Victory Capital Management Inc. Decreases Stock Position in New Jersey Resources Co. (NYSE:NJR)

Victory Capital Management Inc. cut its holdings in New Jersey Resources Co. (NYSE:NJR) by 7.8% in the third quarter, HoldingsChannel reports. The institutional investor owned 357,746 shares of the utilities provider’s stock after selling 30,204 shares during the quarter. Victory Capital Management Inc.’s holdings in New Jersey Resources were worth $16,886,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Wealth Enhancement Advisory Services LLC raised its stake in New Jersey Resources by 3.6% in the second quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock valued at $378,000 after buying an additional 307 shares during the last quarter. Good Life Advisors LLC raised its stake in shares of New Jersey Resources by 1.0% in the third quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider’s stock worth $1,620,000 after purchasing an additional 333 shares during the last quarter. Creative Planning raised its stake in shares of New Jersey Resources by 2.4% in the third quarter. Creative Planning now owns 20,514 shares of the utilities provider’s stock worth $968,000 after purchasing an additional 481 shares during the last quarter. Inspire Investing LLC raised its stake in shares of New Jersey Resources by 6.3% in the third quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider’s stock worth $411,000 after purchasing an additional 515 shares during the last quarter. Finally, Pinnacle Associates Ltd. raised its stake in shares of New Jersey Resources by 2.3% in the third quarter. Pinnacle Associates Ltd. now owns 23,221 shares of the utilities provider’s stock worth $1,035,000 after purchasing an additional 525 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

New Jersey Resources Stock Up 0.6 %

New Jersey Resources stock opened at $48.74 on Wednesday. The firm has a market cap of $4.83 billion, a price-to-earnings ratio of 20.39 and a beta of 0.59. New Jersey Resources Co. has a 52 week low of $39.44 and a 52 week high of $48.76. The business’s 50-day moving average price is $46.69 and its 200 day moving average price is $45.15. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30.

New Jersey Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be issued a $0.45 dividend. This represents a $1.80 annualized dividend and a yield of 3.69%. The ex-dividend date of this dividend is Wednesday, December 11th. New Jersey Resources’s payout ratio is currently 75.31%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NJR. Mizuho raised their price objective on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. JPMorgan Chase & Co. raised their price objective 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. StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Friday, November 8th. Finally, Wells Fargo & Company raised their target price on New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average 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.