Prudential Financial Inc. Acquires 311,216 Shares of New Jersey Resources Co. (NYSE:NJR)

Prudential Financial Inc. lifted its stake in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) by 3,076.5% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 321,332 shares of the utilities provider's stock after acquiring an additional 311,216 shares during the quarter. Prudential Financial Inc. owned approximately 0.32% of New Jersey Resources worth $14,990,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System increased its stake in shares of New Jersey Resources by 1.1% in the fourth quarter. Arizona State Retirement System now owns 28,781 shares of the utilities provider's stock worth $1,343,000 after purchasing an additional 325 shares in the last quarter. Good Life Advisors LLC boosted its holdings in New Jersey Resources by 1.0% in the 4th quarter. Good Life Advisors LLC now owns 34,643 shares of the utilities provider's stock worth $1,616,000 after buying an additional 327 shares during the period. UMB Bank n.a. increased its stake in New Jersey Resources by 69.8% in the 4th quarter. UMB Bank n.a. now owns 839 shares of the utilities provider's stock worth $39,000 after buying an additional 345 shares in the last quarter. Greenwood Capital Associates LLC raised its holdings in New Jersey Resources by 1.5% during the fourth quarter. Greenwood Capital Associates LLC now owns 25,522 shares of the utilities provider's stock valued at $1,191,000 after acquiring an additional 383 shares during the period. Finally, ICW Investment Advisors LLC raised its holdings in New Jersey Resources by 2.4% during the fourth quarter. ICW Investment Advisors LLC now owns 17,721 shares of the utilities provider's stock valued at $827,000 after acquiring an additional 414 shares during the period. 70.98% of the stock is owned by hedge funds and other institutional investors.

New Jersey Resources Price Performance

NJR traded up $0.10 during trading hours on Tuesday, hitting $49.16. The company's stock had a trading volume of 904,287 shares, compared to its average volume of 510,916. The stock has a market cap of $4.93 billion, a price-to-earnings ratio of 14.81 and a beta of 0.57. The business's 50-day moving average price is $47.65 and its 200-day moving average price is $47.42. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 1.29. New Jersey Resources Co. has a 12 month low of $40.62 and a 12 month high of $51.95.

New Jersey Resources (NYSE:NJR - Get Free Report) last posted 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 in the prior year, the firm posted $0.74 EPS. Sell-side analysts expect that New Jersey Resources Co. will post 3.15 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

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

Wall Street Analyst Weigh In

NJR has been the subject of several research analyst reports. Guggenheim increased their target price on New Jersey Resources from $53.00 to $54.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. Jefferies Financial Group started coverage on shares of New Jersey Resources in a report on Tuesday. They set a "hold" rating and a $51.00 price objective for the company. StockNews.com raised shares of New Jersey Resources from a "sell" rating to a "hold" rating in a report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. cut their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Five equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, New Jersey Resources presently has an average rating of "Hold" and an average target price of $51.60.

Insider Transactions at New Jersey Resources

In related news, CFO Roberto Bel sold 2,346 shares of New Jersey Resources stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $48.58, for a total transaction of $113,968.68. Following the completion of the transaction, the chief financial officer now directly owns 23,822 shares of the company's stock, valued at approximately $1,157,272.76. The trade was a 8.97 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.72% of the company's stock.

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.