Financiere des Professionnels Fonds d investissement inc. Invests $252,000 in NewJersey Resources Corporation $NJR

Key Points

• Financiere des Professionnels Fonds d investissement inc. invested approximately $252,000 in NewJersey Resources Corporation by purchasing 5,612 shares during the second quarter, highlighting growing institutional interest in the utilities provider.
• NewJersey Resources recently announced a quarterly dividend increase to $0.475 per share, representing a yield of 4.1% and demonstrating the company's commitment to returning value to its shareholders.
• The company's stock was upgraded by several analysts, with Raymond James setting a new price target of $50.00, reflecting positive investor sentiment and expectations for future performance.

Financiere des Professionnels Fonds d investissement inc. bought a new stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund bought 5,612 shares of the utilities provider's stock, valued at approximately $252,000.

A number of other institutional investors have also added to or reduced their stakes in the company. Crews Bank & Trust bought a new stake in shares of NewJersey Resources during the first quarter valued at about $37,000. Hexagon Capital Partners LLC increased its holdings in NewJersey Resources by 42.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock valued at $41,000 after acquiring an additional 248 shares during the last quarter. Ameriflex Group Inc. bought a new stake in shares of NewJersey Resources during the 4th quarter worth approximately $51,000. Brooklyn Investment Group increased its position in shares of NewJersey Resources by 1,715.4% in the 1st quarter. Brooklyn Investment Group now owns 1,416 shares of the utilities provider's stock valued at $69,000 after acquiring an additional 1,338 shares during the period. Finally, Lazard Asset Management LLC raised its position in NewJersey Resources by 6,245.8% during the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after acquiring an additional 1,499 shares during the period. 70.98% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of 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 reissued 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 upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Saturday, September 13th. Two equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. Based on data from MarketBeat.com, NewJersey Resources has a consensus rating of "Hold" and a consensus target price of $51.43.

NewJersey Resources Trading Up 0.1%

NJR traded up $0.05 during midday trading on Friday, hitting $46.90. The company's stock had a trading volume of 1,269,894 shares, compared to its average volume of 589,653. The firm has a 50-day moving average price of $46.68 and a two-hundred day moving average price of $46.91. The firm has a market cap of $4.71 billion, a P/E ratio of 11.73 and a beta of 0.67. NewJersey Resources Corporation has a 52-week low of $43.80 and a 52-week high of $51.94. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25.

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

NewJersey Resources Increases Dividend

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

NewJersey 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.