Nicholson Wealth Management Group LLC Invests $946,000 in New Jersey Resources Co. (NYSE:NJR)

by · The Markets Daily

Nicholson Wealth Management Group LLC purchased a new stake in shares of New Jersey Resources Co. (NYSE:NJR – Free Report) in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 20,039 shares of the utilities provider’s stock, valued at approximately $946,000.

A number of other large investors also recently bought and sold shares of NJR. V Square Quantitative Management LLC purchased a new position in shares of New Jersey Resources during the 3rd quarter valued at approximately $27,000. Neo Ivy Capital Management purchased a new position in New Jersey Resources in the second quarter valued at $31,000. GAMMA Investing LLC raised its position in shares of New Jersey Resources by 119.5% in the second quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after acquiring an additional 661 shares during the period. Spirit of America Management Corp NY boosted its stake 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 acquiring an additional 700 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in shares of New Jersey Resources during the 2nd quarter valued at about $76,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on the company. JPMorgan Chase & Co. upped their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Mizuho upped their target price 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. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Sunday, September 22nd. Finally, Wells Fargo & Company upped their price objective on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $49.00.

View Our Latest Analysis on New Jersey Resources

New Jersey Resources Price Performance

NYSE:NJR opened at $46.42 on Friday. The firm has a market cap of $4.60 billion, a P/E ratio of 19.42 and a beta of 0.59. The stock has a 50 day moving average of $46.41 and a two-hundred day moving average of $44.65. New Jersey Resources Co. has a 12 month low of $39.44 and a 12 month high of $48.68. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30.

New Jersey Resources (NYSE:NJR – Get Free Report) last issued its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The business had revenue of $275.64 million during the quarter, compared to analyst estimates of $283.56 million. New Jersey Resources had a net margin of 13.61% and a return on equity of 11.06%. New Jersey Resources’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter last year, the company earned $0.10 earnings per share. On average, analysts expect that New Jersey Resources Co. will post 2.95 earnings per share for the current fiscal year.

New Jersey Resources Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were given a $0.45 dividend. The ex-dividend date was Monday, September 23rd. This is a positive change from New Jersey Resources’s previous quarterly dividend of $0.42. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.88%. New Jersey Resources’s dividend payout ratio is 75.31%.

About New Jersey Resources

(Free Report)

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.

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