Thurston Springer Miller Herd & Titak Inc. Has $2.20 Million Stake in NewJersey Resources Corporation $NJR

Key Points

• Thurston Springer Miller Herd & Titak Inc. has increased its stake in NewJersey Resources Corporation by 15.7% to approximately $2.20 million, owning a total of 49,127 shares.
• NewJersey Resources recently announced a quarterly dividend of $0.475 per share, representing a 4.0% dividend yield, up from their previous quarterly dividend of $0.45.
• Analysts have varying outlooks for NewJersey Resources, with JPMorgan reducing their price target from $56.00 to $51.00, while Raymond James updated theirs from $49.00 to $50.00, maintaining an "outperform" rating.

Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 15.7% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 49,127 shares of the utilities provider's stock after acquiring an additional 6,662 shares during the period. Thurston Springer Miller Herd & Titak Inc.'s holdings in NewJersey Resources were worth $2,202,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC increased its stake in NewJersey Resources by 8.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,228 shares of the utilities provider's stock valued at $551,000 after buying an additional 881 shares during the last quarter. Principal Financial Group Inc. increased its stake in NewJersey Resources by 2.1% in the 1st quarter. Principal Financial Group Inc. now owns 232,427 shares of the utilities provider's stock valued at $11,403,000 after buying an additional 4,770 shares during the last quarter. GAMMA Investing LLC increased its stake in NewJersey Resources by 27.4% in the 1st quarter. GAMMA Investing LLC now owns 2,915 shares of the utilities provider's stock valued at $143,000 after buying an additional 627 shares during the last quarter. Farther Finance Advisors LLC increased its stake in NewJersey Resources by 83.7% in the 1st quarter. Farther Finance Advisors LLC now owns 1,859 shares of the utilities provider's stock valued at $91,000 after buying an additional 847 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its stake in NewJersey Resources by 3.8% in the 1st quarter. State of Alaska Department of Revenue now owns 11,741 shares of the utilities provider's stock valued at $576,000 after buying an additional 430 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Stock Performance

Shares of NJR stock opened at $47.16 on Friday. The company has a market capitalization of $4.74 billion, a price-to-earnings ratio of 11.53 and a beta of 0.67. 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 company has a 50-day simple moving average of $46.57 and a 200 day simple moving average of $46.97. NewJersey Resources Corporation has a 52 week low of $43.80 and a 52 week high of $51.94.

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

NewJersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Monday, September 22nd will be issued a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a dividend yield of 4.0%. The ex-dividend date of this dividend is Monday, September 22nd. This is a positive change from NewJersey Resources's previous quarterly dividend of $0.45. NewJersey Resources's payout ratio is presently 44.01%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. JPMorgan Chase & Co. lowered their price target on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 28th. 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 research note on Friday, August 8th. Finally, Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Saturday. Two research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $51.43.

Insider Activity at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of NewJersey Resources stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total transaction of $66,330.00. Following the completion of the sale, the chief operating officer owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.72% of the company's stock.

NewJersey 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.

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