499,740 Shares in NewJersey Resources Corporation $NJR Acquired by M&G PLC

Key Points

• M&G PLC acquired 499,740 shares of NewJersey Resources in the third quarter, worth about $25.5 million and representing approximately 0.49% of the company.
• NewJersey Resources raised its quarterly dividend from $0.475 to $0.50 per share, equivalent to an annualized dividend of $2.00 and a 3.7% yield.
• Analysts’ consensus rating is Moderate Buy, with an average price target of $62.50; shares opened at $54.40.

M&G PLC acquired a new position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 499,740 shares of the utilities provider's stock, valued at approximately $25,487,000. M&G PLC owned approximately 0.49% of NewJersey Resources as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Retirement Systems of Alabama increased its stake in shares of NewJersey Resources by 0.3% in the 3rd quarter. Retirement Systems of Alabama now owns 104,659 shares of the utilities provider's stock worth $5,296,000 after acquiring an additional 277 shares during the last quarter. Fulcrum Asset Management LLP boosted its position in shares of NewJersey Resources by 8,966.7% during the 3rd quarter. Fulcrum Asset Management LLP now owns 1,088 shares of the utilities provider's stock valued at $55,000 after acquiring an additional 1,076 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its position in shares of NewJersey Resources by 48.8% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 14,142 shares of the utilities provider's stock valued at $723,000 after acquiring an additional 4,636 shares during the last quarter. Ethic Inc. boosted its position in shares of NewJersey Resources by 97.8% during the 3rd quarter. Ethic Inc. now owns 14,050 shares of the utilities provider's stock valued at $711,000 after acquiring an additional 6,946 shares during the last quarter. Finally, CenterBook Partners LP purchased a new stake in shares of NewJersey Resources in the third quarter valued at about $221,000. Institutional investors and hedge funds own 70.98% of the company's stock.

NewJersey Resources Stock Up 0.1%

Shares of NYSE NJR opened at $54.40 on Tuesday. The firm has a market cap of $5.52 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 3.21 and a beta of 0.45. The company has a quick ratio of 0.45, a current ratio of 0.66 and a debt-to-equity ratio of 1.21. NewJersey Resources Corporation has a 52-week low of $44.51 and a 52-week high of $60.86. The business's 50 day moving average is $52.64 and its two-hundred day moving average is $54.58.

NewJersey Resources Increases Dividend

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

Insiders Place Their Bets

In other NewJersey Resources news, COO Patrick Migliaccio sold 3,000 shares of NewJersey Resources stock in a transaction dated 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 directly owned 32,202 shares of the company's stock, valued at $1,791,397.26. The trade was a 8.52% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.70% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Wells Fargo & Company cut shares of NewJersey Resources from an "overweight" rating to an "equal weight" rating and dropped their price target for the company from $63.00 to $61.00 in a research note on Wednesday, August 5th. Weiss Ratings lowered shares of NewJersey Resources from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Tuesday, November 3rd. JPMorgan Chase & Co. decreased their price objective on NewJersey Resources from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Friday, September 11th. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Sunday, September 20th. Finally, Huntington started coverage on NewJersey Resources in a research report on Monday, September 14th. They issued an "outperform" rating and a $68.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $62.50.

NewJersey Resources Company Profile

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.

New Jersey Resources also invests in solar and other clean energy projects through its renewable energy business.

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