KLP Kapitalforvaltning AS Purchases New Stake in New Jersey Resources Co. (NYSE:NJR)

KLP Kapitalforvaltning AS purchased a new stake in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 40,100 shares of the utilities provider's stock, valued at approximately $1,885,000.

Other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in shares of New Jersey Resources by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider's stock valued at $57,953,000 after purchasing an additional 33,772 shares in the last quarter. Thurston Springer Miller Herd & Titak Inc. increased its position in New Jersey Resources by 59.0% in the 4th quarter. Thurston Springer Miller Herd & Titak Inc. now owns 33,276 shares of the utilities provider's stock worth $1,552,000 after purchasing an additional 12,353 shares during the last quarter. Bank of New York Mellon Corp raised its position in New Jersey Resources by 8.6% during the fourth 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. Raymond James Financial Inc. acquired a new stake in shares of New Jersey Resources in the 4th quarter valued at $3,665,000. Finally, Holocene Advisors LP boosted its stake in shares of New Jersey Resources by 22.2% during the 3rd quarter. Holocene Advisors LP now owns 60,162 shares of the utilities provider's stock worth $2,840,000 after acquiring an additional 10,946 shares in the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

Insiders Place Their Bets

In other news, CFO Roberto Bel sold 1,173 shares of New Jersey Resources stock in a transaction dated Monday, March 31st. The shares were sold at an average price of $50.00, for a total value of $58,650.00. Following the completion of the transaction, the chief financial officer now owns 22,649 shares of the company's stock, valued at $1,132,450. This trade represents a 4.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.72% of the company's stock.

New Jersey Resources Trading Up 0.2 %

Shares of New Jersey Resources stock traded up $0.10 during trading on Tuesday, hitting $49.16. 904,287 shares of the company were exchanged, compared to its average volume of 510,916. New Jersey Resources Co. has a 1-year low of $40.62 and a 1-year high of $51.95. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.89 and a quick ratio of 0.61. The firm has a market capitalization of $4.93 billion, a P/E ratio of 14.81 and a beta of 0.57. The firm's fifty day moving average price is $47.65 and its 200 day moving average price is $47.42.

New Jersey Resources (NYSE:NJR - Get Free Report) last announced its earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share for the quarter, topping analysts' consensus estimates 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 period last year, the firm posted $0.74 earnings per share. As a group, sell-side analysts expect that New Jersey Resources Co. will post 3.15 earnings per share for the current fiscal year.

New Jersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 11th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $1.80 dividend on an annualized basis and a yield of 3.66%. New Jersey Resources's dividend payout ratio is 54.22%.

Analysts Set New Price Targets

A number of analysts have issued reports on the company. StockNews.com raised New Jersey Resources from a "sell" rating to a "hold" rating in a report on Tuesday, February 4th. Jefferies Financial Group started coverage on shares of New Jersey Resources in a research note on Tuesday. They set a "hold" rating and a $51.00 price target for the company. JPMorgan Chase & Co. reduced their price target on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating on the stock in a research report on Tuesday, January 28th. Finally, Guggenheim raised 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 report on Wednesday, February 5th. Five investment 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 company's stock. According to data from MarketBeat.com, New Jersey Resources has an average rating of "Hold" and an average target price of $51.60.

New Jersey Resources 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.