Confluence Investment Management LLC Has $21.19 Million Position in New Jersey Resources Co. (NYSE:NJR)

Confluence Investment Management LLC lessened its holdings in shares of New Jersey Resources Co. (NYSE:NJR) by 1.0% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 454,152 shares of the utilities provider’s stock after selling 4,381 shares during the period. Confluence Investment Management LLC owned 0.46% of New Jersey Resources worth $21,186,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its holdings in New Jersey Resources by 2.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,227,815 shares of the utilities provider’s stock worth $57,953,000 after acquiring an additional 33,772 shares during the last quarter. AQR Capital Management LLC grew its stake in shares of New Jersey Resources by 39.9% during the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after purchasing an additional 176,396 shares during the last quarter. Victory Capital Management Inc. increased its holdings in shares of New Jersey Resources by 192.9% in the second quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock valued at $16,581,000 after purchasing an additional 255,503 shares in the last quarter. International Assets Investment Management LLC raised its position in New Jersey Resources by 4,620.0% in the 3rd quarter. International Assets Investment Management LLC now owns 83,638 shares of the utilities provider’s stock worth $3,948,000 after purchasing an additional 81,866 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. lifted its holdings in New Jersey Resources by 10.1% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 155,658 shares of the utilities provider’s stock worth $6,653,000 after buying an additional 14,338 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on NJR. JPMorgan Chase & Co. raised New Jersey Resources from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $52.00 to $54.00 in a research note on Thursday, December 12th. Mizuho boosted their price objective on New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Guggenheim upped their target price on shares of New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, November 27th. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company lifted their target price on shares of New Jersey Resources from $51.00 to $54.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 27th. Four analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.00.

Insiders Place Their Bets

In other news, COO Patrick J. Migliaccio sold 4,983 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $46.00, for a total value of $229,218.00. Following the completion of the transaction, the chief operating officer now owns 37,124 shares in the company, valued at $1,707,704. This represents a 11.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.72% of the company’s stock.

New Jersey Resources Stock Performance

Shares of NJR stock remained flat at $46.65 on Thursday. The stock had a trading volume of 114,957 shares, compared to its average volume of 492,275. The firm has a market capitalization of $4.65 billion, a PE ratio of 15.98 and a beta of 0.63. The stock’s 50 day simple moving average is $47.85 and its 200-day simple moving average is $46.24. The company has a current ratio of 0.62, a quick ratio of 0.36 and a debt-to-equity ratio of 1.31. New Jersey Resources Co. has a one year low of $39.44 and a one year high of $51.94.

New Jersey Resources (NYSE:NJR) last issued its earnings results on Monday, November 25th. The utilities provider reported $0.89 EPS for the quarter, meeting the consensus estimate of $0.89. The firm had revenue of $395.78 million during the quarter, compared to the consensus estimate of $406.97 million. New Jersey Resources had a net margin of 16.13% and a return on equity of 13.54%. The business’s quarterly revenue was up 19.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.30 earnings per share. Sell-side analysts anticipate that New Jersey Resources Co. will post 3.1 earnings per share for the current year.

New Jersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Wednesday, December 11th will be paid a $0.45 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 dividend on an annualized basis and a yield of 3.86%. New Jersey Resources’s payout ratio is 61.64%.

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.