TIAA CREF Investment Management LLC grew its position in New Jersey Resources Corp (NYSE:NJR) by 14.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 259,298 shares of the utilities provider’s stock after purchasing an additional 32,189 shares during the quarter. TIAA CREF Investment Management LLC owned approximately 0.30% of New Jersey Resources worth $10,424,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of NJR. Legal & General Group Plc boosted its position in shares of New Jersey Resources by 10.1% in the third quarter. Legal & General Group Plc now owns 114,331 shares of the utilities provider’s stock worth $4,820,000 after purchasing an additional 10,453 shares during the period. Schwab Charles Investment Management Inc. lifted its holdings in shares of New Jersey Resources by 5.1% in the third quarter. Schwab Charles Investment Management Inc. now owns 555,323 shares of the utilities provider’s stock worth $23,407,000 after buying an additional 26,780 shares in the last quarter. AMP Capital Investors Ltd lifted its holdings in shares of New Jersey Resources by 6.5% in the third quarter. AMP Capital Investors Ltd now owns 40,892 shares of the utilities provider’s stock worth $1,724,000 after buying an additional 2,500 shares in the last quarter. Patten Group Inc. lifted its holdings in shares of New Jersey Resources by 2,111.9% in the third quarter. Patten Group Inc. now owns 66,357 shares of the utilities provider’s stock worth $126,000 after buying an additional 63,357 shares in the last quarter. Finally, Beacon Investment Advisory Services Inc. purchased a new position in shares of New Jersey Resources in the third quarter worth $1,054,000. Institutional investors and hedge funds own 64.13% of the company’s stock.
Several equities analysts have recently commented on NJR shares. ValuEngine raised shares of New Jersey Resources from a “hold” rating to a “buy” rating in a report on Thursday, March 1st. TheStreet downgraded shares of New Jersey Resources from a “b” rating to a “c+” rating in a report on Wednesday, January 3rd. Zacks Investment Research raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Wednesday, February 7th. Bank of America reissued a “neutral” rating on shares of New Jersey Resources in a report on Tuesday, February 27th. Finally, Guggenheim reissued a “buy” rating and issued a $42.00 target price on shares of New Jersey Resources in a report on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating, four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. New Jersey Resources presently has an average rating of “Buy” and a consensus price target of $43.25.
New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Thursday, February 8th. The utilities provider reported $1.56 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.97. The company had revenue of $705.31 million for the quarter, compared to the consensus estimate of $564.47 million. New Jersey Resources had a net margin of 9.08% and a return on equity of 18.96%. New Jersey Resources’s revenue was up 30.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.47 earnings per share. equities research analysts predict that New Jersey Resources Corp will post 2.6 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Investors of record on Thursday, March 15th were paid a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a yield of 2.68%. The ex-dividend date was Wednesday, March 14th. New Jersey Resources’s payout ratio is 63.01%.
In related news, VP Patrick J. Migliaccio sold 2,618 shares of the company’s stock in a transaction on Wednesday, February 14th. The shares were sold at an average price of $37.90, for a total transaction of $99,222.20. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.
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New Jersey Resources Profile
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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