Victory Capital Management Inc. cut its holdings in New Jersey Resources Co. (NYSE:NJR - Free Report) by 7.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 357,746 shares of the utilities provider's stock after selling 30,204 shares during the quarter. Victory Capital Management Inc. owned approximately 0.36% of New Jersey Resources worth $16,886,000 as of its most recent SEC filing.
A number of other hedge funds also recently added to or reduced their stakes in NJR. Russell Investments Group Ltd. lifted its stake in New Jersey Resources by 5.5% in the first quarter. Russell Investments Group Ltd. now owns 24,292 shares of the utilities provider's stock worth $1,042,000 after acquiring an additional 1,257 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in New Jersey Resources by 41.8% in the first quarter. State Board of Administration of Florida Retirement System now owns 48,031 shares of the utilities provider's stock worth $2,061,000 after purchasing an additional 14,150 shares in the last quarter. CANADA LIFE ASSURANCE Co raised its holdings in New Jersey Resources by 3.3% in the first quarter. CANADA LIFE ASSURANCE Co now owns 127,505 shares of the utilities provider's stock worth $5,475,000 after purchasing an additional 4,110 shares in the last quarter. EntryPoint Capital LLC bought a new position in New Jersey Resources in the first quarter worth about $125,000. Finally, Price T Rowe Associates Inc. MD raised its holdings in New Jersey Resources by 11.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 60,608 shares of the utilities provider's stock worth $2,601,000 after purchasing an additional 6,039 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. Mizuho boosted their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a "neutral" rating in a report on Friday, September 20th. JPMorgan Chase & Co. upped their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a "neutral" rating in a report on Thursday, August 15th. StockNews.com upgraded shares of New Jersey Resources from a "sell" rating to a "hold" rating in a report on Friday, November 8th. Finally, Wells Fargo & Company upped their price objective on shares of New Jersey Resources from $47.00 to $51.00 and gave the company an "equal weight" rating in a report on Wednesday, October 16th. Four research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company. According to data from MarketBeat, New Jersey Resources presently has a consensus rating of "Hold" and a consensus price target of $49.00.
View Our Latest Stock Analysis on New Jersey Resources
New Jersey Resources Stock Performance
New Jersey Resources stock traded up $0.05 during mid-day trading on Wednesday, hitting $48.79. The company had a trading volume of 362,979 shares, compared to its average volume of 488,610. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. New Jersey Resources Co. has a 12-month low of $39.44 and a 12-month high of $48.85. The company's fifty day moving average is $46.73 and its 200-day moving average is $45.17. The company has a market capitalization of $4.84 billion, a price-to-earnings ratio of 20.39 and a beta of 0.59.
New Jersey Resources Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Wednesday, December 11th. New Jersey Resources's dividend payout ratio is currently 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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