State of New Jersey Common Pension Fund D Sells 22,075 Shares of New Jersey Resources Co. (NYSE:NJR)

State of New Jersey Common Pension Fund D lowered its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 32.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,111 shares of the utilities provider’s stock after selling 22,075 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in New Jersey Resources were worth $1,971,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of NJR. Norges Bank bought a new position in New Jersey Resources during the fourth quarter worth $33,403,000. UBS Group AG increased its position in New Jersey Resources by 66.2% during the fourth quarter. UBS Group AG now owns 201,401 shares of the utilities provider’s stock worth $8,978,000 after acquiring an additional 80,219 shares during the period. Corient Private Wealth LLC increased its holdings in New Jersey Resources by 17.9% in the 4th quarter. Corient Private Wealth LLC now owns 61,872 shares of the utilities provider’s stock valued at $2,758,000 after buying an additional 9,404 shares during the period. Trexquant Investment LP increased its holdings in New Jersey Resources by 22.7% in the 4th quarter. Trexquant Investment LP now owns 40,028 shares of the utilities provider’s stock valued at $1,784,000 after buying an additional 7,404 shares during the period. Finally, Advisory Services Network LLC increased its holdings in New Jersey Resources by 3.3% in the 4th quarter. Advisory Services Network LLC now owns 38,522 shares of the utilities provider’s stock valued at $1,717,000 after buying an additional 1,228 shares during the period. Institutional investors own 70.98% of the company’s stock.

New Jersey Resources Stock Down 0.1 %

NJR opened at $47.64 on Friday. The firm’s 50-day simple moving average is $46.02 and its 200-day simple moving average is $44.00. The company has a debt-to-equity ratio of 1.30, a quick ratio of 0.41 and a current ratio of 0.60. New Jersey Resources Co. has a twelve month low of $38.92 and a twelve month high of $48.68. The firm has a market cap of $4.71 billion, a price-to-earnings ratio of 18.83 and a beta of 0.59.

New Jersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share 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 during the quarter, compared to the consensus estimate of $283.56 million. During the same period in the previous year, the company posted $0.10 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. Equities research analysts anticipate that New Jersey Resources Co. will post 2.95 EPS for the current fiscal year.

New Jersey Resources Increases Dividend

The company 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 positive change from New Jersey Resources’s previous quarterly dividend of $0.42. The ex-dividend date of this dividend is Monday, September 23rd. This represents a $1.80 annualized dividend and a dividend yield of 3.78%. New Jersey Resources’s dividend payout ratio is presently 71.15%.

Insider Transactions at New Jersey Resources

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

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on NJR shares. JPMorgan Chase & Co. boosted their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Argus raised shares of New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th. Mizuho boosted their price target on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday. Finally, StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Sunday.

About New Jersey Resources

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.