Massachusetts Financial Services Co. MA Has $38.13 Million Stock Position in New Jersey Resources Co. (NYSE:NJR)

Massachusetts Financial Services Co. MA trimmed its position in shares of New Jersey Resources Co. (NYSE:NJR) by 2.7% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 807,899 shares of the utilities provider’s stock after selling 22,751 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 0.81% of New Jersey Resources worth $38,133,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of NJR. V Square Quantitative Management LLC acquired a new position in New Jersey Resources in the third quarter worth $27,000. Neo Ivy Capital Management bought a new position in shares of New Jersey Resources in the second quarter worth about $31,000. Van ECK Associates Corp acquired a new position in New Jersey Resources during the 3rd quarter worth $52,000. Spirit of America Management Corp NY lifted its stake in shares of New Jersey Resources by 140.0% during the third quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock valued at $57,000 after acquiring an additional 700 shares during the period. Finally, GAMMA Investing LLC raised its holdings in New Jersey Resources by 119.5% during 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 last quarter. Institutional investors and hedge funds own 70.98% of the company’s stock.

New Jersey Resources Stock Performance

NJR opened at $51.04 on Monday. 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 $5.06 billion, a price-to-earnings ratio of 21.36 and a beta of 0.59. The business’s 50-day moving average price is $46.92 and its two-hundred day moving average price is $45.29. New Jersey Resources Co. has a 1 year low of $39.44 and a 1 year high of $51.16.

New Jersey Resources Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 2nd. Stockholders of record on Wednesday, December 11th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.53%. New Jersey Resources’s dividend payout ratio is currently 75.31%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on NJR. Mizuho increased their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Wells Fargo & Company upped their price objective on shares of New Jersey Resources from $47.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 16th. JPMorgan Chase & Co. boosted their target price on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a research note on Thursday, August 15th. Finally, StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $49.00.

New Jersey Resources Company 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.