Balyasny Asset Management L.P. Boosts Stock Position in New Jersey Resources Co. (NYSE:NJR)

Balyasny Asset Management L.P. lifted its stake in New Jersey Resources Co. (NYSE:NJR - Free Report) by 476.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 133,846 shares of the utilities provider's stock after buying an additional 110,621 shares during the quarter. Balyasny Asset Management L.P. owned about 0.13% of New Jersey Resources worth $6,244,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in NJR. Norges Bank bought a new position in shares of New Jersey Resources in the fourth quarter worth about $73,124,000. Prudential Financial Inc. raised its stake in shares of New Jersey Resources by 3,076.5% in the fourth quarter. Prudential Financial Inc. now owns 321,332 shares of the utilities provider's stock worth $14,990,000 after buying an additional 311,216 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of New Jersey Resources by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock worth $154,372,000 after buying an additional 216,000 shares during the period. Northern Trust Corp grew its position in shares of New Jersey Resources by 18.5% during the fourth quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider's stock worth $62,994,000 after purchasing an additional 210,538 shares in the last quarter. Finally, Barclays PLC grew its position in shares of New Jersey Resources by 140.0% during the third quarter. Barclays PLC now owns 189,827 shares of the utilities provider's stock worth $8,959,000 after purchasing an additional 110,723 shares in the last quarter. Institutional investors own 70.98% of the company's stock.

Insider Buying and Selling

In related news, CFO Roberto Bel sold 2,346 shares of the business's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $48.58, for a total transaction of $113,968.68. Following the transaction, the chief financial officer now directly owns 23,822 shares in the company, valued at $1,157,272.76. The trade was a 8.97% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.72% of the stock is owned by company insiders.

New Jersey Resources Trading Down 0.2%

New Jersey Resources stock traded down $0.11 during trading hours on Tuesday, hitting $46.18. The company had a trading volume of 645,615 shares, compared to its average volume of 538,926. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.61 and a current ratio of 0.89. The company has a 50-day moving average price of $48.56 and a two-hundred day moving average price of $47.82. The firm has a market cap of $4.64 billion, a P/E ratio of 13.91 and a beta of 0.66. New Jersey Resources Co. has a 1 year low of $41.58 and a 1 year high of $51.95.

New Jersey Resources (NYSE:NJR - Get Free Report) last issued its earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, beating analysts' consensus estimates of $1.65 by $0.11. The business had revenue of $913.03 million during the quarter, compared to analyst estimates of $732.00 million. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. New Jersey Resources's revenue was up 38.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.41 EPS. On average, sell-side analysts anticipate that New Jersey Resources Co. will post 3.15 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be given a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.90%. The ex-dividend date is Tuesday, June 10th. New Jersey Resources's payout ratio is 43.69%.

Analysts Set New Price Targets

Several analysts recently issued reports on NJR shares. Guggenheim increased their target price on New Jersey Resources from $53.00 to $54.00 and gave the stock a "neutral" rating in a research report on Wednesday, February 5th. Wells Fargo & Company raised their price target on New Jersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Jefferies Financial Group began coverage on New Jersey Resources in a report on Tuesday, April 1st. They set a "hold" rating and a $51.00 price target for the company. JPMorgan Chase & Co. cut their price target on New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating for the company in a report on Tuesday, January 28th. Finally, New Street Research set a $51.00 price target on New Jersey Resources in a report on Tuesday, April 1st. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $51.33.

About New Jersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.