New Jersey Resources Co. (NYSE:NJR) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its position in New Jersey Resources Co. (NYSE:NJRGet Rating) by 2.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 204,084 shares of the utilities provider’s stock after selling 5,314 shares during the quarter. California Public Employees Retirement System’s holdings in New Jersey Resources were worth $9,088,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in NJR. Wellington Management Group LLP lifted 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 worth $146,897,000 after buying an additional 589,747 shares during the period. Invesco Ltd. lifted 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 worth $27,609,000 after buying an additional 362,282 shares during the period. Renaissance Technologies LLC lifted 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 worth $9,975,000 after buying an additional 178,100 shares during the period. Victory Capital Management Inc. lifted its stake in shares of New Jersey Resources by 746.6% during the second quarter. Victory Capital Management Inc. now owns 181,559 shares of the utilities provider’s stock worth $8,085,000 after buying an additional 160,114 shares during the period. Finally, Ergoteles LLC acquired a new stake in shares of New Jersey Resources during the first quarter worth $6,799,000. 73.94% of the stock is currently owned by institutional investors and hedge funds.

New Jersey Resources Stock Up 2.0 %

NJR opened at $49.89 on Wednesday. New Jersey Resources Co. has a fifty-two week low of $36.77 and a fifty-two week high of $49.92. The company has a debt-to-equity ratio of 1.37, a quick ratio of 0.42 and a current ratio of 0.68. The company has a fifty day moving average of $43.05 and a two-hundred day moving average of $44.22. The stock has a market capitalization of $4.81 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 3.31 and a beta of 0.62.

New Jersey Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Shareholders of record on Wednesday, December 14th will be issued a $0.39 dividend. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend is Tuesday, December 13th. This represents a $1.56 dividend on an annualized basis and a yield of 3.13%. New Jersey Resources’s payout ratio is presently 54.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on NJR shares. Guggenheim lowered their price objective on shares of New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24th. Wells Fargo & Company raised their target price on shares of New Jersey Resources from $41.00 to $45.00 and gave the stock an “equal weight” rating in a report on Friday, November 18th. StockNews.com cut shares of New Jersey Resources from a “hold” rating to a “sell” rating in a report on Friday, November 18th. Mizuho raised their target price on shares of New Jersey Resources from $45.00 to $46.00 and gave the stock a “neutral” rating in a report on Friday, November 18th. Finally, JPMorgan Chase & Co. cut shares of New Jersey Resources from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $47.00 to $46.00 in a report on Friday, September 9th. Two equities research analysts have rated the stock with a sell rating and two have given a hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $44.25.

About New Jersey Resources

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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 564,000 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.

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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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