Comerica Bank lowered its holdings in New Jersey Resources Corp (NYSE:NJR) by 1.9% in the first quarter, HoldingsChannel reports. The firm owned 57,352 shares of the utilities provider’s stock after selling 1,114 shares during the quarter. Comerica Bank’s holdings in New Jersey Resources were worth $2,796,000 as of its most recent SEC filing.
Other hedge funds have also made changes to their positions in the company. CX Institutional acquired a new position in shares of New Jersey Resources in the first quarter valued at approximately $32,000. Oregon Public Employees Retirement Fund grew its holdings in New Jersey Resources by 4,467.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 1,577,259 shares of the utilities provider’s stock worth $35,000 after acquiring an additional 1,542,723 shares in the last quarter. Liberty Wealth Management LLC acquired a new position in New Jersey Resources during the 4th quarter worth approximately $81,000. Doyle Wealth Management acquired a new position in New Jersey Resources during the 4th quarter worth approximately $145,000. Finally, World Asset Management Inc acquired a new position in New Jersey Resources during the 1st quarter worth approximately $206,000. Hedge funds and other institutional investors own 66.83% of the company’s stock.
Separately, Zacks Investment Research cut shares of New Jersey Resources from a “buy” rating to a “hold” rating in a report on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $50.00.
New Jersey Resources (NYSE:NJR) last posted its quarterly earnings results on Friday, May 3rd. The utilities provider reported $1.27 EPS for the quarter, topping the consensus estimate of $1.19 by $0.08. New Jersey Resources had a net margin of 4.51% and a return on equity of 8.73%. The company had revenue of $866.26 million during the quarter, compared to analysts’ expectations of $1.01 billion. During the same quarter in the previous year, the business posted $1.62 EPS. The firm’s revenue was down 15.0% on a year-over-year basis. As a group, research analysts expect that New Jersey Resources Corp will post 2 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, July 1st. Shareholders of record on Monday, June 17th will be issued a dividend of $0.2925 per share. This represents a $1.17 annualized dividend and a yield of 2.39%. The ex-dividend date of this dividend is Friday, June 14th. New Jersey Resources’s dividend payout ratio (DPR) is presently 42.70%.
In other news, Director David A. Trice sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $49.27, for a total transaction of $985,400.00. Following the completion of the sale, the director now owns 23,585 shares in the company, valued at approximately $1,162,032.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director David A. Trice sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $49.74, for a total transaction of $596,880.00. Following the sale, the director now owns 11,585 shares of the company’s stock, valued at approximately $576,237.90. The disclosure for this sale can be found here. Insiders have sold a total of 38,068 shares of company stock valued at $1,884,657 in the last quarter. 1.30% of the stock is currently owned by company insiders.
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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