New Jersey Resources Corp. (NYSE:NJR) fell 5.1% during mid-day trading on Thursday following a weaker than expected earnings announcement. The stock traded as low as $32.20 and last traded at $32.70, with a volume of 1,132,822 shares trading hands. The stock had previously closed at $34.45.

The company reported ($0.02) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.01 by $0.03. New Jersey Resources Corp. had a net margin of 6.91% and a return on equity of 11.54%. The company earned $469.24 million during the quarter, compared to analysts’ expectations of $449.98 million. During the same period last year, the business posted $0.05 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis.

The business also recently announced a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Thursday, December 15th will be issued a $0.255 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This is a boost from New Jersey Resources Corp.’s previous quarterly dividend of $0.24. This represents a $1.02 dividend on an annualized basis and a yield of 3.11%. New Jersey Resources Corp.’s dividend payout ratio (DPR) is 64.43%.

A number of brokerages have issued reports on NJR. Zacks Investment Research raised shares of New Jersey Resources Corp. from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a report on Wednesday. TheStreet cut shares of New Jersey Resources Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, August 31st. Argus reissued a “buy” rating and set a $42.00 price objective on shares of New Jersey Resources Corp. in a research note on Friday, September 16th. Finally, Guggenheim began coverage on shares of New Jersey Resources Corp. in a research note on Thursday, November 3rd. They set a “buy” rating and a $36.00 price objective for the company. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $37.10.

A number of hedge funds have recently added to or reduced their stakes in NJR. National Asset Management Inc. boosted its stake in New Jersey Resources Corp. by 0.3% in the second quarter. National Asset Management Inc. now owns 7,246 shares of the company’s stock valued at $280,000 after buying an additional 21 shares during the last quarter. National Planning Corp boosted its stake in New Jersey Resources Corp. by 0.9% in the second quarter. National Planning Corp now owns 8,571 shares of the company’s stock valued at $310,000 after buying an additional 78 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in New Jersey Resources Corp. by 1.9% in the second quarter. Public Employees Retirement System of Ohio now owns 5,699 shares of the company’s stock valued at $220,000 after buying an additional 108 shares during the last quarter. State Treasurer State of Michigan boosted its stake in New Jersey Resources Corp. by 0.6% in the second quarter. State Treasurer State of Michigan now owns 34,500 shares of the company’s stock valued at $1,330,000 after buying an additional 200 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in New Jersey Resources Corp. by 0.4% in the first quarter. Legal & General Group Plc now owns 61,317 shares of the company’s stock valued at $2,224,000 after buying an additional 245 shares during the last quarter. 60.55% of the stock is owned by hedge funds and other institutional investors.

The company has a 50 day moving average of $32.79 and a 200-day moving average of $35.02. The stock has a market capitalization of $2.82 billion, a PE ratio of 25.53 and a beta of 0.38.

About New Jersey Resources Corp.

New Jersey Resources Corporation (NJR) is an energy services holding company that provides retail and wholesale energy services to customers primarily in the Gulf Coast, Mid-Continent, Appalachian, Northeastern, and Western market areas of the United States, as well as Canada. The Company operates within four reportable business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream (formerly Energy Holdings).

5 Day Chart for NYSE:NJR

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