Hennion & Walsh Asset Management Inc. Cuts Position in New Jersey Resources Co. (NYSE:NJR)

Hennion & Walsh Asset Management Inc. cut its position in New Jersey Resources Co. (NYSE:NJR - Free Report) by 29.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 27,955 shares of the utilities provider's stock after selling 11,559 shares during the period. Hennion & Walsh Asset Management Inc.'s holdings in New Jersey Resources were worth $1,371,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Capital Asset Advisory Services LLC purchased a new position in New Jersey Resources in the 1st quarter worth about $206,000. GAMMA Investing LLC grew its stake in shares of New Jersey Resources by 6,150.4% in the first quarter. GAMMA Investing LLC now owns 143,010 shares of the utilities provider's stock worth $7,016,000 after acquiring an additional 140,722 shares during the period. 111 Capital purchased a new position in shares of New Jersey Resources during the fourth quarter valued at approximately $272,000. Wealth Enhancement Advisory Services LLC lifted its position in New Jersey Resources by 12.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 10,347 shares of the utilities provider's stock valued at $483,000 after purchasing an additional 1,162 shares during the period. Finally, Wood Tarver Financial Group LLC purchased a new stake in New Jersey Resources in the fourth quarter worth approximately $173,000. Institutional investors own 70.98% of the company's stock.

Insiders Place Their Bets

In other news, CFO Roberto Bel sold 2,346 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $48.58, for a total transaction of $113,968.68. Following the transaction, the chief financial officer now owns 23,822 shares in the company, valued at approximately $1,157,272.76. This trade represents a 8.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.72% of the company's stock.

Wall Street Analyst Weigh In

NJR has been the subject of several research reports. Wall Street Zen raised shares of New Jersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. Mizuho cut their price objective on New Jersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. New Street Research set a $51.00 price target on shares of New Jersey Resources in a research note on Tuesday, April 1st. JPMorgan Chase & Co. dropped 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. Finally, Wells Fargo & Company upped their target price on shares of New Jersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research report on Wednesday, May 7th. Five analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, New Jersey Resources has a consensus rating of "Hold" and a consensus price target of $51.67.

New Jersey Resources Trading Down 0.1%

NYSE:NJR traded down $0.06 during mid-day trading on Tuesday, hitting $44.86. 488,544 shares of the stock traded hands, compared to its average volume of 545,397. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 1.29. The firm's 50 day moving average is $47.32 and its two-hundred day moving average is $47.59. New Jersey Resources Co. has a 52 week low of $41.68 and a 52 week high of $51.95. The stock has a market capitalization of $4.50 billion, a price-to-earnings ratio of 13.51 and a beta of 0.62.

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

New Jersey Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th will be paid a $0.45 dividend. The ex-dividend date is Tuesday, June 10th. This represents a $1.80 dividend on an annualized basis and a yield of 4.01%. New Jersey Resources's dividend payout ratio is currently 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.