Bank of New York Mellon Corp decreased its position in shares of New Jersey Resources Corp (NYSE:NJR) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,225,211 shares of the utilities provider’s stock after selling 34,002 shares during the quarter. Bank of New York Mellon Corp’s holdings in New Jersey Resources were worth $55,955,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently bought and sold shares of NJR. Oregon Public Employees Retirement Fund lifted its holdings in shares of New Jersey Resources by 4,467.0% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 1,542,723 shares during the last quarter. Doyle Wealth Management bought a new position in shares of New Jersey Resources in the fourth quarter worth about $145,000. Tower Research Capital LLC TRC lifted its holdings in shares of New Jersey Resources by 286.1% in the third quarter. Tower Research Capital LLC TRC now owns 3,780 shares of the utilities provider’s stock worth $174,000 after acquiring an additional 2,801 shares during the last quarter. Jefferies Group LLC bought a new position in shares of New Jersey Resources in the third quarter worth about $225,000. Finally, GSA Capital Partners LLP bought a new position in shares of New Jersey Resources in the third quarter worth about $237,000. 66.64% of the stock is owned by institutional investors and hedge funds.
In other news, Director M William Howard, Jr. sold 1,000 shares of the company’s stock in a transaction that occurred on Friday, January 11th. The stock was sold at an average price of $44.63, for a total value of $44,630.00. Following the completion of the transaction, the director now owns 18,713 shares of the company’s stock, valued at $835,161.19. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 1.30% of the company’s stock.
New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Wednesday, February 6th. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by ($0.08). New Jersey Resources had a net margin of 6.49% and a return on equity of 10.92%. The firm had revenue of $811.77 million during the quarter, compared to analyst estimates of $712.00 million. During the same period in the prior year, the company earned $1.56 EPS. The business’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts anticipate that New Jersey Resources Corp will post 2.01 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 1st. Stockholders of record on Friday, March 15th will be paid a $0.2925 dividend. This represents a $1.17 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, March 14th. New Jersey Resources’s dividend payout ratio is currently 42.70%.
A number of research analysts have recently commented on the stock. Zacks Investment Research cut shares of New Jersey Resources from a “buy” rating to a “hold” rating in a report on Tuesday, November 27th. Guggenheim cut shares of New Jersey Resources from a “neutral” rating to a “sell” rating in a report on Monday, January 7th. They noted that the move was a valuation call. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $50.00.
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New Jersey Resources Profile
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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