Victory Capital Management Inc. trimmed its stake in shares of New Jersey Resources Corp (NYSE:NJR) by 0.4% during the first quarter, HoldingsChannel.com reports. The firm owned 634,807 shares of the utilities provider’s stock after selling 2,779 shares during the quarter. Victory Capital Management Inc.’s holdings in New Jersey Resources were worth $31,607,000 as of its most recent filing with the SEC.
Several other large investors also recently added to or reduced their stakes in NJR. Oregon Public Employees Retirement Fund raised its stake 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 valued at $35,000 after purchasing an additional 1,542,723 shares during the period. BlackRock Inc. raised its stake 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 valued at $573,052,000 after purchasing an additional 539,323 shares during the period. Northern Trust Corp raised its stake 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 valued at $84,573,000 after purchasing an additional 492,576 shares during the period. Norges Bank bought a new stake in shares of New Jersey Resources during the 4th quarter valued at $21,222,000. Finally, Rhumbline Advisers raised its stake in shares of New Jersey Resources by 63.9% during the 4th quarter. Rhumbline Advisers now owns 278,082 shares of the utilities provider’s stock valued at $12,700,000 after purchasing an additional 108,465 shares during the period. Institutional investors own 66.83% of the company’s stock.
In other news, 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 value of $985,400.00. Following the completion of the transaction, the director now directly owns 23,585 shares in the company, valued at approximately $1,162,032.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Patrick J. Migliaccio sold 2,068 shares of the company’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $49.96, for a total value of $103,317.28. The disclosure for this sale can be found here. Insiders sold a total of 26,068 shares of company stock worth $1,287,777 over the last 90 days. Corporate insiders own 1.30% of the company’s stock.
New Jersey Resources (NYSE:NJR) last announced its earnings results on Friday, May 3rd. The utilities provider reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.08. The business had revenue of $866.26 million for the quarter, compared to analyst estimates of $1.01 billion. New Jersey Resources had a return on equity of 8.73% and a net margin of 4.51%. The company’s quarterly revenue was down 15.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.62 EPS. As a group, research analysts anticipate that New Jersey Resources Corp will post 2 EPS 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 $0.2925 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.17 dividend on an annualized basis and a yield of 2.34%. New Jersey Resources’s dividend payout ratio is currently 42.70%.
Separately, Zacks Investment Research lowered New Jersey Resources from a “buy” rating to a “hold” rating in a research note on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price 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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