Allworth Financial LP Boosts Stake in New Jersey Resources Co. (NYSE:NJR)

Allworth Financial LP raised its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 2,052.9% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 31,238 shares of the utilities provider’s stock after buying an additional 29,787 shares during the period. Allworth Financial LP’s holdings in New Jersey Resources were worth $1,456,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the stock. Roxbury Financial LLC purchased a new stake in shares of New Jersey Resources in the fourth quarter valued at $25,000. V Square Quantitative Management LLC purchased a new position in New Jersey Resources in the 3rd quarter valued at about $27,000. FSA Wealth Management LLC purchased a new position in New Jersey Resources in the 3rd quarter valued at about $27,000. Versant Capital Management Inc boosted its stake in shares of New Jersey Resources by 9,400.0% during the 4th quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 658 shares during the last quarter. Finally, UMB Bank n.a. grew its holdings in shares of New Jersey Resources by 69.8% during the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock worth $39,000 after buying an additional 345 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

New Jersey Resources Trading Up 1.4 %

Shares of NJR opened at $46.29 on Wednesday. New Jersey Resources Co. has a twelve month low of $40.51 and a twelve month high of $51.94. The firm has a market capitalization of $4.64 billion, a P/E ratio of 13.94 and a beta of 0.63. The company has a current ratio of 0.89, a quick ratio of 0.36 and a debt-to-equity ratio of 1.29. The stock’s fifty day simple moving average is $46.75 and its 200 day simple moving average is $46.86.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same period in the prior year, the business posted $0.74 EPS. On average, equities research analysts forecast that New Jersey Resources Co. will post 3.1 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 11th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.89%. The ex-dividend date is Tuesday, March 11th. New Jersey Resources’s payout ratio is currently 54.22%.

Insider Activity

In other news, COO Patrick J. Migliaccio sold 4,983 shares of the 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 completion of the sale, the chief operating officer now owns 37,124 shares in the company, valued at approximately $1,707,704. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

NJR has been the topic of a number of analyst reports. JPMorgan Chase & Co. decreased their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Guggenheim lifted their price objective on New Jersey Resources from $53.00 to $54.00 and gave the company a “neutral” rating in a research report on Wednesday, February 5th. StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company raised their price target on New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 27th. Four equities research analysts have rated the stock with 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, New Jersey Resources currently has a consensus rating of “Moderate Buy” and an average price target of $51.75.

New Jersey Resources Profile

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.