Great Lakes Advisors LLC grew its holdings in shares of New Jersey Resources Corp (NYSE:NJR) by 22.1% during the first quarter, HoldingsChannel.com reports. The firm owned 9,007 shares of the utilities provider’s stock after purchasing an additional 1,633 shares during the quarter. Great Lakes Advisors LLC’s holdings in New Jersey Resources were worth $448,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of NJR. Oregon Public Employees Retirement Fund lifted its stake in shares of New Jersey Resources by 4,467.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock worth $35,000 after purchasing an additional 1,542,723 shares during the period. BlackRock Inc. lifted its stake in shares of New Jersey Resources by 4.5% during the 4th quarter. BlackRock Inc. now owns 12,547,617 shares of the utilities provider’s stock worth $573,052,000 after purchasing an additional 539,323 shares during the period. Northern Trust Corp lifted its stake in shares of New Jersey Resources by 36.2% during the 4th quarter. Northern Trust Corp now owns 1,851,821 shares of the utilities provider’s stock worth $84,573,000 after purchasing an additional 492,576 shares during the period. Norges Bank purchased a new position in shares of New Jersey Resources during the 4th quarter worth $21,222,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of New Jersey Resources by 28.1% during the 1st quarter. JPMorgan Chase & Co. now owns 549,589 shares of the utilities provider’s stock worth $27,365,000 after purchasing an additional 120,396 shares during the period. 65.80% of the stock is currently owned by institutional investors.
Separately, Zacks Investment Research lowered New Jersey Resources from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 29th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $50.00.
Shares of New Jersey Resources stock opened at $48.65 on Friday. New Jersey Resources Corp has a fifty-two week low of $40.28 and a fifty-two week high of $51.83. The firm has a market cap of $4.34 billion, a price-to-earnings ratio of 17.76, a price-to-earnings-growth ratio of 3.50 and a beta of 0.33. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.91 and a current ratio of 1.04.
New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Friday, May 3rd. The utilities provider reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.08. New Jersey Resources had a return on equity of 8.73% and a net margin of 4.51%. The company had revenue of $866.26 million for the quarter, compared to analyst estimates of $1.01 billion. During the same quarter in the prior year, the company posted $1.62 EPS. The business’s revenue for the quarter was down 15.0% compared to the same quarter last year. Analysts expect that New Jersey Resources Corp will post 2 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Monday, June 17th will be issued a dividend of $0.2925 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.17 dividend on an annualized basis and a dividend yield of 2.40%. New Jersey Resources’s payout ratio is 42.70%.
In other news, Director David A. Trice sold 12,000 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $49.74, for a total transaction of $596,880.00. Following the completion of the sale, the director now directly owns 11,585 shares in the company, valued at approximately $576,237.90. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director David A. Trice sold 20,000 shares of the company’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $49.27, for a total value of $985,400.00. Following the sale, the director now owns 23,585 shares of the company’s stock, valued at $1,162,032.95. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 38,068 shares of company stock valued at $1,884,657. Insiders own 1.30% of the company’s stock.
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About New Jersey Resources
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 Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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