Envestnet Asset Management Inc. Has $2.43 Million Stake in New Jersey Resources Co. (NYSE:NJR)

Envestnet Asset Management Inc. grew its stake in New Jersey Resources Co. (NYSE:NJR - Free Report) by 36.6% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 52,040 shares of the utilities provider's stock after acquiring an additional 13,955 shares during the quarter. Envestnet Asset Management Inc. owned about 0.05% of New Jersey Resources worth $2,428,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of NJR. Wedbush Securities Inc. lifted its stake in New Jersey Resources by 8.0% during the fourth quarter. Wedbush Securities Inc. now owns 15,002 shares of the utilities provider's stock worth $700,000 after purchasing an additional 1,117 shares during the last quarter. Wells Fargo & Company MN boosted its holdings in shares of New Jersey Resources by 1.3% in the 4th quarter. Wells Fargo & Company MN now owns 2,591,445 shares of the utilities provider's stock valued at $120,891,000 after buying an additional 32,413 shares in the last quarter. Huntington National Bank boosted its holdings in shares of New Jersey Resources by 31.6% in the fourth quarter. Huntington National Bank now owns 2,811 shares of the utilities provider's stock valued at $131,000 after acquiring an additional 675 shares during the period. Trexquant Investment LP increased its holdings in shares of New Jersey Resources by 76.7% in the 4th quarter. Trexquant Investment LP now owns 221,346 shares of the utilities provider's stock valued at $10,326,000 after acquiring an additional 96,103 shares during the period. Finally, Franklin Resources Inc. raised its holdings in shares of New Jersey Resources by 0.3% in the fourth quarter. Franklin Resources Inc. now owns 122,953 shares of the utilities provider's stock valued at $5,736,000 after buying an additional 408 shares during the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other New Jersey Resources news, CFO Roberto Bel sold 2,346 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $48.58, for a total transaction of $113,968.68. Following the completion of the transaction, the chief financial officer now owns 23,822 shares in the company, valued at approximately $1,157,272.76. This represents a 8.97 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the stock. Jefferies Financial Group began coverage on shares of New Jersey Resources in a report on Tuesday, April 1st. They issued a "hold" rating and a $51.00 target price for the company. StockNews.com raised shares of New Jersey Resources from a "sell" rating to a "hold" rating in a report on Tuesday, February 4th. Guggenheim boosted their target price on shares of New Jersey Resources from $53.00 to $54.00 and gave the company a "neutral" rating in a research note on Wednesday, February 5th. New Street Research set a $51.00 price objective on New Jersey Resources in a research report on Tuesday, April 1st. Finally, JPMorgan Chase & Co. decreased their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating for the company in a research note on Tuesday, January 28th. Five research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $51.50.

New Jersey Resources Stock Performance

Shares of NYSE:NJR traded up $0.21 on Thursday, hitting $49.15. 75,337 shares of the company were exchanged, compared to its average volume of 528,596. The stock's 50 day moving average price is $48.54 and its 200 day moving average price is $47.72. New Jersey Resources Co. has a 1-year low of $41.58 and a 1-year high of $51.95. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 1.29. The firm has a market capitalization of $4.93 billion, a P/E ratio of 14.80 and a beta of 0.58.

New Jersey Resources (NYSE:NJR - Get Free Report) last released its earnings results on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, topping analysts' consensus estimates of $1.14 by $0.15. New Jersey Resources had a return on equity of 15.72% and a net margin of 18.25%. During the same quarter in the prior year, the business earned $0.74 earnings per share. Sell-side analysts predict that New Jersey Resources Co. will post 3.15 EPS for the current year.

New Jersey Resources Dividend Announcement

The company 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 dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 3.66%. The ex-dividend date is Tuesday, June 10th. New Jersey Resources's payout ratio is presently 54.22%.

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.