Allspring Global Investments Holdings LLC Lowers Stake in New Jersey Resources Co. (NYSE:NJR)

Allspring Global Investments Holdings LLC lessened its stake in New Jersey Resources Co. (NYSE:NJRGet Rating) by 2.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 17,438 shares of the utilities provider’s stock after selling 468 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in New Jersey Resources were worth $674,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Venture Visionary Partners LLC purchased a new position in shares of New Jersey Resources in the second quarter worth $28,000. Wipfli Financial Advisors LLC purchased a new position in shares of New Jersey Resources in the third quarter worth $26,000. Godsey & Gibb Associates purchased a new position in shares of New Jersey Resources in the second quarter worth $31,000. DekaBank Deutsche Girozentrale purchased a new position in shares of New Jersey Resources in the second quarter worth $61,000. Finally, CWM LLC lifted its holdings in shares of New Jersey Resources by 18.2% in the second quarter. CWM LLC now owns 3,296 shares of the utilities provider’s stock worth $147,000 after buying an additional 508 shares in the last quarter. Hedge funds and other institutional investors own 74.09% of the company’s stock.

New Jersey Resources Trading Up 0.9 %

Shares of NYSE:NJR opened at $49.54 on Monday. New Jersey Resources Co. has a 1 year low of $37.79 and a 1 year high of $51.59. The firm has a market capitalization of $4.78 billion, a price-to-earnings ratio of 17.32, a price-to-earnings-growth ratio of 3.33 and a beta of 0.63. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.42. The business’s 50 day moving average price is $49.22 and its 200-day moving average price is $45.73.

New Jersey Resources (NYSE:NJRGet Rating) last announced its quarterly earnings data on Thursday, November 17th. The utilities provider reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.46 by $0.04. The company had revenue of $765.49 million for the quarter, compared to analyst estimates of $602.80 million. New Jersey Resources had a return on equity of 13.56% and a net margin of 9.46%. On average, equities research analysts forecast that New Jersey Resources Co. will post 2.48 earnings per share for the current fiscal year.

New Jersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 3rd. Investors of record on Wednesday, December 14th were given a dividend of $0.39 per share. This represents a $1.56 dividend on an annualized basis and a dividend yield of 3.15%. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.36. The ex-dividend date of this dividend was Tuesday, December 13th. New Jersey Resources’s dividend payout ratio (DPR) is presently 54.55%.

Insider Buying and Selling at New Jersey Resources

In other news, COO Patrick J. Migliaccio sold 3,000 shares of New Jersey Resources stock in a transaction dated Tuesday, November 22nd. The stock was sold at an average price of $49.16, for a total value of $147,480.00. Following the completion of the transaction, the chief operating officer now owns 40,169 shares in the company, valued at approximately $1,974,708.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.72% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

NJR has been the topic of several research reports. Wells Fargo & Company reduced their price target on shares of New Jersey Resources from $51.00 to $50.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 10th. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Friday, January 13th. Guggenheim cut their price objective on shares of New Jersey Resources from $41.00 to $40.00 in a report on Monday, October 24th. JPMorgan Chase & Co. increased their price target 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. Finally, Mizuho increased their price target 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. One analyst has rated the stock with a sell rating and three have issued a hold rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $45.50.

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.

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

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