New Jersey Resources Co. (NYSE:NJR) Shares Sold by Clear Harbor Asset Management LLC

by · The Markets Daily

Clear Harbor Asset Management LLC trimmed its position in shares of New Jersey Resources Co. (NYSE:NJR – Free Report) by 2.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 192,210 shares of the utilities provider’s stock after selling 5,620 shares during the period. Clear Harbor Asset Management LLC owned approximately 0.19% of New Jersey Resources worth $9,072,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Claro Advisors LLC grew its stake in shares of New Jersey Resources by 20.6% in the first quarter. Claro Advisors LLC now owns 15,838 shares of the utilities provider’s stock valued at $680,000 after buying an additional 2,701 shares in the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of New Jersey Resources by 48.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 11,983 shares of the utilities provider’s stock valued at $514,000 after buying an additional 3,909 shares in the last quarter. State of Michigan Retirement System grew its stake in shares of New Jersey Resources by 3.4% in the first quarter. State of Michigan Retirement System now owns 24,185 shares of the utilities provider’s stock valued at $1,038,000 after buying an additional 800 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in shares of New Jersey Resources by 2.4% in the first quarter. Maryland State Retirement & Pension System now owns 83,990 shares of the utilities provider’s stock valued at $3,478,000 after buying an additional 1,971 shares in the last quarter. Finally, Commonwealth Equity Services LLC grew its stake in shares of New Jersey Resources by 3.2% in the first quarter. Commonwealth Equity Services LLC now owns 124,094 shares of the utilities provider’s stock valued at $5,325,000 after buying an additional 3,844 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Stock Down 0.9 %

Shares of NYSE NJR opened at $46.00 on Friday. The company has a market capitalization of $4.56 billion, a price-to-earnings ratio of 19.25 and a beta of 0.59. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. The business has a 50-day moving average of $46.45 and a two-hundred day moving average of $44.68. New Jersey Resources Co. has a 1 year low of $39.44 and a 1 year high of $48.68.

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

New Jersey Resources Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were issued a $0.45 dividend. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.42. This represents a $1.80 annualized dividend and a dividend yield of 3.91%. The ex-dividend date was Monday, September 23rd. New Jersey Resources’s payout ratio is presently 75.31%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Wells Fargo & Company lifted their target price on New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their target price on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Mizuho lifted their target price on New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Finally, StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a report on Sunday, September 22nd. Four investment analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $49.00.

Read Our Latest Stock Report on New Jersey Resources

New Jersey Resources Company Profile

(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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