Algert Global LLC Increases Stock Holdings in New Jersey Resources Co. (NYSE:NJR)

Algert Global LLC lifted its position in New Jersey Resources Co. (NYSE:NJR) by 176.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 185,637 shares of the utilities provider’s stock after buying an additional 118,377 shares during the quarter. Algert Global LLC owned approximately 0.19% of New Jersey Resources worth $7,934,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of NJR. Norges Bank purchased a new stake in shares of New Jersey Resources in the fourth quarter worth about $33,403,000. UBS Group AG increased its position in shares of New Jersey Resources by 66.2% in the fourth quarter. UBS Group AG now owns 201,401 shares of the utilities provider’s stock worth $8,978,000 after purchasing an additional 80,219 shares during the last quarter. Steward Partners Investment Advisory LLC increased its position in shares of New Jersey Resources by 19.3% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 31,795 shares of the utilities provider’s stock worth $1,417,000 after purchasing an additional 5,135 shares during the last quarter. Stifel Financial Corp increased its position in shares of New Jersey Resources by 3.1% in the fourth quarter. Stifel Financial Corp now owns 179,835 shares of the utilities provider’s stock worth $8,017,000 after purchasing an additional 5,380 shares during the last quarter. Finally, TFO Wealth Partners LLC increased its position in shares of New Jersey Resources by 299,100.0% in the fourth quarter. TFO Wealth Partners LLC now owns 2,992 shares of the utilities provider’s stock worth $133,000 after purchasing an additional 2,991 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at New Jersey Resources

In other news, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related 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 value of $153,000.00. Following the completion of the sale, the chief executive officer now owns 195,305 shares of the company’s stock, valued at $8,788,725. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $1,198,596.00. Following the completion of the sale, the chief executive officer now directly owns 168,705 shares of the company’s stock, valued at approximately $7,601,847.30. The disclosure for this sale can be found here. Company insiders own 0.75% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on NJR shares. Argus upgraded shares of New Jersey Resources to a “strong-buy” rating in a research report on Monday, June 10th. Mizuho increased their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Sunday, September 22nd. Finally, JPMorgan Chase & Co. increased their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research report on Thursday, August 15th.

New Jersey Resources Stock Up 0.7 %

Shares of NYSE NJR opened at $46.92 on Friday. New Jersey Resources Co. has a one year low of $38.92 and a one year high of $48.68. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. The firm’s 50 day simple moving average is $46.15 and its two-hundred day simple moving average is $44.13. The stock has a market capitalization of $4.64 billion, a P/E ratio of 18.55 and a beta of 0.59.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. The business had revenue of $275.64 million for the quarter, compared to the consensus estimate of $283.56 million. During the same quarter in the previous year, the business earned $0.10 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis. As a group, analysts expect that New Jersey Resources Co. will post 2.95 EPS 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. Stockholders 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. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $1.80 annualized dividend and a dividend yield of 3.84%. New Jersey Resources’s dividend payout ratio (DPR) is currently 71.15%.

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.