Sovereign Financial Group Inc. Sells 1,105 Shares of New Jersey Resources Co. (NYSE:NJR)

Sovereign Financial Group Inc. trimmed its position in New Jersey Resources Co. (NYSE:NJR) by 18.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,795 shares of the utilities provider’s stock after selling 1,105 shares during the period. Sovereign Financial Group Inc.’s holdings in New Jersey Resources were worth $206,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in NJR. Cox Capital Mgt LLC increased its holdings in shares of New Jersey Resources by 180.8% during the first quarter. Cox Capital Mgt LLC now owns 75,647 shares of the utilities provider’s stock valued at $3,246,000 after acquiring an additional 48,703 shares in the last quarter. Janney Montgomery Scott LLC increased its stake in New Jersey Resources by 20.2% during the 4th quarter. Janney Montgomery Scott LLC now owns 172,271 shares of the utilities provider’s stock valued at $7,680,000 after purchasing an additional 28,953 shares in the last quarter. Jackson Creek Investment Advisors LLC acquired a new position in New Jersey Resources during the fourth quarter worth $935,000. Confluence Investment Management LLC bought a new position in shares of New Jersey Resources in the first quarter valued at $19,337,000. Finally, Vanguard Group Inc. grew its holdings in shares of New Jersey Resources by 3.3% during the third quarter. Vanguard Group Inc. now owns 11,564,868 shares of the utilities provider’s stock valued at $469,881,000 after buying an additional 373,802 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on NJR. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Thursday, May 16th. Argus raised New Jersey Resources to a “strong-buy” rating in a research note on Monday, June 10th. Four analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $45.00.

New Jersey Resources Stock Up 0.3 %

New Jersey Resources stock opened at $42.41 on Thursday. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.56 and a current ratio of 0.70. The stock has a market cap of $4.19 billion, a PE ratio of 16.76 and a beta of 0.61. New Jersey Resources Co. has a fifty-two week low of $38.92 and a fifty-two week high of $47.63. The firm’s 50-day simple moving average is $43.32 and its 200 day simple moving average is $42.86.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, May 7th. The utilities provider reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.32 by $0.08. The firm had revenue of $657.91 million for the quarter, compared to the consensus estimate of $669.64 million. New Jersey Resources had a return on equity of 12.16% and a net margin of 14.46%. Research analysts predict that New Jersey Resources Co. will post 2.94 EPS for the current fiscal year.

New Jersey Resources Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Wednesday, June 12th will be issued a $0.42 dividend. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.96%. The ex-dividend date of this dividend is Wednesday, June 12th. New Jersey Resources’s dividend payout ratio (DPR) is currently 66.40%.

Insider Activity at New Jersey Resources

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 20,000 shares of New Jersey Resources stock in a transaction dated Thursday, May 23rd. The shares were sold at an average price of $42.82, for a total value of $856,400.00. Following the sale, the chief executive officer now owns 198,705 shares of the company’s stock, valued at $8,508,548.10. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.75% of the stock is owned by company insiders.

About New Jersey 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.