GAMMA Investing LLC Has $7.02 Million Stock Position in New Jersey Resources Co. (NYSE:NJR)

GAMMA Investing LLC grew its position in New Jersey Resources Co. (NYSE:NJR - Free Report) by 6,150.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 143,010 shares of the utilities provider's stock after buying an additional 140,722 shares during the period. GAMMA Investing LLC owned approximately 0.14% of New Jersey Resources worth $7,016,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Roxbury Financial LLC acquired a new position in New Jersey Resources in the 4th quarter worth $25,000. Halbert Hargrove Global Advisors LLC acquired a new position in New Jersey Resources in the 4th quarter worth $42,000. Newbridge Financial Services Group Inc. acquired a new position in New Jersey Resources in the 4th quarter worth $51,000. Ameriflex Group Inc. acquired a new position in New Jersey Resources in the 4th quarter worth $51,000. Finally, Lazard Asset Management LLC boosted its stake in New Jersey Resources by 6,245.8% in the 4th quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after purchasing an additional 1,499 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

Insider Buying and Selling at New Jersey Resources

In other news, CFO Roberto Bel sold 1,173 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 22,649 shares of the company's stock, valued at approximately $1,132,450. This trade represents a 4.92% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.72% of the company's stock.

Analyst Upgrades and Downgrades

NJR has been the subject of a number of research analyst reports. Mizuho reduced their target price on shares of New Jersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research note on Thursday, May 15th. 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 target price on shares of New Jersey Resources in a research note on Tuesday, April 1st. Wells Fargo & Company increased their price objective 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. Finally, JPMorgan Chase & Co. reduced their price objective on shares of 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 research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $51.67.

New Jersey Resources Stock Up 0.0%

Shares of NJR stock opened at $44.66 on Monday. The stock has a market cap of $4.48 billion, a price-to-earnings ratio of 13.45 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 Co. has a 52-week low of $41.68 and a 52-week high of $51.95. The firm's 50-day moving average is $47.51 and its 200-day moving average is $47.65.

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

New Jersey Resources Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th will be issued a $0.45 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $1.80 annualized dividend and a yield of 4.03%. New Jersey Resources's dividend payout ratio is currently 43.69%.

About New Jersey 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.

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