Ameriprise Financial Inc. Buys 47,748 Shares of NewJersey Resources Corporation (NJR)
Ameriprise Financial Inc. increased its stake in NewJersey Resources Corporation (NYSE:NJR) by 3.8% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,294,986 shares of the utilities provider’s stock after buying an additional 47,748 shares during the quarter. Ameriprise Financial Inc. owned about 1.50% of NewJersey Resources worth $54,588,000 as of its most recent filing with the SEC.
Several other hedge funds also recently bought and sold shares of NJR. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of NewJersey Resources by 8.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 3,057 shares of the utilities provider’s stock valued at $121,000 after buying an additional 244 shares in the last quarter. Advisor Group Inc. grew its stake in shares of NewJersey Resources by 59.7% in the second quarter. Advisor Group Inc. now owns 4,251 shares of the utilities provider’s stock valued at $163,000 after buying an additional 1,589 shares in the last quarter. Flinton Capital Management LLC boosted its holdings in NewJersey Resources by 92.2% in the second quarter. Flinton Capital Management LLC now owns 4,336 shares of the utilities provider’s stock valued at $172,000 after purchasing an additional 2,080 shares during the last quarter. Mosaic Family Wealth LLC boosted its holdings in NewJersey Resources by 5.9% in the second quarter. Mosaic Family Wealth LLC now owns 4,359 shares of the utilities provider’s stock valued at $173,000 after purchasing an additional 243 shares during the last quarter. Finally, Meeder Asset Management Inc. purchased a new position in NewJersey Resources in the third quarter valued at about $185,000. Institutional investors and hedge funds own 63.82% of the company’s stock.
In other news, Director Lawrence R. Codey sold 6,000 shares of the stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $43.13, for a total transaction of $258,780.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.
NewJersey Resources Corporation (NYSE NJR) traded up $0.45 during trading hours on Thursday, reaching $44.30. The company’s stock had a trading volume of 651,700 shares, compared to its average volume of 424,491. The company has a current ratio of 0.72, a quick ratio of 0.46 and a debt-to-equity ratio of 0.81. NewJersey Resources Corporation has a 52 week low of $33.55 and a 52 week high of $45.45. The company has a market cap of $3,809.09, a P/E ratio of 25.49, a PEG ratio of 3.99 and a beta of 0.45.
NewJersey Resources (NYSE:NJR) last released its earnings results on Tuesday, November 21st. The utilities provider reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.01). The firm had revenue of $536.50 million for the quarter, compared to the consensus estimate of $480.90 million. NewJersey Resources had a return on equity of 11.97% and a net margin of 5.82%. The company’s quarterly revenue was up 14.3% on a year-over-year basis. During the same period in the prior year, the business earned ($0.03) EPS. analysts anticipate that NewJersey Resources Corporation will post 1.83 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 15th will be given a dividend of $0.2725 per share. This represents a $1.09 dividend on an annualized basis and a dividend yield of 2.46%. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.26. The ex-dividend date is Thursday, December 14th. NewJersey Resources’s dividend payout ratio is presently 71.71%.
A number of brokerages recently commented on NJR. Janney Montgomery Scott raised NewJersey Resources from a “neutral” rating to a “buy” rating in a report on Wednesday, November 22nd. Zacks Investment Research raised NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, November 18th. Argus increased their price target on NewJersey Resources from $46.00 to $49.00 and gave the company a “buy” rating in a report on Monday, August 28th. BidaskClub raised NewJersey Resources from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 26th. Finally, Bank of America increased their target price on NewJersey Resources from $35.00 to $38.00 and gave the stock an “underperform” rating in a report on Wednesday, August 23rd. One research analyst has rated the stock with a sell rating, two have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $42.00.
NewJersey Resources 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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