Corient Private Wealth LLC Cuts Position in New Jersey Resources Co. (NYSE:NJR)

Corient Private Wealth LLC lowered its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 34.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 60,780 shares of the utilities provider’s stock after selling 31,253 shares during the quarter. Corient Private Wealth LLC owned about 0.06% of New Jersey Resources worth $2,835,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its position in shares of New Jersey Resources by 1.5% during the third quarter. Geode Capital Management LLC now owns 2,366,381 shares of the utilities provider’s stock worth $111,714,000 after purchasing an additional 34,782 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in New Jersey Resources by 3.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 1,267,456 shares of the utilities provider’s stock valued at $59,127,000 after buying an additional 39,641 shares in the last quarter. Bank of New York Mellon Corp raised its stake in New Jersey Resources by 8.6% in the fourth quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider’s stock valued at $56,526,000 after buying an additional 96,393 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in New Jersey Resources by 16.6% in the third quarter. JPMorgan Chase & Co. now owns 609,199 shares of the utilities provider’s stock worth $28,754,000 after acquiring an additional 86,742 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of New Jersey Resources by 1.8% during the fourth quarter. Victory Capital Management Inc. now owns 364,026 shares of the utilities provider’s stock valued at $16,982,000 after acquiring an additional 6,280 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

New Jersey Resources Stock Down 1.5 %

NYSE:NJR opened at $48.46 on Monday. The firm has a market capitalization of $4.86 billion, a P/E ratio of 14.59 and a beta of 0.57. The company’s fifty day moving average price is $47.40 and its 200-day moving average price is $47.31. New Jersey Resources Co. has a 1-year low of $40.62 and a 1-year high of $51.95. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.89 and a quick ratio of 0.61.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same quarter last year, the company posted $0.74 earnings per share. As a group, equities research analysts anticipate that New Jersey Resources Co. will post 3.15 EPS for the current year.

New Jersey Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 11th will be given a $0.45 dividend. The ex-dividend date is Tuesday, March 11th. This represents a $1.80 annualized dividend and a yield of 3.71%. New Jersey Resources’s dividend payout ratio is presently 54.22%.

Wall Street Analyst Weigh In

NJR has been the subject of a number of recent analyst reports. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. lowered their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Wells Fargo & Company upped their target price on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Finally, Guggenheim lifted their price target on New Jersey Resources from $53.00 to $54.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 5th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $51.75.

New Jersey Resources Company Profile

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.