Prudential PLC Sells 67,925 Shares of New Jersey Resources Co. (NYSE:NJR)

Prudential PLC decreased its holdings in New Jersey Resources Co. (NYSE:NJR) by 86.7% in the second quarter, Holdings Channel reports. The firm owned 10,390 shares of the utilities provider’s stock after selling 67,925 shares during the period. Prudential PLC’s holdings in New Jersey Resources were worth $444,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of the stock. Heritage Wealth Advisors acquired a new stake in New Jersey Resources during the 4th quarter worth about $31,000. Neo Ivy Capital Management purchased a new position in shares of New Jersey Resources during the 2nd quarter valued at approximately $31,000. GAMMA Investing LLC lifted its stake in shares of New Jersey Resources by 119.5% in 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 second quarter valued at $76,000. Finally, Ashton Thomas Private Wealth LLC acquired a new stake in New Jersey Resources during the second quarter valued at $94,000. 70.98% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Stock Performance

Shares of New Jersey Resources stock opened at $47.63 on Friday. 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 firm has a market cap of $4.72 billion, a PE ratio of 18.83 and a beta of 0.59. The business’s fifty day simple moving average is $45.55 and its 200-day simple moving average is $43.78. New Jersey Resources Co. has a 52 week low of $38.92 and a 52 week high of $47.64.

New Jersey Resources (NYSE:NJR) last released its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The firm had revenue of $275.64 million for the quarter, compared to analysts’ expectations of $283.56 million. New Jersey Resources had a return on equity of 11.06% and a net margin of 13.61%. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.10 earnings per share. Equities analysts forecast that New Jersey Resources Co. will post 2.95 earnings per share for the current year.

New Jersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.78%. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, September 23rd. New Jersey Resources’s payout ratio is 66.40%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the stock. StockNews.com downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Saturday. JPMorgan Chase & Co. upped their target price on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th. Finally, Argus upgraded New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th.

Insider Activity

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

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.