New Jersey Resources Co. (NYSE:NJR) Holdings Reduced by Retirement Systems of Alabama

Retirement Systems of Alabama lessened its holdings in shares of New Jersey Resources Co. (NYSE:NJR) by 1.2% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 120,465 shares of the utilities provider’s stock after selling 1,505 shares during the period. Retirement Systems of Alabama’s holdings in New Jersey Resources were worth $5,686,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. V Square Quantitative Management LLC acquired a new stake in New Jersey Resources in the 3rd quarter valued at approximately $27,000. FSA Wealth Management LLC acquired a new position in shares of New Jersey Resources during the third quarter valued at $27,000. Van ECK Associates Corp bought a new stake in shares of New Jersey Resources during the third quarter valued at about $52,000. Spirit of America Management Corp NY lifted its holdings in New Jersey Resources by 140.0% in the third quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock worth $57,000 after purchasing an additional 700 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in New Jersey Resources in the second quarter worth about $76,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on NJR. Wells Fargo & Company boosted their price target on shares of New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 27th. Guggenheim boosted their target price on New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a report on Wednesday, November 27th. Mizuho increased their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. raised New Jersey Resources from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $52.00 to $54.00 in a research note on Thursday, December 12th. Finally, StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, December 4th. Four analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.00.

New Jersey Resources Trading Down 4.5 %

New Jersey Resources stock opened at $45.40 on Thursday. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of 15.55 and a beta of 0.63. New Jersey Resources Co. has a 1 year low of $39.44 and a 1 year high of $51.94. The firm’s 50 day moving average price is $47.85 and its two-hundred day moving average price is $46.01. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.36 and a current ratio of 0.62.

New Jersey Resources (NYSE:NJR) last issued its 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 business had revenue of $395.78 million for the quarter, compared to analysts’ expectations of $406.97 million. During the same period in the previous year, the firm posted $0.30 EPS. The company’s quarterly revenue was up 19.5% on a year-over-year basis. On average, research analysts predict that New Jersey Resources Co. will post 3.1 EPS for the current fiscal year.

New Jersey Resources Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 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 3.96%. The ex-dividend date of this dividend is Wednesday, December 11th. New Jersey Resources’s dividend payout ratio is presently 61.64%.

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.