4th quarter valued at about $21,222,000. Finally, Coldstream Capital Management Inc. grew its stake in New Jersey Resources by 5.5% in the 4th quarter. Coldstream Capital Management Inc. now owns 22,345 shares of the utilities provider’s stock valued at $1,020,000 after buying an additional 1,165 shares during the last quarter. 67.08% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director M William Howard, Jr. sold 1,000 shares of the company’s stock in a transaction that occurred on Monday, March 25th. The shares were sold at an average price of $50.17, for a total transaction of $50,170.00. Following the completion of the transaction, the director now directly owns 16,713 shares in the company, valued at approximately $838,491.21. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Patrick J. Migliaccio sold 2,068 shares of the company’s stock in a transaction that occurred on Monday, March 18th. The stock was 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. Over the last quarter, insiders have sold 26,068 shares of company stock valued at $1,287,777. 1.30% of the stock is owned by corporate insiders.
New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Friday, May 3rd. The utilities provider reported $1.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.19 by $0.08. New Jersey Resources had a net margin of 4.51% and a return on equity of 8.73%. The company had revenue of $866.26 million during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the prior year, the firm posted $1.62 EPS. The firm’s quarterly revenue was down 15.0% on a year-over-year basis. Equities analysts expect that New Jersey Resources Corp will post 2 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Monday, June 17th will be given a dividend of $0.2925 per share. This represents a $1.17 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date is Friday, June 14th. New Jersey Resources’s dividend payout ratio is 42.70%.
Separately, Zacks Investment Research upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Tuesday, January 22nd. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $50.00.
New Jersey Resources Company Profile
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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