Metropolitan Life Insurance Co. NY grew its stake in New Jersey Resources Corp (NYSE:NJR) by 75.5% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 50,930 shares of the utilities provider’s stock after acquiring an additional 21,907 shares during the period. Metropolitan Life Insurance Co. NY owned about 0.06% of New Jersey Resources worth $2,326,000 as of its most recent filing with the SEC.
Other institutional investors also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund increased its stake in New Jersey Resources by 4,467.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock worth $35,000 after buying an additional 1,542,723 shares during the period. Doyle Wealth Management purchased a new stake in New Jersey Resources during the 4th quarter worth approximately $145,000. Tower Research Capital LLC TRC increased its stake in New Jersey Resources by 286.1% during the 3rd quarter. Tower Research Capital LLC TRC now owns 3,780 shares of the utilities provider’s stock worth $174,000 after buying an additional 2,801 shares during the period. Bruderman Asset Management LLC increased its stake in New Jersey Resources by 55.5% during the 4th quarter. Bruderman Asset Management LLC now owns 4,861 shares of the utilities provider’s stock worth $222,000 after buying an additional 1,735 shares during the period. Finally, Jefferies Group LLC purchased a new stake in New Jersey Resources during the 3rd quarter worth approximately $225,000. 66.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of NJR opened at $49.71 on Friday. New Jersey Resources Corp has a fifty-two week low of $38.05 and a fifty-two week high of $51.83. The company has a market cap of $4.41 billion, a P/E ratio of 18.14, a price-to-earnings-growth ratio of 3.54 and a beta of 0.34. The company has a current ratio of 1.05, a quick ratio of 0.79 and a debt-to-equity ratio of 0.79.
New Jersey Resources (NYSE:NJR) last announced its earnings results on Wednesday, February 6th. The utilities provider reported $0.61 earnings per share for the quarter, missing the consensus estimate of $0.69 by ($0.08). New Jersey Resources had a return on equity of 10.92% and a net margin of 6.49%. The business had revenue of $811.77 million for the quarter, compared to analysts’ expectations of $712.00 million. During the same period in the previous year, the company earned $1.56 earnings per share. New Jersey Resources’s quarterly revenue was up 15.1% on a year-over-year basis. On average, research analysts forecast that New Jersey Resources Corp will post 2.01 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 1st. Shareholders of record on Friday, March 15th will be issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 2.35%. The ex-dividend date is Thursday, March 14th. New Jersey Resources’s dividend payout ratio (DPR) is presently 42.70%.
In other New Jersey Resources news, Director Jane M. Kenny sold 3,000 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $49.63, for a total transaction of $148,890.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director M William Howard, Jr. sold 1,000 shares of the business’s stock in a transaction that occurred on Friday, January 11th. The stock was sold at an average price of $44.63, for a total transaction of $44,630.00. Following the transaction, the director now owns 18,713 shares of the company’s stock, valued at approximately $835,161.19. The disclosure for this sale can be found here. Insiders have sold a total of 27,068 shares of company stock valued at $1,327,777 in the last quarter. 1.30% of the stock is currently owned by company insiders.
Several equities research analysts recently weighed in on NJR shares. Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Tuesday, January 22nd. Guggenheim downgraded shares of New Jersey Resources from a “neutral” rating to a “sell” rating in a research note on Monday, January 7th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $50.00.
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New Jersey Resources Profile
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 Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.
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