R Squared Ltd acquired a new stake in New Jersey Resources Co. (NYSE:NJR – Free Report) in the 4th quarter, Holdings Channel reports. The firm acquired 2,090 shares of the utilities provider’s stock, valued at approximately $97,000.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Geode Capital Management LLC increased its position in shares of New Jersey Resources by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,366,381 shares of the utilities provider’s stock valued at $111,714,000 after buying an additional 34,782 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in New Jersey Resources by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock valued at $57,953,000 after acquiring an additional 33,772 shares in the last quarter. JPMorgan Chase & Co. raised its position in New Jersey Resources by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 609,199 shares of the utilities provider’s stock worth $28,754,000 after acquiring an additional 86,742 shares during the last quarter. Segall Bryant & Hamill LLC lifted its holdings in shares of New Jersey Resources by 4.4% in the third quarter. Segall Bryant & Hamill LLC now owns 422,000 shares of the utilities provider’s stock valued at $19,918,000 after purchasing an additional 17,664 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its position in shares of New Jersey Resources by 0.9% in the fourth quarter. Exchange Traded Concepts LLC now owns 225,250 shares of the utilities provider’s stock valued at $10,508,000 after purchasing an additional 1,988 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, COO Patrick J. Migliaccio sold 4,983 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $46.00, for a total value of $229,218.00. Following the transaction, the chief operating officer now directly owns 37,124 shares in the company, valued at $1,707,704. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by insiders.
New Jersey Resources Price Performance
New Jersey Resources (NYSE:NJR – Get Free Report) last issued its quarterly earnings results on Monday, November 25th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.89. New Jersey Resources had a return on equity of 13.54% and a net margin of 16.13%. The firm had revenue of $395.78 million for the quarter, compared to analyst estimates of $406.97 million. During the same period last year, the company earned $0.30 EPS. The firm’s quarterly revenue was up 19.5% on a year-over-year basis. Equities research analysts expect that New Jersey Resources Co. will post 3.1 EPS for the current year.
New Jersey Resources Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 11th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio is currently 61.64%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the company. Wells Fargo & Company upped their target price on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 27th. JPMorgan Chase & Co. reduced their price objective on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday. StockNews.com cut New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Finally, Guggenheim upped their target price on shares of New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, November 27th. One research analyst has rated the stock with a sell rating, three have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, New Jersey Resources has a consensus rating of “Hold” and a consensus target price of $50.50.
View Our Latest Stock Analysis on NJR
About New Jersey Resources
New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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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