Prospera Financial Services Inc acquired a new stake in shares of New Jersey Resources Co. (NYSE:NJR – Get Rating) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 4,738 shares of the utilities provider’s stock, valued at approximately $235,000.
A number of other hedge funds have also made changes to their positions in NJR. Wellington Management Group LLP increased its stake in shares of New Jersey Resources by 22.6% during the first quarter. Wellington Management Group LLP now owns 3,203,151 shares of the utilities provider’s stock valued at $146,897,000 after acquiring an additional 589,747 shares during the period. State Street Corp increased its stake in shares of New Jersey Resources by 4.5% during the third quarter. State Street Corp now owns 10,661,984 shares of the utilities provider’s stock valued at $416,694,000 after acquiring an additional 456,306 shares during the period. Invesco Ltd. increased its stake in shares of New Jersey Resources by 151.1% during the first quarter. Invesco Ltd. now owns 602,011 shares of the utilities provider’s stock valued at $27,609,000 after acquiring an additional 362,282 shares during the period. ProShare Advisors LLC increased its stake in shares of New Jersey Resources by 23.1% during the fourth quarter. ProShare Advisors LLC now owns 978,769 shares of the utilities provider’s stock valued at $48,567,000 after acquiring an additional 183,835 shares during the period. Finally, Renaissance Technologies LLC increased its stake in shares of New Jersey Resources by 452.0% during the first quarter. Renaissance Technologies LLC now owns 217,500 shares of the utilities provider’s stock valued at $9,975,000 after acquiring an additional 178,100 shares during the period. Institutional investors and hedge funds own 74.09% of the company’s stock.
Insiders Place Their Bets
In other New Jersey Resources news, COO Patrick J. Migliaccio sold 2,040 shares of the stock in a transaction that occurred on Tuesday, March 7th. The shares were 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 approximately $1,944,579. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company’s stock.
New Jersey Resources Trading Up 0.9 %
New Jersey Resources (NYSE:NJR – Get Rating) last posted its quarterly earnings data on Thursday, May 4th. The utilities provider reported $1.16 EPS for the quarter, missing analysts’ consensus estimates of $1.20 by ($0.04). New Jersey Resources had a return on equity of 14.22% and a net margin of 10.94%. The firm had revenue of $644.00 million during the quarter, compared to analyst estimates of $954.32 million. During the same period in the prior year, the business posted $1.36 EPS. The company’s revenue for the quarter was down 29.4% on a year-over-year basis. Research analysts forecast that New Jersey Resources Co. will post 2.71 EPS for the current year.
New Jersey Resources Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, July 3rd. Shareholders of record on Wednesday, June 14th will be given a $0.39 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. This represents a $1.56 dividend on an annualized basis and a yield of 3.10%. New Jersey Resources’s payout ratio is 51.66%.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on the stock. StockNews.com cut shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Friday, May 5th. Mizuho raised their target price on shares of New Jersey Resources from $46.00 to $51.00 and gave the stock a “neutral” rating in a report on Tuesday, February 7th. Finally, Guggenheim raised their target price on shares of New Jersey Resources from $46.00 to $47.00 in a report on Monday, April 24th. Two investment analysts have rated the stock with a sell rating and two have issued a hold rating to the company’s stock. According to data from MarketBeat, New Jersey Resources has an average rating of “Hold” and an average price target of $48.50.
New Jersey Resources Profile
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.
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