Pinnacle Associates Ltd. lifted its holdings in New Jersey Resources Corp (NYSE:NJR) by 73.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 9,181 shares of the utilities provider’s stock after purchasing an additional 3,885 shares during the period. Pinnacle Associates Ltd.’s holdings in New Jersey Resources were worth $411,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the company. American International Group Inc. grew its holdings in New Jersey Resources by 1.2% during the 2nd quarter. American International Group Inc. now owns 231,784 shares of the utilities provider’s stock valued at $10,372,000 after buying an additional 2,658 shares in the last quarter. Segall Bryant & Hamill LLC grew its holdings in shares of New Jersey Resources by 1.8% in the second quarter. Segall Bryant & Hamill LLC now owns 127,278 shares of the utilities provider’s stock valued at $5,696,000 after purchasing an additional 2,223 shares in the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of New Jersey Resources by 7.0% in the second quarter. Schwab Charles Investment Management Inc. now owns 660,745 shares of the utilities provider’s stock valued at $29,569,000 after purchasing an additional 43,033 shares in the last quarter. Arizona State Retirement System grew its holdings in shares of New Jersey Resources by 2.8% in the second quarter. Arizona State Retirement System now owns 60,911 shares of the utilities provider’s stock valued at $2,726,000 after purchasing an additional 1,685 shares in the last quarter. Finally, Convergence Investment Partners LLC purchased a new position in shares of New Jersey Resources in the second quarter valued at $1,350,000. Hedge funds and other institutional investors own 67.67% of the company’s stock.

NJR stock opened at $45.90 on Friday. New Jersey Resources Corp has a fifty-two week low of $35.55 and a fifty-two week high of $47.60. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $4.06 billion, a P/E ratio of 15.58, a price-to-earnings-growth ratio of 2.48 and a beta of 0.25.

New Jersey Resources (NYSE:NJR) last posted its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). New Jersey Resources had a net margin of 7.60% and a return on equity of 18.68%. The business had revenue of $543.44 million during the quarter, compared to analysts’ expectations of $496.70 million. During the same period last year, the business posted $0.20 earnings per share. analysts predict that New Jersey Resources Corp will post 2.65 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, September 21st will be paid a dividend of $0.2725 per share. This represents a $1.09 annualized dividend and a yield of 2.37%. The ex-dividend date is Thursday, September 20th. New Jersey Resources’s payout ratio is 63.01%.

NJR has been the subject of a number of recent research reports. Zacks Investment Research raised shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Thursday, August 9th. ValuEngine raised shares of New Jersey Resources from a “hold” rating to a “buy” rating in a report on Tuesday, May 1st. Argus raised their target price on shares of New Jersey Resources from $45.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, May 30th. Finally, Bank of America lowered shares of New Jersey Resources from a “neutral” rating to an “underperform” rating in a report on Tuesday, June 5th. They noted that the move was a valuation call. One analyst has rated the stock with a sell rating, one has assigned a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company’s stock. New Jersey Resources currently has an average rating of “Buy” and an average target price of $47.67.

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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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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