National Bank of Canada FI Buys Shares of 51,100 New Jersey Resources Co. (NYSE:NJR)

National Bank of Canada FI bought a new stake in shares of New Jersey Resources Co. (NYSE:NJR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 51,100 shares of the utilities provider’s stock, valued at approximately $2,173,000. National Bank of Canada FI owned 0.05% of New Jersey Resources as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in NJR. Heritage Wealth Advisors acquired a new stake in New Jersey Resources during the 4th quarter valued at approximately $31,000. Neo Ivy Capital Management acquired a new stake in New Jersey Resources during the 2nd quarter valued at approximately $31,000. GAMMA Investing LLC increased its position in New Jersey Resources by 119.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock valued at $52,000 after purchasing an additional 661 shares during the period. International Assets Investment Management LLC acquired a new stake in New Jersey Resources during the 2nd quarter valued at approximately $76,000. Finally, EntryPoint Capital LLC acquired a new stake in New Jersey Resources during the 1st quarter valued at approximately $125,000. Institutional investors and hedge funds own 70.98% of the company’s stock.

Insider Buying and Selling

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the transaction, the chief executive officer now directly owns 195,305 shares in the company, valued at approximately $8,788,725. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other New Jersey Resources news, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the transaction, the chief executive officer now directly owns 168,705 shares in the company, valued at approximately $7,601,847.30. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.00, for a total value of $153,000.00. Following the transaction, the chief executive officer now owns 195,305 shares in the company, valued at $8,788,725. The disclosure for this sale can be found here. 0.75% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the company. JPMorgan Chase & Co. increased their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Argus upgraded New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th. Finally, StockNews.com cut New Jersey Resources from a “hold” rating to a “sell” rating in a report on Thursday, September 5th.

New Jersey Resources Price Performance

Shares of NJR opened at $46.26 on Thursday. New Jersey Resources Co. has a 12-month low of $38.92 and a 12-month high of $47.37. The business’s fifty day moving average is $45.36 and its 200 day moving average is $43.71. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30. The stock has a market cap of $4.57 billion, a P/E ratio of 18.28 and a beta of 0.59.

New Jersey Resources (NYSE:NJR) last issued its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). New Jersey Resources had a return on equity of 11.06% and a net margin of 13.61%. The firm had revenue of $275.64 million during the quarter, compared to the consensus estimate of $283.56 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. New Jersey Resources’s revenue for the quarter was up 4.4% on a year-over-year basis. Sell-side analysts anticipate that New Jersey Resources Co. will post 2.95 earnings per share for the current fiscal year.

New Jersey Resources Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Monday, September 23rd will be issued a $0.45 dividend. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.89%. New Jersey Resources’s dividend payout ratio (DPR) is currently 66.40%.

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.