Ibex Wealth Advisors Makes New Investment in New Jersey Resources Co. (NYSE:NJR)

Ibex Wealth Advisors purchased a new stake in shares of New Jersey Resources Co. (NYSE:NJR) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm purchased 6,321 shares of the utilities provider’s stock, valued at approximately $295,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Sei Investments Co. boosted its position in New Jersey Resources by 58.4% during the 2nd quarter. Sei Investments Co. now owns 11,296 shares of the utilities provider’s stock worth $483,000 after buying an additional 4,166 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of New Jersey Resources by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 119,574 shares of the utilities provider’s stock worth $5,111,000 after purchasing an additional 570 shares during the period. Creative Planning grew its stake in shares of New Jersey Resources by 5.7% in the second quarter. Creative Planning now owns 20,033 shares of the utilities provider’s stock worth $856,000 after purchasing an additional 1,086 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new stake in New Jersey Resources in the second quarter valued at $258,000. Finally, Sanctuary Advisors LLC bought a new position in New Jersey Resources during the 2nd quarter worth $620,000. 70.98% of the stock is currently owned by institutional investors.

New Jersey Resources Price Performance

Shares of NJR opened at $47.05 on Thursday. The firm has a market cap of $4.69 billion, a PE ratio of 16.11 and a beta of 0.64. New Jersey Resources Co. has a 52-week low of $39.44 and a 52-week high of $51.94. The company has a debt-to-equity ratio of 1.31, a quick ratio of 0.36 and a current ratio of 0.62. The business’s 50 day moving average price is $47.80 and its two-hundred day moving average price is $46.82.

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

New Jersey Resources Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Investors of record on Tuesday, March 11th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio (DPR) is currently 61.64%.

Insiders Place Their Bets

In other New Jersey Resources news, COO Patrick J. Migliaccio sold 4,983 shares of the firm’s stock in a transaction 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 transaction, the chief operating officer now directly owns 37,124 shares of the company’s stock, valued at approximately $1,707,704. This trade 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 accessible through this hyperlink. Corporate insiders own 0.72% of the company’s stock.

Analyst Ratings Changes

NJR has been the topic of a number of analyst reports. Guggenheim upped their price target on New Jersey Resources from $46.00 to $49.00 and gave the company a “neutral” rating in a research report on Wednesday, November 27th. Wells Fargo & Company increased their target price on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. StockNews.com downgraded shares of New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Friday, January 10th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $50.50.

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.