Exchange Traded Concepts LLC Purchases 27,845 Shares of New Jersey Resources Co. (NYSE:NJR)

Exchange Traded Concepts LLC increased its stake in New Jersey Resources Co. (NYSE:NJR - Free Report) by 12.4% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 253,095 shares of the utilities provider's stock after buying an additional 27,845 shares during the period. Exchange Traded Concepts LLC owned 0.25% of New Jersey Resources worth $12,417,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bank of New York Mellon Corp grew its holdings in shares of New Jersey Resources by 8.6% during the 4th quarter. Bank of New York Mellon Corp now owns 1,211,702 shares of the utilities provider's stock worth $56,526,000 after acquiring an additional 96,393 shares during the period. Cibc World Markets Corp purchased a new stake in New Jersey Resources in the fourth quarter worth $429,000. Raymond James Financial Inc. bought a new position in New Jersey Resources in the fourth quarter worth $3,665,000. Charles Schwab Investment Management Inc. lifted its position in New Jersey Resources by 3.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,267,456 shares of the utilities provider's stock valued at $59,127,000 after buying an additional 39,641 shares during the period. Finally, Cetera Investment Advisers lifted its position in New Jersey Resources by 5.0% during the fourth quarter. Cetera Investment Advisers now owns 11,569 shares of the utilities provider's stock valued at $540,000 after buying an additional 555 shares during the period. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Wells Fargo & Company increased their price target on shares of New Jersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Wall Street Zen raised shares of New Jersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. New Street Research set a $51.00 price target on New Jersey Resources in a research report on Tuesday, April 1st. Mizuho cut their price target on New Jersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a research note on Thursday, May 15th. Finally, JPMorgan Chase & Co. lowered their price objective on New Jersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $51.29.

Insider Activity

In related news, CFO Roberto Bel sold 1,173 shares of the business's stock in a transaction that occurred on Monday, March 31st. The stock was sold at an average price of $50.00, for a total transaction of $58,650.00. Following the completion of the transaction, the chief financial officer now directly owns 22,649 shares in the company, valued at approximately $1,132,450. The trade was a 4.92% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Insiders own 0.72% of the company's stock.

New Jersey Resources Stock Performance

Shares of NYSE:NJR traded up $0.07 during midday trading on Monday, reaching $44.70. 106,662 shares of the company's stock traded hands, compared to its average volume of 546,180. New Jersey Resources Co. has a one year low of $41.68 and a one year high of $51.95. The stock has a 50 day moving average of $47.17 and a 200 day moving average of $47.42. The company has a market cap of $4.49 billion, a price-to-earnings ratio of 13.47 and a beta of 0.62. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.61 and a current ratio of 0.89.

New Jersey Resources (NYSE:NJR - Get Free Report) last posted its earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.65 by $0.11. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. The business had revenue of $913.03 million for the quarter, compared to analysts' expectations of $732.00 million. During the same quarter in the prior year, the business earned $1.41 EPS. The business's revenue for the quarter was up 38.8% compared to the same quarter last year. As a group, equities research analysts anticipate that New Jersey Resources Co. will post 3.15 EPS for the current fiscal year.

New Jersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 1st. Stockholders of record on Tuesday, June 10th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 4.03%. The ex-dividend date is Tuesday, June 10th. New Jersey Resources's dividend payout ratio (DPR) is presently 43.69%.

New Jersey Resources 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.