Greenwood Capital Associates LLC Grows Stock Holdings in NewJersey Resources Corporation $NJR

Greenwood Capital Associates LLC lifted its stake in shares of NewJersey Resources Corporation (NYSE:NJR) by 12.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 31,028 shares of the utilities provider’s stock after buying an additional 3,414 shares during the quarter. Greenwood Capital Associates LLC’s holdings in NewJersey Resources were worth $1,391,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its stake in NewJersey Resources by 3.5% during the first quarter. Dimensional Fund Advisors LP now owns 3,424,736 shares of the utilities provider’s stock worth $168,019,000 after acquiring an additional 115,570 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of NewJersey Resources by 0.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,274,588 shares of the utilities provider’s stock worth $62,531,000 after buying an additional 7,132 shares in the last quarter. Nuveen LLC bought a new position in shares of NewJersey Resources in the first quarter worth approximately $29,509,000. Bragg Financial Advisors Inc raised its holdings in shares of NewJersey Resources by 33.1% during the first quarter. Bragg Financial Advisors Inc now owns 463,948 shares of the utilities provider’s stock valued at $22,761,000 after purchasing an additional 115,341 shares during the last quarter. Finally, Energy Income Partners LLC raised its holdings in shares of NewJersey Resources by 4.2% during the first quarter. Energy Income Partners LLC now owns 324,997 shares of the utilities provider’s stock valued at $15,944,000 after purchasing an additional 13,114 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

NewJersey Resources Price Performance

NewJersey Resources stock opened at $47.02 on Friday. The firm has a 50-day moving average price of $46.91 and a 200-day moving average price of $46.87. The firm has a market capitalization of $4.72 billion, a PE ratio of 11.50 and a beta of 0.64. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a 12-month low of $43.80 and a 12-month high of $51.94.

NewJersey Resources (NYSE:NJR) last released its earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.12. The firm had revenue of $298.95 million during the quarter, compared to analyst estimates of $305.05 million. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business’s revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.09) EPS. As a group, equities research analysts forecast that NewJersey Resources Corporation will post 3.15 EPS for the current year.

NewJersey Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 22nd were paid a $0.475 dividend. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $1.90 annualized dividend and a yield of 4.0%. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.45. NewJersey Resources’s payout ratio is 46.45%.

Analyst Upgrades and Downgrades

NJR has been the subject of a number of research reports. Wall Street Zen raised shares of NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, September 13th. Raymond James Financial restated an “outperform” rating and set a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $51.43.

NewJersey Resources Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.