New Jersey Resources Co. (NYSE:NJR) Shares Purchased by Summit Global Investments

Summit Global Investments increased its stake in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) by 70.9% in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 25,985 shares of the utilities provider's stock after purchasing an additional 10,777 shares during the period. Summit Global Investments' holdings in New Jersey Resources were worth $1,212,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. purchased a new position in shares of New Jersey Resources during the 3rd quarter valued at $8,590,000. Benjamin Edwards Inc. raised its position in New Jersey Resources by 8,995.5% during the third quarter. Benjamin Edwards Inc. now owns 157,079 shares of the utilities provider's stock valued at $7,414,000 after purchasing an additional 155,352 shares during the period. Barclays PLC lifted its position in New Jersey Resources by 140.0% in the third quarter. Barclays PLC now owns 189,827 shares of the utilities provider's stock worth $8,959,000 after buying an additional 110,723 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of New Jersey Resources by 8.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider's stock worth $56,526,000 after acquiring an additional 96,393 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in shares of New Jersey Resources by 16.6% during the third quarter. JPMorgan Chase & Co. now owns 609,199 shares of the utilities provider's stock valued at $28,754,000 after buying an additional 86,742 shares during the period. Institutional investors own 70.98% of the company's stock.

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New Jersey Resources Stock Performance

NJR traded up $0.17 on Thursday, reaching $48.41. 352,344 shares of the stock were exchanged, compared to its average volume of 463,659. The company's 50-day moving average price is $47.53 and its 200 day moving average price is $47.35. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.89 and a quick ratio of 0.61. The firm has a market capitalization of $4.85 billion, a PE ratio of 14.58 and a beta of 0.57. New Jersey Resources Co. has a fifty-two week low of $40.62 and a fifty-two week high of $51.95.

New Jersey Resources (NYSE:NJR - Get Free Report) last released its earnings results on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, topping analysts' consensus estimates 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 prior year, the business earned $0.74 earnings per share. As a group, sell-side analysts forecast that New Jersey Resources Co. will post 3.15 EPS for the current fiscal year.

New Jersey Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 11th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Tuesday, March 11th. New Jersey Resources's dividend payout ratio (DPR) is presently 54.22%.

Analyst Upgrades and Downgrades

NJR has been the topic of several research reports. StockNews.com upgraded New Jersey Resources from a "sell" rating to a "hold" rating in a report on Tuesday, February 4th. Wells Fargo & Company lifted their price target on shares of New Jersey Resources from $51.00 to $54.00 and gave the stock an "equal weight" rating in a report on Wednesday, November 27th. Guggenheim boosted their price target on New Jersey Resources from $53.00 to $54.00 and gave the stock a "neutral" rating in a research note on Wednesday, February 5th. Finally, JPMorgan Chase & Co. cut 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 report on Tuesday, January 28th. Four analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, New Jersey Resources currently has a consensus rating of "Moderate Buy" and a consensus price target of $51.75.

Insider Activity at New Jersey Resources

In other New Jersey Resources news, CFO Roberto Bel sold 2,346 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $48.58, for a total transaction of $113,968.68. Following the transaction, the chief financial officer now directly owns 23,822 shares of the company's stock, valued at $1,157,272.76. This trade represents a 8.97 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.72% of the stock is owned by company insiders.

New Jersey Resources Profile

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.