New Jersey Resources Corp (NJR) Holdings Cut by Renaissance Technologies LLC
Renaissance Technologies LLC cut its holdings in New Jersey Resources Corp (NYSE:NJR) by 11.9% in the second quarter, HoldingsChannel reports. The institutional investor owned 523,600 shares of the utilities provider’s stock after selling 70,400 shares during the quarter. Renaissance Technologies LLC’s holdings in New Jersey Resources were worth $23,431,000 at the end of the most recent reporting period.
Other large investors have also made changes to their positions in the company. Sei Investments Co. increased its stake in shares of New Jersey Resources by 115.2% in the first quarter. Sei Investments Co. now owns 3,282 shares of the utilities provider’s stock valued at $132,000 after buying an additional 1,757 shares in the last quarter. Deroy & Devereaux Private Investment Counsel Inc. acquired a new stake in shares of New Jersey Resources in the second quarter valued at $206,000. Tower Bridge Advisors acquired a new stake in shares of New Jersey Resources in the second quarter valued at $206,000. Private Advisor Group LLC acquired a new stake in shares of New Jersey Resources in the second quarter valued at $245,000. Finally, Evergreen Capital Management LLC acquired a new stake in shares of New Jersey Resources in the first quarter valued at $229,000. Institutional investors own 66.43% of the company’s stock.
NJR has been the subject of a number of research reports. Bank of America lowered New Jersey Resources from a “neutral” rating to an “underperform” rating in a research note on Tuesday, June 5th. They noted that the move was a valuation call. Wells Fargo & Co raised their target price on New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Guggenheim lowered New Jersey Resources from a “buy” rating to a “neutral” rating in a research note on Monday, September 10th. They noted that the move was a valuation call. ValuEngine lowered New Jersey Resources from a “buy” rating to a “hold” rating in a research note on Saturday, June 2nd. Finally, Argus raised their target price on New Jersey Resources from $45.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, May 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $47.50.
New Jersey Resources (NYSE:NJR) last posted its quarterly earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.11). The firm had revenue of $543.44 million during the quarter, compared to the consensus estimate of $496.70 million. New Jersey Resources had a net margin of 7.60% and a return on equity of 18.68%. During the same quarter in the prior year, the business earned $0.20 EPS. equities analysts predict that New Jersey Resources Corp will post 2.65 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 1st. Investors of record on Friday, September 21st will be issued a $0.2725 dividend. This represents a $1.09 annualized dividend and a yield of 2.34%. The ex-dividend date of this dividend is Thursday, September 20th. New Jersey Resources’s dividend payout ratio is 67.63%.
About New Jersey Resources
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 529,800 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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