Commonwealth Equity Services LLC Boosts Holdings in New Jersey Resources Co. (NYSE:NJR)

Posted by Defense World Staff on Mar 9th, 2023

Commonwealth Equity Services LLC increased its stake in New Jersey Resources Co. (NYSE:NJR – Get Rating) by 5.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 99,313 shares of the utilities provider’s stock after acquiring an additional 4,887 shares during the period. Commonwealth Equity Services LLC owned about 0.10% of New Jersey Resources worth $3,843,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of NJR. Crossmark Global Holdings Inc. grew its holdings in New Jersey Resources by 2.8% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 8,920 shares of the utilities provider’s stock worth $345,000 after acquiring an additional 240 shares during the last quarter. UBS Group AG increased its holdings in New Jersey Resources by 0.5% during the 3rd quarter. UBS Group AG now owns 52,050 shares of the utilities provider’s stock valued at $2,014,000 after purchasing an additional 242 shares during the period. Cox Capital Mgt LLC raised its position in New Jersey Resources by 0.5% during the 3rd quarter. Cox Capital Mgt LLC now owns 57,472 shares of the utilities provider’s stock valued at $2,224,000 after purchasing an additional 293 shares during the last quarter. Clear Harbor Asset Management LLC lifted its holdings in New Jersey Resources by 0.3% in the 3rd quarter. Clear Harbor Asset Management LLC now owns 106,888 shares of the utilities provider’s stock worth $4,137,000 after buying an additional 300 shares during the period. Finally, Oregon Public Employees Retirement Fund grew its position in shares of New Jersey Resources by 1.1% in the 3rd quarter. Oregon Public Employees Retirement Fund now owns 28,035 shares of the utilities provider’s stock worth $1,085,000 after buying an additional 300 shares during the last quarter. Institutional investors own 74.09% of the company’s stock.

Insiders Place Their Bets

In related news, COO Patrick J. Migliaccio sold 2,040 shares of the business’s stock in a transaction that occurred on Tuesday, March 7th. The stock was sold at an average price of $51.00, for a total value of $104,040.00. Following the completion of the sale, the chief operating officer now owns 38,129 shares in the company, valued at $1,944,579. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.72% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. JPMorgan Chase & Co. upped their price objective on shares of New Jersey Resources from $40.00 to $46.00 and gave the stock an “underweight” rating in a report on Monday, January 9th. StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Tuesday, January 31st. Wells Fargo & Company decreased their target price on New Jersey Resources from $51.00 to $50.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 10th. Finally, Mizuho lifted their price target on New Jersey Resources from $46.00 to $51.00 and gave the company a “neutral” rating in a research report on Tuesday, February 7th. One equities research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $46.75.

New Jersey Resources Price Performance

NJR stock opened at $51.41 on Thursday. The company’s fifty day moving average price is $50.66 and its 200-day moving average price is $47.10. New Jersey Resources Co. has a one year low of $38.07 and a one year high of $53.53. The company has a market capitalization of $4.98 billion, a PE ratio of 17.79, a price-to-earnings-growth ratio of 3.18 and a beta of 0.64. The company has a debt-to-equity ratio of 1.40, a quick ratio of 0.69 and a current ratio of 0.95.

New Jersey Resources (NYSE:NJR – Get Rating) last announced its earnings results on Thursday, February 2nd. The utilities provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $0.79 by $0.35. The firm had revenue of $723.60 million during the quarter, compared to analysts’ expectations of $696.78 million. New Jersey Resources had a return on equity of 15.62% and a net margin of 9.46%. The company’s quarterly revenue was up 7.1% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.69 EPS. On average, equities analysts anticipate that New Jersey Resources Co. will post 2.67 EPS for the current fiscal year.

New Jersey Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 3rd. Shareholders of record on Wednesday, March 15th will be given a $0.39 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $1.56 annualized dividend and a yield of 3.03%. New Jersey Resources’s dividend payout ratio (DPR) is 53.98%.

New Jersey Resources Company Profile

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New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, Storage and Transportation, and Home Services and Other.