Pennsylvania Trust Co Reduces Stake in New Jersey Resources Corp (NJR)

Pennsylvania Trust Co lowered its position in shares of New Jersey Resources Corp (NYSE:NJR) by 77.8% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 1,994 shares of the utilities provider’s stock after selling 7,006 shares during the period. Pennsylvania Trust Co’s holdings in New Jersey Resources were worth $2,340,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Louisiana State Employees Retirement System increased its position in New Jersey Resources by 1.3% in the first quarter. Louisiana State Employees Retirement System now owns 23,800 shares of the utilities provider’s stock worth $1,185,000 after buying an additional 300 shares during the last quarter. CX Institutional acquired a new position in shares of New Jersey Resources during the first quarter worth $32,000. Liberty Wealth Management LLC acquired a new position in shares of New Jersey Resources during the fourth quarter worth $81,000. Geode Capital Management LLC lifted its position in shares of New Jersey Resources by 11.4% during the fourth quarter. Geode Capital Management LLC now owns 946,488 shares of the utilities provider’s stock worth $43,226,000 after purchasing an additional 97,045 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of New Jersey Resources during the fourth quarter worth $21,222,000. 67.08% of the stock is owned by institutional investors and hedge funds.

In related news, Director M William Howard, Jr. sold 1,000 shares of the company’s stock in a transaction dated Monday, March 25th. The shares were sold at an average price of $50.17, for a total value of $50,170.00. Following the completion of the sale, the director now owns 16,713 shares of the company’s stock, valued at $838,491.21. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director David A. Trice sold 20,000 shares of the company’s stock in a transaction dated Tuesday, March 19th. The stock was sold at an average price of $49.27, for a total transaction of $985,400.00. Following the completion of the sale, the director now directly owns 23,585 shares of the company’s stock, valued at approximately $1,162,032.95. The disclosure for this sale can be found here. In 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 insiders.

NJR traded up $0.85 during trading on Friday, hitting $49.74. The company had a trading volume of 390,364 shares, compared to its average volume of 300,092. The company has a debt-to-equity ratio of 0.75, a current ratio of 1.04 and a quick ratio of 0.79. New Jersey Resources Corp has a 1-year low of $40.28 and a 1-year high of $51.83. The stock has a market capitalization of $4.36 billion, a PE ratio of 18.15, a P/E/G ratio of 3.49 and a beta of 0.33.

New Jersey Resources (NYSE:NJR) last released its earnings results on Friday, May 3rd. The utilities provider reported $1.27 earnings per share for the quarter, beating 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 8.73%. The firm had revenue of $866.26 million during the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the previous year, the firm earned $1.62 earnings per share. The firm’s revenue for the quarter was down 15.0% compared to the same quarter last year. On average, equities research analysts forecast that New Jersey Resources Corp will post 2 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be paid a dividend of $0.2925 per share. The ex-dividend date is Friday, June 14th. This represents a $1.17 annualized dividend and a yield of 2.35%. New Jersey Resources’s payout ratio is 42.70%.

Separately, Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $54.00 price target on the stock in a report on Tuesday, February 5th. 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 has an average rating of “Hold” and a consensus price target of $50.00.

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

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