California Public Employees Retirement System reduced its stake in New Jersey Resources Corp (NYSE:NJR) by 3.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 113,931 shares of the utilities provider’s stock after selling 3,733 shares during the quarter. California Public Employees Retirement System owned approximately 0.13% of New Jersey Resources worth $5,203,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. grew its stake in New Jersey Resources by 2.1% in the 3rd quarter. BlackRock Inc. now owns 12,008,294 shares of the utilities provider’s stock valued at $553,582,000 after purchasing an additional 243,553 shares during the period. Vanguard Group Inc. grew its stake in New Jersey Resources by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 9,135,967 shares of the utilities provider’s stock valued at $421,169,000 after purchasing an additional 96,027 shares during the period. Vanguard Group Inc grew its stake in New Jersey Resources by 1.1% in the 3rd quarter. Vanguard Group Inc now owns 9,135,967 shares of the utilities provider’s stock valued at $421,169,000 after purchasing an additional 96,027 shares during the period. Dimensional Fund Advisors LP grew its stake in New Jersey Resources by 3.3% in the 3rd quarter. Dimensional Fund Advisors LP now owns 1,846,347 shares of the utilities provider’s stock valued at $85,113,000 after purchasing an additional 58,636 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its stake in New Jersey Resources by 4,467.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock valued at $35,000 after purchasing an additional 1,542,723 shares during the period. 66.64% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:NJR opened at $49.72 on Friday. The firm has a market capitalization of $4.46 billion, a price-to-earnings ratio of 18.15, a price-to-earnings-growth ratio of 3.58 and a beta of 0.34. The company has a quick ratio of 0.79, a current ratio of 1.05 and a debt-to-equity ratio of 0.79. New Jersey Resources Corp has a 1 year low of $38.05 and a 1 year high of $51.83.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a dividend of $0.2925 per share. The ex-dividend date is Thursday, March 14th. This represents a $1.17 annualized dividend and a dividend yield of 2.35%. New Jersey Resources’s payout ratio is 42.70%.
NJR has been the subject of a number of recent analyst reports. Guggenheim downgraded New Jersey Resources from a “neutral” rating to a “sell” rating in a research note on Monday, January 7th. They noted that the move was a valuation call. Zacks Investment Research upgraded New Jersey Resources from a “hold” rating to a “buy” rating and set a $55.00 price objective for the company in a research note on Friday, November 23rd. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $50.00.
In other news, Director M William Howard, Jr. sold 1,000 shares of the stock in a transaction on Friday, January 11th. The stock was sold at an average price of $44.63, for a total transaction of $44,630.00. Following the completion of the transaction, the director now owns 18,713 shares in the company, valued at approximately $835,161.19. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.30% of the stock is currently owned by corporate insiders.
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About New Jersey Resources
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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