Principal Financial Group Inc. grew its stake in New Jersey Resources Co. (NYSE:NJR) by 17.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 334,077 shares of the utilities provider’s stock after purchasing an additional 49,022 shares during the quarter. Principal Financial Group Inc.’s holdings in New Jersey Resources were worth $13,319,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. SOA Wealth Advisors LLC. acquired a new position in shares of New Jersey Resources in the 4th quarter valued at $41,000. CI Investments Inc. lifted its stake in shares of New Jersey Resources by 89.6% in the 4th quarter. CI Investments Inc. now owns 1,657 shares of the utilities provider’s stock valued at $59,000 after purchasing an additional 783 shares during the period. Neo Ivy Capital Management acquired a new position in shares of New Jersey Resources in the 4th quarter valued at $65,000. Ellevest Inc. lifted its stake in shares of New Jersey Resources by 48.3% in the 4th quarter. Ellevest Inc. now owns 4,901 shares of the utilities provider’s stock valued at $174,000 after purchasing an additional 1,597 shares during the period. Finally, Panagora Asset Management Inc. lifted its stake in shares of New Jersey Resources by 29.5% in the 4th quarter. Panagora Asset Management Inc. now owns 4,922 shares of the utilities provider’s stock valued at $175,000 after purchasing an additional 1,122 shares during the period. 70.79% of the stock is currently owned by institutional investors.
A number of analysts recently commented on NJR shares. Williams Capital restated a “buy” rating on shares of New Jersey Resources in a research report on Friday, April 23rd. Zacks Investment Research upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $48.00 price objective for the company in a research report on Saturday, May 8th. JPMorgan Chase & Co. started coverage on shares of New Jersey Resources in a research report on Monday, May 3rd. They issued a “neutral” rating and a $43.00 price objective for the company. Finally, Mizuho upped their price objective on shares of New Jersey Resources from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 27th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company. New Jersey Resources currently has an average rating of “Buy” and a consensus price target of $41.80.
New Jersey Resources (NYSE:NJR) last released its earnings results on Thursday, May 6th. The utilities provider reported $1.77 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.61. The firm had revenue of $802.19 million during the quarter, compared to analysts’ expectations of $761.34 million. New Jersey Resources had a return on equity of 14.67% and a net margin of 12.63%. The company’s revenue was up 25.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.88 EPS. On average, equities analysts expect that New Jersey Resources Co. will post 2.12 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 1st. Shareholders of record on Wednesday, June 16th will be issued a dividend of $0.333 per share. This represents a $1.33 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date is Tuesday, June 15th. New Jersey Resources’s dividend payout ratio (DPR) is presently 64.56%.
In other news, Director M William Howard, Jr. sold 3,078 shares of the firm’s stock in a transaction dated Thursday, May 27th. The stock was sold at an average price of $42.79, for a total value of $131,707.62. Following the completion of the transaction, the director now owns 14,257 shares in the company, valued at approximately $610,057.03. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director M William Howard, Jr. sold 5,580 shares of the firm’s stock in a transaction dated Friday, March 19th. The shares were sold at an average price of $40.16, for a total value of $224,092.80. Following the completion of the transaction, the director now owns 17,335 shares of the company’s stock, valued at approximately $696,173.60. The disclosure for this sale can be found here. 0.61% of the stock is currently owned by corporate insiders.
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 Storage and Transportation. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 558,000 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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