Citigroup Inc. lessened its holdings in shares of New Jersey Resources Co. (NYSE:NJR – Get Rating) by 45.8% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 12,007 shares of the utilities provider’s stock after selling 10,159 shares during the quarter. Citigroup Inc.’s holdings in New Jersey Resources were worth $596,000 at the end of the most recent quarter.
A number of other large investors also recently modified their holdings of NJR. Quadrant Capital Group LLC raised its holdings in shares of New Jersey Resources by 116.0% during the 3rd quarter. Quadrant Capital Group LLC now owns 676 shares of the utilities provider’s stock valued at $26,000 after buying an additional 363 shares in the last quarter. Concord Wealth Partners purchased a new position in shares of New Jersey Resources during the 4th quarter valued at about $26,000. Signaturefd LLC raised its holdings in shares of New Jersey Resources by 20.3% during the 4th quarter. Signaturefd LLC now owns 1,381 shares of the utilities provider’s stock valued at $69,000 after buying an additional 233 shares in the last quarter. Accurate Wealth Management LLC purchased a new position in shares of New Jersey Resources during the 4th quarter valued at about $79,000. Finally, Whittier Trust Co. purchased a new stake in New Jersey Resources in the fourth quarter worth $136,000. 74.09% of the stock is owned by hedge funds and other institutional investors.
New Jersey Resources Stock Up 3.4 %
NYSE:NJR opened at $50.36 on Friday. The firm’s 50-day moving average price is $51.59 and its 200-day moving average price is $50.68. The company has a market capitalization of $4.88 billion, a PE ratio of 16.68, a P/E/G ratio of 3.00 and a beta of 0.65. The company has a debt-to-equity ratio of 1.32, a current ratio of 0.87 and a quick ratio of 0.71. New Jersey Resources Co. has a 1-year low of $38.07 and a 1-year high of $55.84.
New Jersey Resources (NYSE:NJR – Get Rating) last released its earnings results on Thursday, May 4th. The utilities provider reported $1.16 earnings per share for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.04). New Jersey Resources had a return on equity of 14.22% and a net margin of 10.94%. The business had revenue of $644.00 million during the quarter, compared to analysts’ expectations of $954.32 million. During the same period in the prior year, the company earned $1.36 earnings per share. The firm’s quarterly revenue was down 29.4% compared to the same quarter last year. On average, equities analysts predict that New Jersey Resources Co. will post 2.71 EPS for the current fiscal year.
New Jersey Resources Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Wednesday, June 14th will be issued a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Tuesday, June 13th. New Jersey Resources’s payout ratio is presently 51.66%.
Analysts Set New Price Targets
A number of brokerages have issued reports on NJR. Guggenheim boosted their price objective on shares of New Jersey Resources from $46.00 to $47.00 in a research report on Monday, April 24th. Mizuho upped their price objective on shares of New Jersey Resources from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, February 7th. Finally, StockNews.com initiated coverage on shares of New Jersey Resources in a report on Thursday, May 18th. They issued a “sell” rating for the company. Two analysts have rated the stock with a sell rating and two have given a hold rating to the company. Based on data from MarketBeat.com, New Jersey Resources has a consensus rating of “Hold” and a consensus target price of $48.50.
Insider Activity
In other news, COO Patrick J. Migliaccio sold 2,040 shares of the stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $51.00, for a total value of $104,040.00. Following the transaction, the chief operating officer now owns 38,129 shares in the company, valued at approximately $1,944,579. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other New Jersey Resources news, CEO Stephen D. Westhoven sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, May 12th. The shares were sold at an average price of $50.04, for a total transaction of $250,200.00. Following the sale, the chief executive officer now owns 180,372 shares in the company, valued at approximately $9,025,814.88. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Patrick J. Migliaccio sold 2,040 shares of the stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $51.00, for a total transaction of $104,040.00. Following the sale, the chief operating officer now directly owns 38,129 shares of the company’s stock, valued at $1,944,579. The disclosure for this sale can be found here. Insiders own 0.72% of the company’s stock.
About New Jersey Resources
New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, Storage and Transportation, and Home Services and Other.
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