Martingale Asset Management L P lifted its position in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) by 28.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 58,331 shares of the utilities provider's stock after buying an additional 12,759 shares during the period. Martingale Asset Management L P owned approximately 0.06% of New Jersey Resources worth $2,753,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its holdings in New Jersey Resources by 3.6% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider's stock valued at $378,000 after purchasing an additional 307 shares in the last quarter. Good Life Advisors LLC lifted its position in New Jersey Resources by 1.0% during the 3rd quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider's stock worth $1,620,000 after acquiring an additional 333 shares in the last quarter. Creative Planning lifted its position in New Jersey Resources by 2.4% during the 3rd quarter. Creative Planning now owns 20,514 shares of the utilities provider's stock worth $968,000 after acquiring an additional 481 shares in the last quarter. Strategy Asset Managers LLC boosted its holdings in New Jersey Resources by 6.1% in the 3rd quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider's stock worth $406,000 after acquiring an additional 496 shares during the period. Finally, Inspire Investing LLC grew its position in New Jersey Resources by 6.3% in the third quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider's stock valued at $411,000 after acquiring an additional 515 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
NJR has been the subject of several analyst reports. Guggenheim upped their target price 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. StockNews.com downgraded New Jersey Resources from a "hold" rating to a "sell" rating in a research note on Tuesday, November 26th. Mizuho boosted their price target on New Jersey Resources from $45.00 to $47.00 and gave the stock a "neutral" rating in a research note on Friday, September 20th. Wells Fargo & Company raised their price objective on New Jersey Resources from $51.00 to $54.00 and gave the company an "equal weight" rating in a research note on Wednesday. Finally, JPMorgan Chase & Co. lifted 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. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, New Jersey Resources currently has a consensus rating of "Hold" and a consensus price target of $49.75.
Check Out Our Latest Analysis on NJR
New Jersey Resources Stock Down 0.1 %
Shares of NJR stock traded down $0.03 during trading hours on Friday, hitting $51.58. 273,319 shares of the company were exchanged, compared to its average volume of 492,462. The stock has a market capitalization of $5.15 billion, a price-to-earnings ratio of 17.66 and a beta of 0.59. New Jersey Resources Co. has a one year low of $39.44 and a one year high of $51.94. The business's 50-day simple moving average is $47.28 and its two-hundred day simple moving average is $45.53. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.41 and a current ratio of 0.62.
New Jersey Resources Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be given a $0.45 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.49%. New Jersey Resources's payout ratio is 61.64%.
About New Jersey Resources
(
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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