Louisiana State Employees Retirement System Buys 2,600 Shares of New Jersey Resources Co. (NYSE:NJR)

Posted by Defense World Staff on Oct 4th, 2023

Louisiana State Employees Retirement System grew its stake in shares of New Jersey Resources Co. (NYSE:NJR – Free Report) by 10.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 28,300 shares of the utilities provider’s stock after buying an additional 2,600 shares during the quarter. Louisiana State Employees Retirement System’s holdings in New Jersey Resources were worth $1,336,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Ameritas Advisory Services LLC bought a new stake in shares of New Jersey Resources in the first quarter worth about $27,000. WealthPLAN Partners LLC bought a new stake in shares of New Jersey Resources in the first quarter worth about $37,000. C M Bidwell & Associates Ltd. bought a new stake in shares of New Jersey Resources in the first quarter worth about $37,000. Northwestern Mutual Wealth Management Co. grew its stake in shares of New Jersey Resources by 71.2% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 914 shares of the utilities provider’s stock worth $45,000 after purchasing an additional 380 shares during the last quarter. Finally, Quadrant Capital Group LLC grew its stake in shares of New Jersey Resources by 60.9% in the fourth quarter. Quadrant Capital Group LLC now owns 1,088 shares of the utilities provider’s stock worth $54,000 after purchasing an additional 412 shares during the last quarter. 73.08% of the stock is owned by institutional investors.

New Jersey Resources Price Performance

NYSE NJR opened at $39.91 on Wednesday. The business’s fifty day moving average price is $42.77 and its 200-day moving average price is $47.33. The stock has a market capitalization of $3.89 billion, a price-to-earnings ratio of 13.76, a PEG ratio of 2.52 and a beta of 0.63. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.78 and a quick ratio of 0.50. New Jersey Resources Co. has a 1-year low of $38.07 and a 1-year high of $55.84.

New Jersey Resources (NYSE:NJR – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.10 earnings per share for the quarter, beating the consensus estimate of ($0.03) by $0.13. The firm had revenue of $264.10 million for the quarter, compared to analysts’ expectations of $546.21 million. New Jersey Resources had a return on equity of 14.49% and a net margin of 11.77%. The company’s revenue was down 52.2% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.04) EPS. On average, equities analysts predict that New Jersey Resources Co. will post 2.69 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 2nd. Stockholders of record on Wednesday, September 20th were issued a dividend of $0.39 per share. The ex-dividend date was Tuesday, September 19th. This represents a $1.56 annualized dividend and a dividend yield of 3.91%. New Jersey Resources’s payout ratio is 57.93%.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Wells Fargo & Company cut their price objective on New Jersey Resources from $52.00 to $47.00 and set an “equal weight” rating on the stock in a research report on Friday, August 4th. Mizuho cut their price objective on New Jersey Resources from $51.00 to $49.00 in a research report on Thursday, July 27th. JPMorgan Chase & Co. raised New Jersey Resources from an “underweight” rating to a “neutral” rating and lifted their price objective for the company from $44.00 to $46.00 in a research report on Thursday, September 21st. Finally, StockNews.com began coverage on New Jersey Resources in a research report on Thursday, August 17th. They set a “sell” rating on the stock.

Check Out Our Latest Research Report on NJR

About New Jersey Resources

(Free Report)

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. 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 569,300 residential and commercial customers throughout 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.