United Services Automobile Association boosted its holdings in New Jersey Resources Corp (NYSE:NJR) by 26.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,227 shares of the utilities provider’s stock after purchasing an additional 31,439 shares during the quarter. United Services Automobile Association owned approximately 0.17% of New Jersey Resources worth $3,452,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. BlackRock Inc. increased its stake in New Jersey Resources by 2.8% during the second quarter. BlackRock Inc. now owns 11,764,741 shares of the utilities provider’s stock worth $526,471,000 after acquiring an additional 323,801 shares during the last quarter. Retirement Systems of Alabama increased its stake in New Jersey Resources by 196.2% during the second quarter. Retirement Systems of Alabama now owns 335,605 shares of the utilities provider’s stock worth $15,018,000 after acquiring an additional 222,318 shares during the last quarter. Summit Trail Advisors LLC increased its stake in New Jersey Resources by 4,265.0% during the first quarter. Summit Trail Advisors LLC now owns 225,059 shares of the utilities provider’s stock worth $225,000 after acquiring an additional 219,903 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in New Jersey Resources by 12.6% during the second quarter. Dimensional Fund Advisors LP now owns 1,787,711 shares of the utilities provider’s stock worth $80,001,000 after acquiring an additional 200,006 shares during the last quarter. Finally, FMR LLC increased its stake in New Jersey Resources by 17.4% during the second quarter. FMR LLC now owns 1,102,865 shares of the utilities provider’s stock worth $49,353,000 after acquiring an additional 163,226 shares during the last quarter. Hedge funds and other institutional investors own 66.41% of the company’s stock.
Shares of NYSE NJR opened at $46.40 on Thursday. New Jersey Resources Corp has a 1-year low of $35.55 and a 1-year high of $47.60. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.84. The stock has a market capitalization of $4.03 billion, a PE ratio of 26.82, a P/E/G ratio of 2.46 and a beta of 0.19.
New Jersey Resources (NYSE:NJR) last issued its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.11). New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. The company had revenue of $543.44 million during the quarter, compared to analysts’ expectations of $496.70 million. During the same period in the previous year, the company earned $0.20 EPS. research analysts anticipate that New Jersey Resources Corp will post 2.65 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Stockholders of record on Friday, September 21st will be given a $0.2725 dividend. This represents a $1.09 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Thursday, September 20th. New Jersey Resources’s payout ratio is 63.01%.
NJR has been the subject of several research analyst reports. ValuEngine lowered New Jersey Resources from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Argus upped their price target on New Jersey Resources from $45.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, May 30th. Zacks Investment Research upgraded New Jersey Resources from a “hold” rating to a “buy” rating and set a $48.00 price target for the company in a research note on Wednesday, May 9th. Finally, Bank of America lowered New Jersey Resources from a “neutral” rating to an “underperform” rating in a research note on Tuesday, June 5th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. New Jersey Resources currently has an average rating of “Buy” and a consensus target price of $47.67.
New Jersey Resources Company 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 529,800 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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