State of Alaska Department of Revenue Purchases 780 Shares of New Jersey Resources Co. (NYSE:NJR)

State of Alaska Department of Revenue increased its position in shares of New Jersey Resources Co. (NYSE:NJR) by 7.3% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,431 shares of the utilities provider’s stock after purchasing an additional 780 shares during the quarter. State of Alaska Department of Revenue’s holdings in New Jersey Resources were worth $539,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. V Square Quantitative Management LLC acquired a new stake in shares of New Jersey Resources during the third quarter worth approximately $27,000. Neo Ivy Capital Management bought a new position in New Jersey Resources in the 2nd quarter valued at $31,000. Spirit of America Management Corp NY boosted its stake in New Jersey Resources by 140.0% in the third quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock worth $57,000 after purchasing an additional 700 shares in the last quarter. GAMMA Investing LLC boosted its stake in New Jersey Resources by 119.5% in the second quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 661 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in shares of New Jersey Resources during the second quarter worth $76,000. 70.98% of the stock is owned by institutional investors.

New Jersey Resources Price Performance

Shares of NJR stock opened at $46.38 on Friday. The firm’s 50 day moving average price is $46.50 and its two-hundred day moving average price is $44.93. The stock has a market cap of $4.60 billion, a PE ratio of 19.41 and a beta of 0.59. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.41 and a current ratio of 0.60. New Jersey Resources Co. has a 52-week low of $39.44 and a 52-week high of $48.68.

New Jersey Resources (NYSE:NJR) last announced its quarterly 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). 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 for the quarter, compared to the consensus estimate of $283.56 million. During the same period in the prior year, the business earned $0.10 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, analysts forecast that New Jersey Resources Co. will post 2.95 EPS for the current year.

New Jersey Resources Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.88%. New Jersey Resources’s payout ratio is 75.31%.

Analysts Set New Price Targets

Several brokerages recently issued reports on NJR. Wells Fargo & Company upped their price target on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. 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 note on Thursday, August 15th. StockNews.com downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Tuesday, October 29th. Finally, Mizuho raised their price target on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $49.00.

New Jersey Resources 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.