Martingale Asset Management L P Raises Stock Position in New Jersey Resources Co. (NYSE:NJR)

Martingale Asset Management L P lifted its stake in New Jersey Resources Co. (NYSE:NJR) by 28.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 58,331 shares of the utilities provider’s stock after buying an additional 12,759 shares during the quarter. Martingale Asset Management L P’s holdings in New Jersey Resources were worth $2,753,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. lifted its holdings in New Jersey Resources by 2.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock worth $57,953,000 after buying an additional 33,772 shares during the period. AQR Capital Management LLC boosted its position in shares of New Jersey Resources by 39.9% during the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after purchasing an additional 176,396 shares in the last quarter. Victory Capital Management Inc. grew its stake in New Jersey Resources by 192.9% in the second quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock worth $16,581,000 after purchasing an additional 255,503 shares during the period. International Assets Investment Management LLC raised its holdings in New Jersey Resources by 4,620.0% in the third quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock worth $3,948,000 after purchasing an additional 81,866 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of New Jersey Resources by 3.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,284,245 shares of the utilities provider’s stock valued at $54,889,000 after buying an additional 40,094 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

New Jersey Resources Stock Down 0.1 %

New Jersey Resources stock opened at $51.58 on Friday. The firm has a market cap of $5.12 billion, a price-to-earnings ratio of 17.66 and a beta of 0.59. The company has a current ratio of 0.62, a quick ratio of 0.41 and a debt-to-equity ratio of 1.31. New Jersey Resources Co. has a 12 month low of $39.44 and a 12 month high of $51.94. The stock has a fifty day simple moving average of $47.28 and a two-hundred day simple moving average of $45.53.

New Jersey Resources Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be issued a dividend of $0.45 per share. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.49%. New Jersey Resources’s payout ratio is 61.64%.

Analysts Set New Price Targets

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

New Jersey Resources Profile

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.