Icon Advisers Inc. Co. boosted its position in New Jersey Resources Co. (NYSE:NJR – Get Rating) by 53.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 48,600 shares of the utilities provider's stock after buying an additional 17,000 shares during the quarter. Icon Advisers Inc. Co. owned approximately 0.05% of New Jersey Resources worth $2,229,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of NJR. Wellington Management Group LLP grew its stake in New Jersey Resources by 22.6% in the 1st quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider's stock valued at $146,897,000 after buying an additional 589,747 shares during the last quarter. Millennium Management LLC grew its stake in New Jersey Resources by 458.0% in the 4th quarter. Millennium Management LLC now owns 600,879 shares of the utilities provider's stock valued at $24,672,000 after buying an additional 493,185 shares during the last quarter. JPMorgan Chase & Co. grew its stake in New Jersey Resources by 81.4% in the 4th quarter. JPMorgan Chase & Co. now owns 1,016,000 shares of the utilities provider's stock valued at $41,715,000 after buying an additional 455,958 shares during the last quarter. Invesco Ltd. grew its stake in New Jersey Resources by 151.1% in the 1st quarter. Invesco Ltd. now owns 602,011 shares of the utilities provider's stock valued at $27,609,000 after buying an additional 362,282 shares during the last quarter. Finally, Renaissance Technologies LLC grew its stake in New Jersey Resources by 452.0% in the 1st quarter. Renaissance Technologies LLC now owns 217,500 shares of the utilities provider's stock valued at $9,975,000 after buying an additional 178,100 shares during the last quarter. 73.94% of the stock is currently owned by institutional investors and hedge funds.
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Wall Street Analyst Weigh In
A number of research firms recently issued reports on NJR. JPMorgan Chase & Co. lowered shares of New Jersey Resources from a "neutral" rating to an "underweight" rating and lowered their target price for the company from $47.00 to $46.00 in a research note on Friday, September 9th. Wells Fargo & Company raised their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock an "equal weight" rating in a research report on Monday, August 8th. StockNews.com upgraded shares of New Jersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, May 18th. Finally, TheStreet upgraded shares of New Jersey Resources from a "c+" rating to a "b" rating in a research report on Monday, August 29th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $46.00.
New Jersey Resources Stock Performance
NYSE NJR traded up $0.35 during midday trading on Wednesday, hitting $44.39. The company had a trading volume of 3,233 shares, compared to its average volume of 484,899. The firm has a fifty day simple moving average of $45.02 and a two-hundred day simple moving average of $44.86. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of 19.23, a P/E/G ratio of 3.00 and a beta of 0.54. New Jersey Resources Co. has a fifty-two week low of $34.41 and a fifty-two week high of $47.50. The company has a quick ratio of 0.53, a current ratio of 0.76 and a debt-to-equity ratio of 1.43.
New Jersey Resources (NYSE:NJR – Get Rating) last released its quarterly earnings data on Thursday, August 4th. The utilities provider reported ($0.04) EPS for the quarter, missing analysts' consensus estimates of $0.06 by ($0.10). The business had revenue of $552.34 million for the quarter, compared to the consensus estimate of $418.65 million. New Jersey Resources had a return on equity of 11.54% and a net margin of 8.20%. New Jersey Resources's revenue was up 50.3% on a year-over-year basis. During the same period in the previous year, the business posted ($0.15) earnings per share. Equities analysts forecast that New Jersey Resources Co. will post 2.46 earnings per share for the current fiscal year.
New Jersey Resources Cuts Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Stockholders of record on Monday, September 26th will be issued a dividend of $0.3625 per share. This represents a $1.45 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Friday, September 23rd. New Jersey Resources's payout ratio is 63.32%.
New Jersey Resources Company Profile
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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 Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.
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