New Jersey Resources Co. (NYSE:NJR) Sees Significant Decrease in Short Interest

New Jersey Resources Co. (NYSE:NJR - Get Free Report) was the target of a large decline in short interest during the month of March. As of March 15th, there was short interest totalling 2,000,000 shares, a decline of 14.5% from the February 28th total of 2,340,000 shares. Based on an average daily volume of 591,000 shares, the short-interest ratio is currently 3.4 days. Currently, 2.0% of the shares of the company are short sold.

New Jersey Resources Price Performance

NJR traded down $1.23 on Monday, hitting $46.64. 306,997 shares of the company were exchanged, compared to its average volume of 515,836. New Jersey Resources has a fifty-two week low of $40.62 and a fifty-two week high of $51.95. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.61 and a current ratio of 0.89. The firm has a market capitalization of $4.68 billion, a P/E ratio of 14.05 and a beta of 0.58. The business's fifty day moving average is $47.79 and its 200 day moving average is $47.44.

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

New Jersey Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 11th were given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date was Tuesday, March 11th. New Jersey Resources's payout ratio is currently 54.22%.

Insider Activity

In other New Jersey Resources news, CFO Roberto Bel sold 1,173 shares of New Jersey Resources stock in a transaction on Monday, March 31st. The shares were sold at an average price of $50.00, for a total value of $58,650.00. Following the transaction, the chief financial officer now directly owns 22,649 shares in the company, valued at approximately $1,132,450. The trade was a 4.92 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.72% of the company's stock.

Institutional Trading of New Jersey Resources

Several institutional investors and hedge funds have recently modified their holdings of NJR. Roxbury Financial LLC acquired a new position in shares of New Jersey Resources during the 4th quarter worth approximately $25,000. FSA Wealth Management LLC purchased a new position in New Jersey Resources during the third quarter worth $27,000. Versant Capital Management Inc raised its holdings in shares of New Jersey Resources by 9,400.0% in the fourth quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider's stock worth $31,000 after acquiring an additional 658 shares during the last quarter. UMB Bank n.a. lifted its position in shares of New Jersey Resources by 69.8% in the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider's stock valued at $39,000 after acquiring an additional 345 shares in the last quarter. Finally, Halbert Hargrove Global Advisors LLC acquired a new stake in shares of New Jersey Resources during the fourth quarter valued at $42,000. Hedge funds and other institutional investors own 70.98% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have commented on the company. StockNews.com raised New Jersey Resources from a "sell" rating to a "hold" rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. lowered 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 report on Tuesday, January 28th. New Street Research set a $51.00 price objective on shares of New Jersey Resources in a research report on Tuesday, April 1st. Jefferies Financial Group initiated coverage on shares of New Jersey Resources in a report on Tuesday, April 1st. They issued a "hold" rating and a $51.00 target price on the stock. 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 research analysts have rated the stock with a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $51.50.

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.