NewJersey Resources Corporation (NJR) Shares Sold by PNC Financial Services Group Inc.
PNC Financial Services Group Inc. cut its position in NewJersey Resources Corporation (NYSE:NJR) by 1.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 60,701 shares of the utilities provider’s stock after selling 712 shares during the quarter. PNC Financial Services Group Inc. owned approximately 0.07% of NewJersey Resources Corporation worth $2,410,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Strs Ohio grew its stake in NewJersey Resources Corporation by 12.0% during the 1st quarter. Strs Ohio now owns 11,200 shares of the utilities provider’s stock worth $443,000 after buying an additional 1,200 shares during the last quarter. World Asset Management Inc purchased a new stake in NewJersey Resources Corporation in the first quarter valued at approximately $210,000. UBS Asset Management Americas Inc. lifted its stake in NewJersey Resources Corporation by 48.7% in the first quarter. UBS Asset Management Americas Inc. now owns 71,968 shares of the utilities provider’s stock valued at $2,850,000 after buying an additional 23,554 shares during the last quarter. Sei Investments Co. lifted its stake in NewJersey Resources Corporation by 11.7% in the first quarter. Sei Investments Co. now owns 10,488 shares of the utilities provider’s stock valued at $416,000 after buying an additional 1,097 shares during the last quarter. Finally, TD Asset Management Inc. lifted its stake in NewJersey Resources Corporation by 12.4% in the first quarter. TD Asset Management Inc. now owns 18,924 shares of the utilities provider’s stock valued at $749,000 after buying an additional 2,090 shares during the last quarter. 64.00% of the stock is owned by hedge funds and other institutional investors.
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NewJersey Resources Corporation (NYSE:NJR) opened at 42.15 on Monday. The stock has a market cap of $3.65 billion, a price-to-earnings ratio of 18.89 and a beta of 0.46. NewJersey Resources Corporation has a 12-month low of $30.46 and a 12-month high of $44.30. The company’s 50 day moving average price is $43.29 and its 200-day moving average price is $41.23.
NewJersey Resources Corporation (NYSE:NJR) last announced its quarterly earnings data on Wednesday, August 2nd. The utilities provider reported $0.20 earnings per share for the quarter, beating analysts’ consensus estimates of $0.01 by $0.19. The business had revenue of $457.52 million during the quarter, compared to the consensus estimate of $410.24 million. NewJersey Resources Corporation had a net margin of 8.81% and a return on equity of 12.77%. The company’s revenue for the quarter was up 16.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.13 EPS. On average, analysts forecast that NewJersey Resources Corporation will post $1.74 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 22nd will be issued a $0.255 dividend. The ex-dividend date is Thursday, September 21st. This represents a $1.02 dividend on an annualized basis and a yield of 2.42%. NewJersey Resources Corporation’s dividend payout ratio is currently 48.88%.
Several equities research analysts have recently weighed in on NJR shares. Argus increased their price objective on NewJersey Resources Corporation from $46.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 28th. BidaskClub raised shares of NewJersey Resources Corporation from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th. Bank of America Corporation lifted their target price on shares of NewJersey Resources Corporation from $35.00 to $38.00 and gave the company an “underperform” rating in a report on Wednesday, August 23rd. Finally, Zacks Investment Research upgraded shares of NewJersey Resources Corporation from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a research report on Tuesday, July 11th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, three have assigned a buy rating and two have given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $40.80.
NewJersey Resources Corporation Company Profile
New Jersey Resources Corporation is an energy services holding company. The Company’s business is the distribution of natural gas through a regulated utility, which provides other retail and wholesale energy services to customers and investing in clean energy projects and midstream assets. It operates in four business segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services and Midstream.
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