MQS Management LLC Acquires New Shares in New Jersey Resources Co. (NYSE:NJR)

MQS Management LLC bought a new position in New Jersey Resources Co. (NYSE:NJR) in the second quarter, HoldingsChannel reports. The fund bought 8,479 shares of the utilities provider’s stock, valued at approximately $362,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Heritage Wealth Advisors purchased a new position in shares of New Jersey Resources during the fourth quarter valued at approximately $31,000. Neo Ivy Capital Management bought a new stake in New Jersey Resources in the 2nd quarter worth approximately $31,000. GAMMA Investing LLC grew its position in New Jersey Resources by 119.5% in the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 661 shares during the period. International Assets Investment Management LLC purchased a new stake in New Jersey Resources during the 2nd quarter valued at $76,000. Finally, Ashton Thomas Private Wealth LLC bought a new position in shares of New Jersey Resources during the 2nd quarter valued at $94,000. Institutional investors own 70.98% of the company’s stock.

New Jersey Resources Price Performance

Shares of NYSE:NJR opened at $47.69 on Friday. New Jersey Resources Co. has a 1-year low of $38.92 and a 1-year high of $48.68. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41. The company has a market capitalization of $4.71 billion, a P/E ratio of 18.85 and a beta of 0.59. The firm’s 50 day simple moving average is $45.96 and its two-hundred day simple moving average is $43.95.

New Jersey Resources (NYSE:NJR) last issued its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). New Jersey Resources had a return on equity of 11.06% and a net margin of 13.61%. The firm had revenue of $275.64 million for the quarter, compared to analysts’ expectations of $283.56 million. During the same period last year, the company earned $0.10 earnings per share. The firm’s revenue was up 4.4% on a year-over-year basis. Research analysts expect that New Jersey Resources Co. will post 2.95 EPS for the current fiscal year.

New Jersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd will be issued a $0.45 dividend. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.42. The ex-dividend date is Monday, September 23rd. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.77%. New Jersey Resources’s payout ratio is 71.15%.

Analyst Upgrades and Downgrades

NJR has been the subject of several research analyst reports. StockNews.com lowered New Jersey Resources from a “hold” rating to a “sell” rating in a report on Saturday, September 14th. Argus raised shares of New Jersey Resources to a “strong-buy” rating in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. increased their price objective on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research note on Thursday, August 15th.

Insider Activity

In related news, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now directly owns 168,705 shares in the company, valued at $7,601,847.30. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO Stephen D. Westhoven sold 3,400 shares of the business’s stock in a transaction on Friday, July 12th. The shares were sold at an average price of $45.00, for a total transaction of $153,000.00. Following the completion of the sale, the chief executive officer now directly owns 195,305 shares of the company’s stock, valued at $8,788,725. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the completion of the transaction, the chief executive officer now directly owns 168,705 shares in the company, valued at approximately $7,601,847.30. The disclosure for this sale can be found here. Corporate insiders own 0.75% of the company’s stock.

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.