Short Interest in New Jersey Resources Co. (NYSE:NJR) Declines By 14.5%

New Jersey Resources Co. (NYSE:NJR) was the recipient of a large decline in short interest in March. As of March 15th, there was short interest totalling 2,000,000 shares, a decline of 14.5% from the February 28th total of 2,340,000 shares. Approximately 2.0% of the company’s stock are short sold. Based on an average trading volume of 591,000 shares, the short-interest ratio is currently 3.4 days.

Analyst Ratings Changes

Several analysts have recently weighed in on NJR shares. Guggenheim raised their target price on New Jersey Resources from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Jefferies Financial Group initiated coverage on New Jersey Resources in a report on Tuesday. They set a “hold” rating and a $51.00 price objective on the stock. JPMorgan Chase & Co. cut their target price on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Finally, StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, February 4th. Five investment analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, New Jersey Resources currently has an average rating of “Hold” and an average price target of $51.60.

New Jersey Resources Trading Up 1.0 %

Shares of NYSE NJR opened at $49.60 on Thursday. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 1.29. The stock’s 50 day moving average price is $47.71 and its two-hundred day moving average price is $47.43. New Jersey Resources has a 52-week low of $40.62 and a 52-week high of $51.95. The stock has a market capitalization of $4.97 billion, a P/E ratio of 14.94 and a beta of 0.57.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, beating the consensus estimate 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 EPS. On average, analysts anticipate that New Jersey Resources will post 3.15 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 11th were issued a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.63%. The ex-dividend date was Tuesday, March 11th. New Jersey Resources’s dividend payout ratio (DPR) is presently 54.22%.

Insider Buying and Selling

In related news, CFO Roberto Bel sold 1,173 shares of the firm’s stock in a transaction on Monday, March 31st. The shares were sold at an average price of $50.00, for a total transaction of $58,650.00. Following the completion of the sale, the chief financial officer now directly owns 22,649 shares of the company’s stock, valued at approximately $1,132,450. This trade represents a 4.92 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On New Jersey Resources

A number of institutional investors have recently modified their holdings of NJR. 111 Capital bought a new position in New Jersey Resources in the fourth quarter worth about $272,000. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of New Jersey Resources by 12.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 10,347 shares of the utilities provider’s stock worth $483,000 after purchasing an additional 1,162 shares during the last quarter. Wood Tarver Financial Group LLC bought a new stake in shares of New Jersey Resources in the 4th quarter worth approximately $173,000. Ameriflex Group Inc. bought a new position in New Jersey Resources during the 4th quarter worth $51,000. Finally, PharVision Advisers LLC bought a new position in New Jersey Resources during the 4th quarter worth $340,000. Institutional investors own 70.98% 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.