Exchange Traded Concepts LLC Raises Holdings in NewJersey Resources Corporation (NYSE:NJR)

Exchange Traded Concepts LLC increased its stake in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 12.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 253,095 shares of the utilities provider's stock after acquiring an additional 27,845 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.25% of NewJersey Resources worth $12,417,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Arizona State Retirement System boosted its holdings in NewJersey Resources by 1.1% in the 4th quarter. Arizona State Retirement System now owns 28,781 shares of the utilities provider's stock worth $1,343,000 after buying an additional 325 shares during the last quarter. Good Life Advisors LLC raised its holdings in shares of NewJersey Resources by 1.0% during the fourth quarter. Good Life Advisors LLC now owns 34,643 shares of the utilities provider's stock valued at $1,616,000 after acquiring an additional 327 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of NewJersey 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 acquiring an additional 408 shares in the last quarter. ICW Investment Advisors LLC boosted its stake in shares of NewJersey Resources by 2.4% in the fourth quarter. ICW Investment Advisors LLC now owns 17,721 shares of the utilities provider's stock worth $827,000 after acquiring an additional 414 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of NewJersey Resources by 3.5% in the fourth quarter. Sei Investments Co. now owns 12,237 shares of the utilities provider's stock worth $571,000 after acquiring an additional 418 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Transactions at NewJersey Resources

In other news, CFO Roberto Bel sold 1,173 shares of NewJersey Resources stock in a transaction on Monday, March 31st. The shares were sold at an average price of $50.00, for a total transaction of $58,650.00. Following the completion of the sale, the chief financial officer now directly owns 22,649 shares of the company's stock, valued at approximately $1,132,450. The trade was a 4.92% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.72% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on NJR. JPMorgan Chase & Co. decreased their price objective on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Mizuho reduced their target price on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. Jefferies Financial Group initiated coverage on shares of NewJersey Resources in a research note on Tuesday, April 1st. They issued a "hold" rating and a $51.00 price target on the stock. New Street Research set a $51.00 price objective on shares of NewJersey Resources in a research note on Tuesday, April 1st. Finally, Raymond James Financial started coverage on NewJersey Resources in a report on Friday, June 13th. They set an "outperform" rating and a $49.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $51.29.

NewJersey Resources Trading Down 0.2%

Shares of NYSE:NJR traded down $0.11 during mid-day trading on Wednesday, reaching $44.16. 423,213 shares of the company were exchanged, compared to its average volume of 623,912. NewJersey Resources Corporation has a 1 year low of $41.68 and a 1 year high of $51.94. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.93 and a quick ratio of 0.73. The firm's 50-day simple moving average is $47.05 and its 200 day simple moving average is $47.35. The firm has a market cap of $4.43 billion, a price-to-earnings ratio of 10.72 and a beta of 0.62.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, topping the consensus estimate of $1.65 by $0.11. The firm had revenue of $913.03 million for the quarter, compared to the consensus estimate of $732.00 million. NewJersey Resources had a net margin of 20.03% and a return on equity of 16.95%. The firm's revenue for the quarter was up 38.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.41 EPS. Equities research analysts forecast that NewJersey Resources Corporation will post 3.15 EPS for the current year.

NewJersey Resources Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 4.08%. The ex-dividend date of this dividend is Tuesday, June 10th. NewJersey Resources's dividend payout ratio is presently 43.69%.

NewJersey Resources Company Profile

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.