Meritage Portfolio Management Takes Position in NewJersey Resources Corporation $NJR

Key Points

• Meritage Portfolio Management acquired a new stake in NewJersey Resources Corporation (NYSE:NJR), purchasing 96,613 shares valued at approximately $4.33 million during the second quarter.
• NewJersey Resources reported a quarterly earnings per share of $1.36 and announced a dividend increase to $0.475, resulting in a dividend yield of 4.2%.
• Wall Street analysts currently have a consensus rating of "Hold" for NJR stock, with an average price target of $51.43.

Meritage Portfolio Management purchased a new stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 96,613 shares of the utilities provider's stock, valued at approximately $4,330,000. Meritage Portfolio Management owned 0.10% of NewJersey Resources at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC grew its position in NewJersey Resources by 42.0% during the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock valued at $41,000 after purchasing an additional 248 shares in the last quarter. Jacobi Capital Management LLC grew its position in NewJersey Resources by 1.0% during the first quarter. Jacobi Capital Management LLC now owns 28,505 shares of the utilities provider's stock valued at $1,398,000 after purchasing an additional 275 shares in the last quarter. IFP Advisors Inc grew its position in NewJersey Resources by 23.1% during the second quarter. IFP Advisors Inc now owns 1,504 shares of the utilities provider's stock valued at $67,000 after purchasing an additional 282 shares in the last quarter. Xponance Inc. grew its position in NewJersey Resources by 1.9% during the first quarter. Xponance Inc. now owns 15,310 shares of the utilities provider's stock valued at $751,000 after purchasing an additional 288 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its position in NewJersey Resources by 2.9% during the second quarter. Wealth Enhancement Advisory Services LLC now owns 11,553 shares of the utilities provider's stock valued at $524,000 after purchasing an additional 325 shares in the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Stock Performance

NJR stock opened at $45.65 on Friday. The firm has a 50 day moving average of $46.99 and a two-hundred day moving average of $46.76. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a 12 month low of $43.80 and a 12 month high of $51.94. The company has a market capitalization of $4.59 billion, a price-to-earnings ratio of 11.16 and a beta of 0.64.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings data on Friday, May 19th. The utilities provider reported $1.36 earnings per share for the quarter. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business had revenue of $912.32 million during the quarter. As a group, equities analysts anticipate that NewJersey Resources Corporation will post 3.15 EPS for the current fiscal year.

NewJersey Resources Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Stockholders of record on Monday, September 22nd were paid a $0.475 dividend. The ex-dividend date was Monday, September 22nd. This is a positive change from NewJersey Resources's previous quarterly dividend of $0.45. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.2%. NewJersey Resources's dividend payout ratio is presently 46.45%.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on NJR. Wall Street Zen downgraded shares of NewJersey Resources from a "hold" rating to a "sell" rating in a research report on Saturday. Raymond James Financial reissued an "outperform" rating and issued a $50.00 target price (up from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of NewJersey Resources in a research report on Wednesday. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $51.43.

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.

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