TD Asset Management Inc. lifted its stake in shares of New Jersey Resources Corp (NYSE:NJR) by 84.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 18,954 shares of the utilities provider’s stock after acquiring an additional 8,700 shares during the quarter. TD Asset Management Inc.’s holdings in New Jersey Resources were worth $619,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mitsubishi UFJ Trust & Banking Corp boosted its stake in shares of New Jersey Resources by 3.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 14,423 shares of the utilities provider’s stock worth $490,000 after acquiring an additional 447 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of New Jersey Resources by 2.8% in the first quarter. Alliancebernstein L.P. now owns 295,236 shares of the utilities provider’s stock worth $10,029,000 after buying an additional 8,073 shares during the period. Deutsche Bank AG boosted its position in shares of New Jersey Resources by 14.3% in the first quarter. Deutsche Bank AG now owns 101,142 shares of the utilities provider’s stock worth $3,436,000 after buying an additional 12,674 shares during the period. Squarepoint Ops LLC boosted its position in shares of New Jersey Resources by 256.9% in the first quarter. Squarepoint Ops LLC now owns 43,821 shares of the utilities provider’s stock worth $1,489,000 after buying an additional 31,544 shares during the period. Finally, Oppenheimer Asset Management Inc. boosted its position in shares of New Jersey Resources by 334.1% in the first quarter. Oppenheimer Asset Management Inc. now owns 1,007 shares of the utilities provider’s stock worth $34,000 after buying an additional 775 shares during the period. 70.34% of the stock is owned by institutional investors and hedge funds.
NJR has been the subject of several recent analyst reports. Mizuho initiated coverage on New Jersey Resources in a report on Thursday, July 23rd. They set a “buy” rating and a $37.00 price objective for the company. Bank of America increased their price objective on New Jersey Resources from $28.00 to $29.00 and gave the stock an “underperform” rating in a report on Monday, August 10th. ValuEngine lowered New Jersey Resources from a “hold” rating to a “sell” rating in a report on Wednesday. Finally, Zacks Investment Research upgraded New Jersey Resources from a “strong sell” rating to a “hold” rating in a report on Thursday, August 20th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. New Jersey Resources presently has an average rating of “Hold” and an average price target of $34.75.
New Jersey Resources (NYSE:NJR) last released its earnings results on Friday, August 7th. The utilities provider reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of $0.04 by ($0.10). The firm had revenue of $299.00 million for the quarter, compared to analyst estimates of $447.88 million. New Jersey Resources had a return on equity of 9.43% and a net margin of 8.30%. The firm’s quarterly revenue was down 31.3% compared to the same quarter last year. During the same period last year, the business earned ($0.20) earnings per share. Research analysts forecast that New Jersey Resources Corp will post 2.07 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 22nd will be issued a $0.313 dividend. This represents a $1.25 annualized dividend and a dividend yield of 4.47%. The ex-dividend date is Monday, September 21st. New Jersey Resources’s payout ratio is currently 64.10%.
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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