Benjamin Edwards Inc. Raises Position in New Jersey Resources Co. (NYSE:NJR)

Benjamin Edwards Inc. boosted its stake in New Jersey Resources Co. (NYSE:NJR) by 8,995.5% during the third quarter, HoldingsChannel reports. The institutional investor owned 157,079 shares of the utilities provider’s stock after buying an additional 155,352 shares during the quarter. Benjamin Edwards Inc.’s holdings in New Jersey Resources were worth $7,414,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. FSA Wealth Management LLC acquired a new position in shares of New Jersey Resources during the 3rd quarter worth approximately $27,000. V Square Quantitative Management LLC acquired a new position in shares of New Jersey Resources during the 3rd quarter worth approximately $27,000. Neo Ivy Capital Management acquired a new position in shares of New Jersey Resources during the 2nd quarter worth approximately $31,000. Van ECK Associates Corp acquired a new position in shares of New Jersey Resources during the 3rd quarter worth approximately $52,000. Finally, Spirit of America Management Corp NY boosted its holdings in shares of New Jersey Resources by 140.0% during the 3rd 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 during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Stock Down 1.1 %

New Jersey Resources stock opened at $51.00 on Tuesday. New Jersey Resources Co. has a twelve month low of $39.44 and a twelve month high of $51.94. The stock’s fifty day simple moving average is $47.35 and its 200-day simple moving average is $45.59. The company has a current ratio of 0.62, a quick ratio of 0.36 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $5.09 billion, a P/E ratio of 17.47 and a beta of 0.63.

New Jersey Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be paid a dividend of $0.45 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.53%. New Jersey Resources’s payout ratio is currently 61.64%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on NJR. Wells Fargo & Company upped their price objective on New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. StockNews.com cut New Jersey Resources from a “hold” rating to a “sell” rating in a report on Tuesday, November 26th. Mizuho upped their price objective on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. JPMorgan Chase & Co. upped their price objective on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Finally, Guggenheim upped their price objective on New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a report on Wednesday, November 27th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, New Jersey Resources has an average rating of “Hold” and an average price target of $49.75.

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.