NewJersey Resources Corporation (NYSE:NJR) Stock Position Lowered by Teacher Retirement System of Texas

Teacher Retirement System of Texas cut its holdings in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 41.8% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 30,015 shares of the utilities provider's stock after selling 21,599 shares during the quarter. Teacher Retirement System of Texas' holdings in NewJersey Resources were worth $1,473,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Good Life Advisors LLC raised its position in NewJersey Resources by 1.0% in the 1st quarter. Good Life Advisors LLC now owns 34,976 shares of the utilities provider's stock valued at $1,716,000 after purchasing an additional 333 shares in the last quarter. Franklin Resources Inc. raised its position in shares of NewJersey Resources by 0.3% during the 4th quarter. Franklin Resources Inc. now owns 122,953 shares of the utilities provider's stock worth $5,736,000 after acquiring an additional 408 shares in the last quarter. ICW Investment Advisors LLC raised its position in shares of NewJersey Resources by 2.4% during the 4th quarter. ICW Investment Advisors LLC now owns 17,721 shares of the utilities provider's stock worth $827,000 after acquiring an additional 414 shares in the last quarter. Sei Investments Co. raised its position in shares of NewJersey Resources by 3.5% during the 4th quarter. Sei Investments Co. now owns 12,237 shares of the utilities provider's stock worth $571,000 after acquiring an additional 418 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of NewJersey Resources by 3.8% during the 1st quarter. State of Alaska Department of Revenue now owns 11,741 shares of the utilities provider's stock worth $576,000 after acquiring an additional 430 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of NewJersey Resources stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total transaction of $66,330.00. Following the sale, the chief operating officer owned 35,690 shares of the company's stock, valued at $1,578,211.80. The trade was a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.72% of the stock is owned by insiders.

NewJersey Resources Stock Performance

Shares of NewJersey Resources stock traded down $0.30 on Tuesday, reaching $45.94. 447,882 shares of the company were exchanged, compared to its average volume of 554,497. The company has a debt-to-equity ratio of 1.20, a quick ratio of 0.73 and a current ratio of 0.93. The company's 50-day moving average is $45.58 and its two-hundred day moving average is $46.98. The firm has a market cap of $4.61 billion, a price-to-earnings ratio of 11.15 and a beta of 0.61. NewJersey Resources Corporation has a 1-year low of $42.33 and a 1-year high of $51.95.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, topping analysts' consensus estimates of $1.65 by $0.11. The business had revenue of $913.03 million for the quarter, compared to analysts' expectations of $732.00 million. NewJersey Resources had a return on equity of 16.95% and a net margin of 20.03%. The business's quarterly 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. As a group, research analysts expect that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

NewJersey Resources Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 1st. Shareholders of record on Tuesday, June 10th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend was Tuesday, June 10th. NewJersey Resources's payout ratio is currently 43.69%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on the company. Raymond James Financial started coverage on NewJersey Resources in a report on Friday, June 13th. They issued an "outperform" rating and a $49.00 target price on the stock. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Jefferies Financial Group started coverage on NewJersey Resources in a research note on Tuesday, April 1st. They issued a "hold" rating and a $51.00 price target on the stock. Wells Fargo & Company lifted their price target on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. Finally, JPMorgan Chase & Co. decreased their price target on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 28th. Five investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat.com, NewJersey Resources has a consensus rating of "Hold" and an average target price of $51.29.

About NewJersey 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.