Quest Partners LLC grew its position in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) by 302.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 39,369 shares of the utilities provider's stock after acquiring an additional 29,575 shares during the quarter. Quest Partners LLC's holdings in New Jersey Resources were worth $1,858,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. AQR Capital Management LLC grew its stake in shares of New Jersey Resources by 39.9% during the 2nd quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider's stock worth $26,430,000 after acquiring an additional 176,396 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in shares of New Jersey Resources by 41.8% in the 1st quarter. State Board of Administration of Florida Retirement System now owns 48,031 shares of the utilities provider's stock valued at $2,061,000 after acquiring an additional 14,150 shares in the last quarter. Victory Capital Management Inc. raised its holdings in shares of New Jersey Resources by 192.9% during the 2nd quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider's stock valued at $16,581,000 after buying an additional 255,503 shares in the last quarter. Bank of New York Mellon Corp increased its stake in New Jersey Resources by 3.2% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider's stock worth $54,889,000 after purchasing an additional 40,094 shares during the period. Finally, Benjamin F. Edwards & Company Inc. increased its stake in New Jersey Resources by 10.1% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 155,658 shares of the utilities provider's stock worth $6,653,000 after purchasing an additional 14,338 shares during the period. Institutional investors own 70.98% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on NJR shares. Mizuho lifted 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 lifted their price target on New Jersey Resources from $47.00 to $51.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a "neutral" rating in a research note on Thursday, August 15th. Finally, StockNews.com raised New Jersey Resources from a "sell" rating to a "hold" rating in a research note on Friday, November 8th. Four research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, New Jersey Resources currently has an average rating of "Hold" and an average target price of $49.00.
View Our Latest Research Report on NJR
New Jersey Resources Stock Performance
Shares of NYSE NJR traded up $0.29 during midday trading on Tuesday, hitting $48.74. 427,522 shares of the company's stock traded hands, compared to its average volume of 489,171. The stock has a market capitalization of $4.83 billion, a price-to-earnings ratio of 20.27 and a beta of 0.59. The firm has a fifty day moving average of $46.69 and a 200 day moving average of $45.15. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.41 and a current ratio of 0.60. New Jersey Resources Co. has a 1 year low of $39.44 and a 1 year high of $48.76.
New Jersey Resources Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Wednesday, December 11th. New Jersey Resources's dividend payout ratio 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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