Principal Financial Group Inc. lessened its stake in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) by 30.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 230,096 shares of the utilities provider's stock after selling 101,269 shares during the quarter. Principal Financial Group Inc. owned about 0.23% of New Jersey Resources worth $10,861,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. V Square Quantitative Management LLC purchased a new position in shares of New Jersey Resources in the 3rd quarter worth $27,000. Neo Ivy Capital Management purchased a new position in New Jersey Resources in the second quarter worth about $31,000. Van ECK Associates Corp bought a new stake in shares of New Jersey Resources during the 3rd quarter valued at about $52,000. Spirit of America Management Corp NY increased its position in shares of New Jersey Resources by 140.0% during the 3rd quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider's stock valued at $57,000 after purchasing an additional 700 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of New Jersey Resources by 119.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider's stock worth $52,000 after purchasing an additional 661 shares during the period. 70.98% of the stock is currently owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of analysts have commented on NJR shares. StockNews.com raised shares of New Jersey Resources from a "sell" rating to a "hold" rating in a report on Friday, November 8th. JPMorgan Chase & Co. raised their target price on New Jersey Resources from $48.00 to $49.00 and gave the stock a "neutral" rating in a report on Thursday, August 15th. Wells Fargo & Company lifted their target price on New Jersey Resources from $47.00 to $51.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 16th. Finally, Mizuho upped their price target on New Jersey Resources from $45.00 to $47.00 and gave the stock a "neutral" rating in a research report on Friday, September 20th. Four equities research analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $49.00.
Check Out Our Latest Stock Analysis on NJR
New Jersey Resources Price Performance
Shares of NJR stock traded up $0.44 during mid-day trading on Monday, hitting $48.45. The company had a trading volume of 309,730 shares, compared to its average volume of 489,447. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. The stock's 50 day moving average price is $46.65 and its 200-day moving average price is $45.12. New Jersey Resources Co. has a 52-week low of $39.44 and a 52-week high of $48.68. The company has a market capitalization of $4.80 billion, a P/E ratio of 20.09 and a beta of 0.59.
New Jersey Resources Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders 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 yield of 3.72%. New Jersey Resources's dividend payout ratio (DPR) is presently 75.31%.
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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