Intech Investment Management LLC grew its position in New Jersey Resources Co. (NYSE:NJR - Free Report) by 110.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,897 shares of the utilities provider's stock after acquiring an additional 9,918 shares during the period. Intech Investment Management LLC's holdings in New Jersey Resources were worth $892,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also modified their holdings of the company. V Square Quantitative Management LLC acquired a new position in New Jersey Resources in the third quarter worth $27,000. Neo Ivy Capital Management acquired a new position in New Jersey Resources during the 2nd quarter worth about $31,000. GAMMA Investing LLC grew its holdings in New Jersey Resources by 119.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider's stock worth $52,000 after acquiring an additional 661 shares during the last quarter. Van ECK Associates Corp acquired a new stake in New Jersey Resources in the 3rd quarter valued at about $52,000. Finally, Spirit of America Management Corp NY raised its stake in shares of 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 acquiring an additional 700 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several research analysts have issued reports on NJR shares. JPMorgan Chase & Co. upped their price objective on New Jersey Resources from $48.00 to $49.00 and gave the stock a "neutral" rating in a report on Thursday, August 15th. StockNews.com lowered New Jersey Resources from a "hold" rating to a "sell" rating in a research report on Tuesday. Mizuho upped their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a "neutral" rating in a research report on Friday, September 20th. Wells Fargo & Company lifted 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. Finally, Guggenheim raised their price objective on shares of New Jersey Resources from $46.00 to $49.00 and gave the company a "neutral" rating in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $49.75.
Read Our Latest Stock Analysis on NJR
New Jersey Resources Trading Down 0.1 %
Shares of NYSE:NJR traded down $0.03 during mid-day trading on Friday, reaching $51.58. The stock had a trading volume of 273,319 shares, compared to its average volume of 488,905. The firm has a 50 day simple moving average of $47.20 and a two-hundred day simple moving average of $45.47. New Jersey Resources Co. has a twelve month low of $39.44 and a twelve month high of $51.94. The firm has a market cap of $5.12 billion, a PE ratio of 17.67 and a beta of 0.59. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.31.
New Jersey Resources Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be given a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.49%. New Jersey Resources's dividend payout ratio is 61.64%.
New Jersey Resources Profile
(
Free Report)
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.
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