Confluence Investment Management LLC grew its stake in New Jersey Resources Corp (NYSE:NJR) by 13.7% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 518,299 shares of the utilities provider’s stock after purchasing an additional 62,537 shares during the period. Confluence Investment Management LLC owned approximately 0.54% of New Jersey Resources worth $17,607,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Van ECK Associates Corp bought a new stake in shares of New Jersey Resources in the 1st quarter valued at approximately $26,000. Lindbrook Capital LLC grew its stake in shares of New Jersey Resources by 74.9% in the 1st quarter. Lindbrook Capital LLC now owns 815 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 349 shares during the period. Parallel Advisors LLC grew its position in New Jersey Resources by 600.0% during the 1st quarter. Parallel Advisors LLC now owns 854 shares of the utilities provider’s stock worth $29,000 after acquiring an additional 732 shares during the last quarter. FSA Wealth Management LLC bought a new stake in New Jersey Resources during the 4th quarter worth approximately $30,000. Finally, Oppenheimer Asset Management Inc. grew its position in New Jersey Resources by 334.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,007 shares of the utilities provider’s stock worth $34,000 after acquiring an additional 775 shares during the last quarter. Institutional investors own 70.33% of the company’s stock.

NYSE:NJR traded down $0.31 during trading hours on Friday, hitting $30.72. 8,329 shares of the stock were exchanged, compared to its average volume of 552,569. The company’s 50 day moving average is $33.38 and its two-hundred day moving average is $37.46. New Jersey Resources Corp has a twelve month low of $21.14 and a twelve month high of $50.62. The company has a quick ratio of 0.49, a current ratio of 0.61 and a debt-to-equity ratio of 0.83. The company has a market capitalization of $2.96 billion, a P/E ratio of 15.52, a price-to-earnings-growth ratio of 2.46 and a beta of 0.42.

New Jersey Resources (NYSE:NJR) last posted its quarterly earnings data on Friday, May 8th. The utilities provider reported $1.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.43 by ($0.31). New Jersey Resources had a return on equity of 9.11% and a net margin of 8.65%. The firm had revenue of $639.60 million for the quarter, compared to analyst estimates of $881.60 million. During the same period in the prior year, the company posted $1.27 EPS. The firm’s quarterly revenue was down 26.2% compared to the same quarter last year. On average, equities research analysts expect that New Jersey Resources Corp will post 2.1 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 1st. Shareholders of record on Tuesday, June 16th will be issued a dividend of $0.313 per share. This represents a $1.25 annualized dividend and a yield of 4.08%. The ex-dividend date is Monday, June 15th. New Jersey Resources’s dividend payout ratio is 64.10%.

NJR has been the topic of a number of research analyst reports. Bank of America restated an “underperform” rating on shares of New Jersey Resources in a research report on Thursday, April 23rd. Guggenheim upgraded New Jersey Resources from a “sell” rating to a “neutral” rating in a research report on Monday, March 16th. Zacks Investment Research lowered New Jersey Resources from a “buy” rating to a “hold” rating in a research report on Wednesday. Finally, Wells Fargo & Co decreased their price target on New Jersey Resources from $45.00 to $38.00 and set an “equal weight” rating on the stock in a research report on Monday, May 11th. One investment analyst has rated the stock with a sell rating and four have issued a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $36.00.

New Jersey Resources Profile

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 Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides 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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