Confluence Investment Management LLC grew its stake in shares of New Jersey Resources Co. (NYSE:NJR – Get Rating) by 0.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 429,076 shares of the utilities provider's stock after acquiring an additional 3,996 shares during the period. Confluence Investment Management LLC owned about 0.45% of New Jersey Resources worth $19,107,000 at the end of the most recent quarter.
Other hedge funds also recently added to or reduced their stakes in the company. Riverview Trust Co acquired a new position in New Jersey Resources during the 1st quarter worth $27,000. Godsey & Gibb Associates acquired a new position in New Jersey Resources during the 4th quarter worth $29,000. Destiny Wealth Partners LLC bought a new position in shares of New Jersey Resources in the 1st quarter worth about $110,000. Hazlett Burt & Watson Inc. bought a new position in shares of New Jersey Resources in the 1st quarter worth about $121,000. Finally, Meeder Asset Management Inc. lifted its position in shares of New Jersey Resources by 54.9% in the 1st quarter. Meeder Asset Management Inc. now owns 4,373 shares of the utilities provider's stock worth $201,000 after buying an additional 1,550 shares during the last quarter. 73.94% of the stock is owned by institutional investors and hedge funds.
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Wall Street Analysts Forecast Growth
NJR has been the topic of a number of recent research reports. JPMorgan Chase & Co. downgraded shares of New Jersey Resources from a "neutral" rating to an "underweight" rating and reduced their price target for the stock from $47.00 to $46.00 in a research report 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. 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 analyst has rated the stock with a sell rating and three have issued a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $46.00.
New Jersey Resources Trading Up 1.0 %
Shares of NYSE:NJR opened at $44.74 on Monday. The company has a market cap of $4.31 billion, a PE ratio of 19.54, a P/E/G ratio of 3.03 and a beta of 0.54. The company's 50-day moving average price is $45.07 and its 200 day moving average price is $44.89. 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 issued its quarterly earnings data on Thursday, August 4th. The utilities provider reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.10). New Jersey Resources had a net margin of 8.20% and a return on equity of 11.54%. The firm had revenue of $552.34 million during the quarter, compared to the consensus estimate of $418.65 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. The company's revenue for the quarter was up 50.3% compared to the same quarter last year. Sell-side analysts anticipate that New Jersey Resources Co. will post 2.46 earnings per share for the current year.
New Jersey Resources Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, October 3rd. Shareholders of record on Monday, September 26th will be given a dividend of $0.3625 per share. The ex-dividend date of this dividend is Friday, September 23rd. This represents a $1.45 dividend on an annualized basis and a dividend yield of 3.24%. New Jersey Resources's dividend payout ratio (DPR) is 63.32%.
About New Jersey Resources
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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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