New Jersey Resources Co. (NYSE:NJR) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lessened its stake in New Jersey Resources Co. (NYSE:NJR) by 28.9% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 8,074 shares of the utilities provider’s stock after selling 3,277 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in New Jersey Resources were worth $360,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. International Assets Investment Management LLC raised its stake in shares of New Jersey Resources by 4,358.0% in the 4th quarter. International Assets Investment Management LLC now owns 94,108 shares of the utilities provider’s stock valued at $4,195,000 after acquiring an additional 91,997 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in shares of New Jersey Resources by 4.7% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 44,427 shares of the utilities provider’s stock valued at $1,981,000 after acquiring an additional 1,996 shares during the period. Arkadios Wealth Advisors increased its stake in New Jersey Resources by 2.3% during the 4th quarter. Arkadios Wealth Advisors now owns 11,765 shares of the utilities provider’s stock worth $524,000 after buying an additional 265 shares during the period. TIAA Trust National Association purchased a new stake in New Jersey Resources during the 4th quarter worth $207,000. Finally, Clear Harbor Asset Management LLC increased its stake in New Jersey Resources by 15.4% during the 4th quarter. Clear Harbor Asset Management LLC now owns 123,519 shares of the utilities provider’s stock worth $5,506,000 after buying an additional 16,486 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Wednesday, February 7th. Mizuho decreased their price objective on shares of New Jersey Resources from $47.00 to $45.00 and set a “neutral” rating for the company in a report on Monday, February 5th.

New Jersey Resources Price Performance

Shares of NJR stock opened at $43.34 on Friday. New Jersey Resources Co. has a 1-year low of $38.92 and a 1-year high of $52.93. The firm has a fifty day moving average of $42.29 and a two-hundred day moving average of $42.55. The company has a debt-to-equity ratio of 1.33, a current ratio of 0.70 and a quick ratio of 0.47. The firm has a market cap of $4.26 billion, a P/E ratio of 17.76 and a beta of 0.64.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Tuesday, February 6th. The utilities provider reported $0.74 earnings per share for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.15). New Jersey Resources had a net margin of 13.96% and a return on equity of 11.13%. The business had revenue of $467.20 million for the quarter, compared to the consensus estimate of $812.66 million. During the same period in the prior year, the company earned $1.14 EPS. New Jersey Resources’s quarterly revenue was down 35.4% on a year-over-year basis. As a group, research analysts anticipate that New Jersey Resources Co. will post 2.94 earnings per share for the current fiscal year.

New Jersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Investors of record on Wednesday, June 12th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.88%. The ex-dividend date of this dividend is Wednesday, June 12th. New Jersey Resources’s dividend payout ratio is presently 68.85%.

New Jersey Resources Profile

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. 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 576,000 customers in 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.