Clear Harbor Asset Management LLC Trims Stake in New Jersey Resources Co. (NYSE:NJR)

Clear Harbor Asset Management LLC decreased its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 1.8% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 188,828 shares of the utilities provider’s stock after selling 3,382 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in New Jersey Resources were worth $8,809,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. FSA Wealth Management LLC purchased a new position in New Jersey Resources during the third quarter worth about $27,000. V Square Quantitative Management LLC acquired a new stake in shares of New Jersey Resources in the third quarter worth approximately $27,000. Versant Capital Management Inc raised its stake in New Jersey Resources by 9,400.0% during the fourth 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 period. UMB Bank n.a. boosted its holdings in shares of New Jersey Resources by 69.8% in the 4th quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 345 shares during the last quarter. Finally, Van ECK Associates Corp purchased a new stake in shares of New Jersey Resources during the 3rd quarter valued at $52,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on NJR shares. StockNews.com lowered New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. JPMorgan Chase & Co. raised New Jersey Resources from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $52.00 to $54.00 in a research note on Thursday, December 12th. Wells Fargo & Company increased their target price 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. Finally, Guggenheim boosted their price objective on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a research note on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $51.00.

New Jersey Resources Stock Performance

Shares of NJR stock opened at $47.34 on Tuesday. The company’s fifty day moving average price is $47.89 and its two-hundred day moving average price is $46.60. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.36. The firm has a market capitalization of $4.72 billion, a P/E ratio of 16.21 and a beta of 0.64. New Jersey Resources Co. has a 12 month low of $39.44 and a 12 month high of $51.94.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Monday, November 25th. The utilities provider reported $0.89 EPS for the quarter, meeting 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 during the quarter, compared to the consensus estimate of $406.97 million. During the same quarter in the prior year, the business posted $0.30 earnings per share. New Jersey Resources’s revenue for the quarter was up 19.5% on a year-over-year basis. On average, research analysts anticipate that New Jersey Resources Co. will post 3.1 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th were issued a $0.45 dividend. The ex-dividend date of this dividend was Wednesday, December 11th. This represents a $1.80 annualized dividend and a yield of 3.80%. New Jersey Resources’s dividend payout ratio is presently 61.64%.

Insiders Place Their Bets

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 4,983 shares of the stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total transaction of $229,218.00. Following the transaction, the chief operating officer now owns 37,124 shares of the company’s stock, valued at $1,707,704. This trade represents a 11.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

New Jersey Resources Company 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.