Geode Capital Management LLC Acquires 34,782 Shares of New Jersey Resources Co. (NYSE:NJR)

Geode Capital Management LLC boosted its holdings in New Jersey Resources Co. (NYSE:NJR) by 1.5% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,366,381 shares of the utilities provider’s stock after acquiring an additional 34,782 shares during the period. Geode Capital Management LLC owned 2.39% of New Jersey Resources worth $111,714,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wealth Enhancement Advisory Services LLC lifted its stake in shares of New Jersey Resources by 3.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock worth $378,000 after buying an additional 307 shares during the last quarter. Good Life Advisors LLC raised its holdings in New Jersey Resources by 1.0% in the 3rd quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider’s stock valued at $1,620,000 after acquiring an additional 333 shares during the period. Creative Planning lifted its position in New Jersey Resources by 2.4% during the third quarter. Creative Planning now owns 20,514 shares of the utilities provider’s stock worth $968,000 after acquiring an additional 481 shares during the last quarter. Strategy Asset Managers LLC boosted its holdings in shares of New Jersey Resources by 6.1% during the third quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider’s stock worth $406,000 after acquiring an additional 496 shares during the period. Finally, Inspire Investing LLC grew its position in shares of New Jersey Resources by 6.3% in the third quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider’s stock valued at $411,000 after purchasing an additional 515 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

New Jersey Resources Stock Down 4.5 %

Shares of NYSE NJR opened at $45.40 on Thursday. New Jersey Resources Co. has a 52 week low of $39.44 and a 52 week high of $51.94. The stock’s fifty day moving average is $47.85 and its 200 day moving average is $46.01. 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 stock has a market capitalization of $4.53 billion, a P/E ratio of 15.55 and a beta of 0.63.

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 company had revenue of $395.78 million during the quarter, compared to analysts’ expectations 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 revenue for the quarter was up 19.5% compared to the same quarter last year. During the same period in the previous year, the company earned $0.30 EPS. Sell-side analysts forecast that New Jersey Resources Co. will post 3.1 earnings per share for the current fiscal year.

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 $0.45 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.96%. New Jersey Resources’s payout ratio is 61.64%.

Wall Street Analysts Forecast Growth

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

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.