Maryland State Retirement & Pension System Decreases Stake in New Jersey Resources Co. (NYSE:NJR)

Maryland State Retirement & Pension System lessened its holdings in shares of New Jersey Resources Co. (NYSE:NJR) by 2.6% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 81,801 shares of the utilities provider’s stock after selling 2,189 shares during the period. Maryland State Retirement & Pension System owned 0.08% of New Jersey Resources worth $3,816,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Point72 Asset Management L.P. acquired a new position in shares of New Jersey Resources during the 3rd quarter worth approximately $8,590,000. Benjamin Edwards Inc. lifted its position in New Jersey Resources by 8,995.5% during the third quarter. Benjamin Edwards Inc. now owns 157,079 shares of the utilities provider’s stock worth $7,414,000 after buying an additional 155,352 shares in the last quarter. Barclays PLC boosted its stake in New Jersey Resources by 140.0% during the third quarter. Barclays PLC now owns 189,827 shares of the utilities provider’s stock worth $8,959,000 after buying an additional 110,723 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in New Jersey Resources by 8.6% in the 4th quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider’s stock valued at $56,526,000 after buying an additional 96,393 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its stake in shares of New Jersey Resources by 16.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 609,199 shares of the utilities provider’s stock worth $28,754,000 after acquiring an additional 86,742 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey Resources Stock Performance

NYSE:NJR opened at $49.29 on Thursday. New Jersey Resources Co. has a fifty-two week low of $40.62 and a fifty-two week high of $51.95. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.61 and a current ratio of 0.89. The company has a 50 day moving average price of $47.28 and a 200 day moving average price of $47.27. The stock has a market capitalization of $4.94 billion, a P/E ratio of 14.85 and a beta of 0.57.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 earnings per share for the quarter, beating analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same period in the previous year, the firm earned $0.74 earnings per share. Equities research analysts forecast that New Jersey Resources Co. will post 3.15 EPS for the current year.

New Jersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 11th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.65%. The ex-dividend date of this dividend is Tuesday, March 11th. New Jersey Resources’s payout ratio is 54.22%.

Wall Street Analysts Forecast Growth

NJR has been the subject of a number of analyst reports. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Tuesday, February 4th. Guggenheim increased their price target on shares of New Jersey Resources from $53.00 to $54.00 and gave the company a “neutral” rating in a research note on Wednesday, February 5th. Wells Fargo & Company increased their price objective on New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 27th. Finally, JPMorgan Chase & Co. reduced their target price on New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating on the stock in a research report on Tuesday, January 28th. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.75.

Insider Activity at New Jersey Resources

In related news, COO Patrick J. Migliaccio sold 4,983 shares of New Jersey Resources stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the transaction, the chief operating officer now directly owns 37,124 shares in the company, valued at approximately $1,707,704. This trade represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.72% of the company’s stock.

New Jersey Resources Company 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.