NewJersey Resources (NYSE:NJR) Issues Earnings Results

NewJersey Resources (NYSE:NJR) announced its earnings results on Wednesday. The utilities provider reported $0.16 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.02), Zacks reports. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%.

NewJersey Resources Price Performance

NewJersey Resources stock traded down $0.30 during mid-day trading on Wednesday, hitting $46.08. The stock had a trading volume of 954,866 shares, compared to its average volume of 613,035. NewJersey Resources has a one year low of $43.46 and a one year high of $51.94. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. The firm has a market capitalization of $4.63 billion, a P/E ratio of 11.27 and a beta of 0.67. The firm’s 50 day moving average is $46.29 and its 200 day moving average is $46.16.

NewJersey Resources Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be paid a dividend of $0.475 per share. The ex-dividend date is Friday, December 12th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.1%. NewJersey Resources’s payout ratio is 46.45%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Raymond James Financial reiterated an “outperform” rating and set a $50.00 price objective (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Wall Street Zen upgraded shares of NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of NewJersey Resources in a research report on Wednesday, October 8th. Two analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $51.43.

Hedge Funds Weigh In On NewJersey Resources

Hedge funds have recently made changes to their positions in the business. Millennium Management LLC grew its holdings in NewJersey Resources by 895.7% during the 3rd quarter. Millennium Management LLC now owns 677,352 shares of the utilities provider’s stock valued at $32,614,000 after buying an additional 609,323 shares in the last quarter. Qube Research & Technologies Ltd raised its position in shares of NewJersey Resources by 77.1% during the 2nd quarter. Qube Research & Technologies Ltd now owns 730,300 shares of the utilities provider’s stock valued at $32,732,000 after buying an additional 317,932 shares in the last quarter. Hotchkis & Wiley Capital Management LLC purchased a new position in NewJersey Resources in the third quarter worth about $13,351,000. Two Sigma Investments LP increased its stake in NewJersey Resources by 104.0% during the third quarter. Two Sigma Investments LP now owns 392,264 shares of the utilities provider’s stock worth $18,888,000 after acquiring an additional 200,024 shares during the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in NewJersey Resources by 127.5% during the second quarter. Cubist Systematic Strategies LLC now owns 347,620 shares of the utilities provider’s stock worth $15,580,000 after acquiring an additional 194,836 shares during the last quarter. Institutional investors own 70.98% of the company’s stock.

About NewJersey Resources

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.