New Jersey Resources Co. (NYSE:NJR) COO Patrick J. Migliaccio Sells 3,000 Shares of Stock

New Jersey Resources Co. (NYSE:NJRGet Rating) COO Patrick J. Migliaccio sold 3,000 shares of the business’s stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $49.16, for a total transaction of $147,480.00. Following the completion of the transaction, the chief operating officer now directly owns 40,169 shares of the company’s stock, valued at $1,974,708.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

New Jersey Resources Stock Down 1.3 %

Shares of New Jersey Resources stock traded down $0.64 on Thursday, hitting $49.25. The company had a trading volume of 483,254 shares, compared to its average volume of 837,458. The firm has a market capitalization of $4.75 billion, a P/E ratio of 17.22, a P/E/G ratio of 3.37 and a beta of 0.62. New Jersey Resources Co. has a twelve month low of $36.77 and a twelve month high of $50.11. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.42. The stock has a 50-day moving average of $43.13 and a 200-day moving average of $44.26.

New Jersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Wednesday, December 14th will be given a $0.39 dividend. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, December 13th. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.36. New Jersey Resources’s payout ratio is currently 54.55%.

Institutional Trading of New Jersey Resources

Institutional investors have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. raised its position in New Jersey Resources by 22.6% during the third quarter. B. Riley Wealth Advisors Inc. now owns 7,557 shares of the utilities provider’s stock worth $293,000 after acquiring an additional 1,394 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in New Jersey Resources during the third quarter worth $527,000. Glenmede Trust Co. NA raised its position in New Jersey Resources by 14.5% during the third quarter. Glenmede Trust Co. NA now owns 336,733 shares of the utilities provider’s stock worth $13,030,000 after acquiring an additional 42,764 shares in the last quarter. Captrust Financial Advisors raised its position in New Jersey Resources by 2.6% during the third quarter. Captrust Financial Advisors now owns 15,667 shares of the utilities provider’s stock worth $606,000 after acquiring an additional 398 shares in the last quarter. Finally, Jane Street Group LLC bought a new stake in New Jersey Resources during the third quarter worth $1,481,000. Institutional investors own 73.94% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. JPMorgan Chase & Co. downgraded shares of New Jersey Resources from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $47.00 to $46.00 in a research note on Friday, September 9th. Wells Fargo & Company boosted their price target on shares of New Jersey Resources from $41.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Friday, November 18th. Guggenheim dropped their price target on shares of New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24th. Mizuho boosted their price target on shares of New Jersey Resources from $45.00 to $46.00 and gave the stock a “neutral” rating in a research note on Friday, November 18th. Finally, TheStreet raised shares of New Jersey Resources from a “c+” rating to a “b” rating in a research note on Monday, August 29th. Two equities research analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $44.25.

New Jersey Resources Company Profile

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New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. 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 564,000 residential and commercial customers throughout 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.

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