Ethic Inc. Grows Stake in New Jersey Resources Co. (NYSE:NJR)

Ethic Inc. increased its stake in New Jersey Resources Co. (NYSE:NJR) by 12.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,829 shares of the utilities provider’s stock after acquiring an additional 965 shares during the period. Ethic Inc.’s holdings in New Jersey Resources were worth $349,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its position in New Jersey Resources by 0.5% in the second quarter. PNC Financial Services Group Inc. now owns 56,068 shares of the utilities provider’s stock worth $2,220,000 after acquiring an additional 276 shares in the last quarter. Advisory Services Network LLC grew its position in New Jersey Resources by 1.5% in the first quarter. Advisory Services Network LLC now owns 23,319 shares of the utilities provider’s stock worth $930,000 after acquiring an additional 337 shares in the last quarter. Public Employees Retirement System of Ohio grew its position in New Jersey Resources by 8.8% in the first quarter. Public Employees Retirement System of Ohio now owns 4,234 shares of the utilities provider’s stock worth $169,000 after acquiring an additional 343 shares in the last quarter. Verition Fund Management LLC boosted its position in shares of New Jersey Resources by 5.9% during the first quarter. Verition Fund Management LLC now owns 8,002 shares of the utilities provider’s stock valued at $319,000 after buying an additional 449 shares during the period. Finally, O Shares Investment Advisers LLC boosted its position in shares of New Jersey Resources by 4.2% during the first quarter. O Shares Investment Advisers LLC now owns 12,240 shares of the utilities provider’s stock valued at $488,000 after buying an additional 496 shares during the period. Institutional investors own 71.13% of the company’s stock.

Several brokerages have issued reports on NJR. TheStreet lowered New Jersey Resources from a “b” rating to a “c” rating in a research report on Tuesday, September 7th. Mizuho boosted their target price on New Jersey Resources from $44.00 to $45.00 and gave the company a “buy” rating in a research report on Thursday, May 27th. They noted that the move was a valuation call. Zacks Investment Research lowered New Jersey Resources from a “buy” rating to a “hold” rating in a research report on Thursday, August 19th. Finally, Bank of America lowered New Jersey Resources from a “neutral” rating to an “underperform” rating and set a $39.00 target price for the company. in a research report on Friday, June 25th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $42.60.

In related news, VP Timothy F. Shea sold 10,001 shares of the business’s stock in a transaction that occurred on Wednesday, June 23rd. The shares were sold at an average price of $41.35, for a total value of $413,541.35. Following the completion of the transaction, the vice president now owns 58,406 shares of the company’s stock, valued at $2,415,088.10. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.61% of the company’s stock.

New Jersey Resources stock opened at $34.92 on Friday. The company has a 50 day moving average price of $38.08 and a 200-day moving average price of $40.40. The company has a debt-to-equity ratio of 1.32, a quick ratio of 0.61 and a current ratio of 0.84. New Jersey Resources Co. has a fifty-two week low of $25.87 and a fifty-two week high of $44.41. The company has a market capitalization of $3.37 billion, a PE ratio of 20.79, a P/E/G ratio of 2.39 and a beta of 0.51.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings results on Thursday, August 5th. The utilities provider reported ($0.15) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.07) by ($0.08). New Jersey Resources had a net margin of 8.02% and a return on equity of 14.52%. The company had revenue of $367.59 million for the quarter, compared to the consensus estimate of $371.53 million. During the same period in the prior year, the firm posted ($0.06) EPS. The business’s revenue was up 23.0% on a year-over-year basis. On average, analysts forecast that New Jersey Resources Co. will post 2.15 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Investors of record on Monday, September 20th will be paid a $0.3325 dividend. This represents a $1.33 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date is Friday, September 17th. New Jersey Resources’s dividend payout ratio (DPR) is 64.56%.

About New Jersey Resources

New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: New Jersey Natural Gas, NJR Clean Energy Ventures, NJR Energy Services, NJR Midstream, and NJR Home Services.

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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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