Strs Ohio Takes Position in NewJersey Resources Corporation $NJR

Key Points

• Strs Ohio has acquired 9,000 shares of NewJersey Resources Corporation (NJR), valued at approximately $442,000, highlighting increased institutional interest in the utilities sector.
• NewJersey Resources recently reported $0.06 EPS for the quarter, surpassing estimates, while also declaring a quarterly dividend increase to $0.475, reflecting a 4.1% yield.
• As of now, analysts rate NewJersey Resources mostly as a "Hold", with a consensus price target of $51.43, amidst recent upgrades and downgrades by various financial institutions.

Strs Ohio acquired a new stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm acquired 9,000 shares of the utilities provider's stock, valued at approximately $442,000.

Several other institutional investors and hedge funds have also recently modified their holdings of NJR. Nuveen LLC bought a new stake in shares of NewJersey Resources during the 1st quarter valued at $29,509,000. Jane Street Group LLC bought a new stake in NewJersey Resources in the 1st quarter valued at $8,907,000. GAMMA Investing LLC increased its holdings in NewJersey Resources by 6,150.4% in the 1st quarter. GAMMA Investing LLC now owns 143,010 shares of the utilities provider's stock valued at $7,016,000 after acquiring an additional 140,722 shares during the last quarter. Meiji Yasuda Asset Management Co Ltd. bought a new stake in NewJersey Resources in the 1st quarter valued at $6,834,000. Finally, Dimensional Fund Advisors LP increased its holdings in NewJersey Resources by 3.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,424,736 shares of the utilities provider's stock valued at $168,019,000 after acquiring an additional 115,570 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors.

NewJersey Resources Trading Down 0.7%

NYSE:NJR opened at $46.58 on Tuesday. NewJersey Resources Corporation has a one year low of $43.80 and a one year high of $51.94. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.48 and a current ratio of 0.76. The firm has a market cap of $4.68 billion, a P/E ratio of 11.39 and a beta of 0.67. The firm has a 50-day simple moving average of $46.68 and a 200-day simple moving average of $46.90.

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

NewJersey Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Monday, September 22nd will be issued a $0.475 dividend. The ex-dividend date is Monday, September 22nd. This represents a $1.90 annualized dividend and a dividend yield of 4.1%. This is an increase from NewJersey Resources's previous quarterly dividend of $0.45. NewJersey Resources's dividend payout ratio (DPR) is presently 44.01%.

Analyst Ratings Changes

A number of analysts have issued reports on NJR shares. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a report on Saturday, September 13th. JPMorgan Chase & Co. reduced their price target on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Finally, Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price target (up from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price 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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