NewJersey Resources Corporation $NJR Holdings Cut by Kestra Investment Management LLC

Kestra Investment Management LLC decreased its stake in shares of NewJersey Resources Corporation (NYSE:NJR) by 37.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 22,681 shares of the utilities provider’s stock after selling 13,296 shares during the quarter. Kestra Investment Management LLC’s holdings in NewJersey Resources were worth $1,154,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in NJR. Essential Partners LLC grew its stake in shares of NewJersey Resources by 67.3% in the second quarter. Essential Partners LLC now owns 686 shares of the utilities provider’s stock worth $38,000 after acquiring an additional 276 shares during the last quarter. Root Financial Partners LLC bought a new position in shares of NewJersey Resources during the third quarter valued at $35,000. Roxbury Financial LLC increased its holdings in shares of NewJersey Resources by 72.9% during the second quarter. Roxbury Financial LLC now owns 885 shares of the utilities provider’s stock valued at $50,000 after acquiring an additional 373 shares in the last quarter. Fiduciary Financial Advisors purchased a new position in shares of NewJersey Resources in the 2nd quarter worth about $51,000. Finally, Parallel Advisors LLC raised its position in shares of NewJersey Resources by 42.3% in the 1st quarter. Parallel Advisors LLC now owns 985 shares of the utilities provider’s stock worth $54,000 after purchasing an additional 293 shares during the last quarter. 70.98% of the stock is owned by institutional investors.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick Migliaccio sold 3,000 shares of the business’s stock in a transaction on Friday, August 14th. The stock was sold at an average price of $55.63, for a total value of $166,890.00. Following the completion of the transaction, the chief operating officer owned 32,202 shares in the company, valued at $1,791,397.26. The trade was a 8.52% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the stock. Huntington began coverage on shares of NewJersey Resources in a research note on Monday, September 14th. They issued an “outperform” rating and a $68.00 price target on the stock. JPMorgan Chase & Co. cut their price objective on shares of NewJersey Resources from $64.00 to $63.00 and set an “overweight” rating on the stock in a research report on Friday, September 11th. Wall Street Zen upgraded shares of NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Sunday, September 20th. Wells Fargo & Company cut shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and decreased their target price for the stock from $63.00 to $61.00 in a report on Wednesday, August 5th. Finally, New Street Research set a $68.00 target price on shares of NewJersey Resources in a report on Monday, September 14th. One equities research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, NewJersey Resources presently has an average rating of “Moderate Buy” and an average target price of $62.50.

NewJersey Resources Stock Performance

NJR stock opened at $54.69 on Wednesday. The stock has a market capitalization of $5.55 billion, a PE ratio of 15.11, a price-to-earnings-growth ratio of 3.17 and a beta of 0.45. NewJersey Resources Corporation has a 12-month low of $44.51 and a 12-month high of $60.86. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. The stock’s 50 day simple moving average is $52.67 and its 200 day simple moving average is $54.61.

NewJersey Resources Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 1st. Shareholders of record on Thursday, September 24th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Thursday, September 24th. This is a positive change from NewJersey Resources’s previous quarterly dividend of $0.4750. NewJersey Resources’s dividend payout ratio is 55.25%.

About NewJersey Resources

New Jersey Resources Corporation is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, it distributes natural gas, provides energy-related services, and develops and operates clean energy and infrastructure assets. Its utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers in New Jersey. The company also provides natural gas supply and energy management services, operates natural gas storage and transportation assets, and offers home services such as heating, cooling, plumbing, and appliance repair.