Cibc World Markets Corp Buys New Position in New Jersey Resources Co. (NYSE:NJR)

Cibc World Markets Corp purchased a new position in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 9,195 shares of the utilities provider's stock, valued at approximately $429,000.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its position in shares of New Jersey Resources by 1.5% in the third quarter. Geode Capital Management LLC now owns 2,366,381 shares of the utilities provider's stock valued at $111,714,000 after buying an additional 34,782 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in New Jersey Resources by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,267,456 shares of the utilities provider's stock worth $59,127,000 after acquiring an additional 39,641 shares during the period. Bank of New York Mellon Corp raised its holdings in New Jersey Resources by 8.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider's stock valued at $56,526,000 after acquiring an additional 96,393 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of New Jersey Resources by 16.6% during the 3rd quarter. JPMorgan Chase & Co. now owns 609,199 shares of the utilities provider's stock valued at $28,754,000 after acquiring an additional 86,742 shares during the period. Finally, Victory Capital Management Inc. increased its position in shares of New Jersey Resources by 1.8% in the fourth quarter. Victory Capital Management Inc. now owns 364,026 shares of the utilities provider's stock worth $16,982,000 after purchasing an additional 6,280 shares during the period. 70.98% of the stock is currently owned by institutional investors.

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Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the stock. JPMorgan Chase & Co. reduced their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating on the stock in a research note on Tuesday, January 28th. Guggenheim lifted their price objective on shares of New Jersey Resources from $53.00 to $54.00 and gave the company a "neutral" rating in a research note 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 lifted their price target on New Jersey Resources from $51.00 to $54.00 and gave the company an "equal weight" rating in a research note on Wednesday, November 27th. Four research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $51.75.

Insider Buying and Selling

In other New Jersey Resources news, CFO Roberto Bel sold 2,346 shares of New Jersey Resources stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $48.58, for a total value of $113,968.68. Following the completion of the sale, the chief financial officer now directly owns 23,822 shares in the company, valued at approximately $1,157,272.76. The trade was a 8.97 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.72% of the stock is owned by insiders.

New Jersey Resources Price Performance

Shares of NYSE NJR traded up $0.17 during midday trading on Thursday, reaching $48.41. 352,344 shares of the company were exchanged, compared to its average volume of 463,659. The stock's 50-day moving average price is $47.53 and its 200-day moving average price is $47.35. New Jersey Resources Co. has a one year low of $40.62 and a one year high of $51.95. The stock has a market cap of $4.85 billion, a P/E ratio of 14.58 and a beta of 0.57. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 1.29.

New Jersey Resources (NYSE:NJR - Get Free Report) last posted its earnings results on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, topping the consensus estimate of $1.14 by $0.15. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. During the same quarter in the prior year, the firm posted $0.74 EPS. On average, sell-side analysts anticipate that New Jersey Resources Co. will post 3.15 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The business 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 dividend of $0.45 per share. The ex-dividend date of this dividend is Tuesday, March 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.72%. New Jersey Resources's dividend payout ratio (DPR) is 54.22%.

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.