Confluence Investment Management LLC Sells 8,796 Shares of NewJersey Resources Corporation $NJR

Key Points

• Confluence Investment Management LLC reduced its stock position in NewJersey Resources Corporation by 2.0%, selling 8,796 shares and owning approximately 0.43% of the company valued at $19.36 million.
• The company has increased its quarterly dividend to $0.475 per share, representing a 4.0% yield, an increase from the previous dividend of $0.45.
• NewJersey Resources reported earnings of $0.06 EPS for the recent quarter, beating analyst expectations, despite revenue of $298.95 million being below estimates of $305.05 million.

Confluence Investment Management LLC cut its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 2.0% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 431,907 shares of the utilities provider's stock after selling 8,796 shares during the period. Confluence Investment Management LLC owned approximately 0.43% of NewJersey Resources worth $19,358,000 at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in NJR. Strs Ohio acquired a new stake in shares of NewJersey Resources during the first quarter worth approximately $442,000. Jacobi Capital Management LLC raised its holdings in NewJersey Resources by 1.0% in the first quarter. Jacobi Capital Management LLC now owns 28,505 shares of the utilities provider's stock valued at $1,398,000 after acquiring an additional 275 shares in the last quarter. Intech Investment Management LLC raised its holdings in NewJersey Resources by 3.9% in the first quarter. Intech Investment Management LLC now owns 60,108 shares of the utilities provider's stock valued at $2,949,000 after acquiring an additional 2,249 shares in the last quarter. Jane Street Group LLC acquired a new stake in NewJersey Resources in the first quarter valued at $8,907,000. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in shares of NewJersey Resources by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 320,113 shares of the utilities provider's stock valued at $15,705,000 after acquiring an additional 29,458 shares in the last quarter. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. JPMorgan Chase & Co. decreased their price target on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. Raymond James Financial reaffirmed an "outperform" rating and set a $50.00 price target (up from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Finally, Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Two analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $51.43.

NewJersey Resources Stock Performance

NYSE NJR traded up $0.48 during trading on Thursday, reaching $46.89. 190,888 shares of the company's stock were exchanged, compared to its average volume of 619,313. The business has a 50 day moving average price of $46.64 and a 200-day moving average price of $46.95. The stock has a market capitalization of $4.71 billion, a P/E ratio of 11.47 and a beta of 0.67. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.76 and a quick ratio of 0.48. NewJersey Resources Corporation has a fifty-two week low of $43.80 and a fifty-two week high of $51.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.12. The business had revenue of $298.95 million during the quarter, compared to analysts' expectations of $305.05 million. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%.The firm's revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.09) earnings per share. Sell-side analysts forecast that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

NewJersey Resources Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 22nd will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.1%. The ex-dividend date is Monday, September 22nd. This is a positive change from NewJersey Resources's previous quarterly dividend of $0.45. NewJersey Resources's dividend payout ratio is currently 44.01%.

About NewJersey 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.