Arizona State Retirement System Increases Stock Holdings in New Jersey Resources Co. (NYSE:NJR)

Posted by Defense World Staff on May 13th, 2023

Arizona State Retirement System increased its holdings in New Jersey Resources Co. (NYSE:NJR – Get Rating) by 3.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,153 shares of the utilities provider’s stock after acquiring an additional 1,024 shares during the quarter. Arizona State Retirement System’s holdings in New Jersey Resources were worth $1,347,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in NJR. Wipfli Financial Advisors LLC purchased a new stake in New Jersey Resources in the third quarter worth about $26,000. Quadrant Capital Group LLC lifted its holdings in shares of New Jersey Resources by 116.0% during the third quarter. Quadrant Capital Group LLC now owns 676 shares of the utilities provider’s stock valued at $26,000 after purchasing an additional 363 shares during the last quarter. Concord Wealth Partners purchased a new position in New Jersey Resources in the 4th quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of New Jersey Resources by 62.2% during the third quarter. Benjamin F. Edwards & Company Inc. now owns 1,752 shares of the utilities provider’s stock valued at $68,000 after purchasing an additional 672 shares in the last quarter. Finally, Signaturefd LLC lifted its position in New Jersey Resources by 20.3% during the fourth quarter. Signaturefd LLC now owns 1,381 shares of the utilities provider’s stock valued at $69,000 after purchasing an additional 233 shares during the period. Hedge funds and other institutional investors own 74.09% of the company’s stock.

New Jersey Resources Stock Up 0.9 %

NJR opened at $50.30 on Friday. New Jersey Resources Co. has a twelve month low of $38.07 and a twelve month high of $55.84. The company has a quick ratio of 0.71, a current ratio of 0.87 and a debt-to-equity ratio of 1.32. The company has a 50-day moving average price of $52.22 and a 200 day moving average price of $50.15. The company has a market cap of $4.88 billion, a PE ratio of 16.66, a price-to-earnings-growth ratio of 3.09 and a beta of 0.65.

New Jersey Resources (NYSE:NJR – Get Rating) last posted its earnings results on Thursday, May 4th. The utilities provider reported $1.16 earnings per share for the quarter, missing the consensus estimate of $1.20 by ($0.04). New Jersey Resources had a net margin of 10.94% and a return on equity of 14.22%. The company had revenue of $644.00 million during the quarter, compared to analyst estimates of $954.32 million. During the same quarter last year, the business posted $1.36 EPS. The firm’s revenue for the quarter was down 29.4% on a year-over-year basis. Sell-side analysts expect that New Jersey Resources Co. will post 2.71 earnings per share for the current fiscal year.

New Jersey Resources Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Stockholders of record on Wednesday, June 14th will be paid a $0.39 dividend. This represents a $1.56 annualized dividend and a dividend yield of 3.10%. The ex-dividend date is Tuesday, June 13th. New Jersey Resources’s dividend payout ratio (DPR) is presently 51.66%.

Insider Activity

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 2,040 shares of New Jersey Resources stock in a transaction dated Tuesday, March 7th. The shares were sold at an average price of $51.00, for a total transaction of $104,040.00. Following the completion of the transaction, 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 SEC, which is accessible through this hyperlink. Insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. Mizuho increased their target price on New Jersey Resources from $46.00 to $51.00 and gave the company a “neutral” rating in a report on Tuesday, February 7th. Guggenheim lifted their price objective on New Jersey Resources from $46.00 to $47.00 in a research note on Monday, April 24th. Finally, StockNews.com downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Friday, May 5th. Two analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $48.50.

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.