ProShare Advisors LLC Cuts Position in New Jersey Resources Co. (NYSE:NJR)

ProShare Advisors LLC lessened its holdings in shares of New Jersey Resources Co. (NYSE:NJR - Free Report) by 47.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 912,533 shares of the utilities provider's stock after selling 831,569 shares during the period. ProShare Advisors LLC owned 0.91% of New Jersey Resources worth $42,570,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Roxbury Financial LLC acquired a new position in New Jersey Resources in the fourth quarter valued at $25,000. UMB Bank n.a. lifted its holdings in New Jersey Resources by 69.8% in the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider's stock valued at $39,000 after buying an additional 345 shares during the period. Halbert Hargrove Global Advisors LLC acquired a new position in New Jersey Resources in the fourth quarter valued at $42,000. Newbridge Financial Services Group Inc. acquired a new position in New Jersey Resources in the fourth quarter valued at $51,000. Finally, Lazard Asset Management LLC raised its holdings in shares of New Jersey Resources by 6,245.8% during the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock valued at $71,000 after purchasing an additional 1,499 shares during the period. Institutional investors and hedge funds own 70.98% of the company's stock.

New Jersey Resources Trading Down 1.2%

Shares of NJR traded down $0.56 during midday trading on Wednesday, hitting $46.19. The stock had a trading volume of 108,808 shares, compared to its average volume of 542,410. The firm has a market cap of $4.64 billion, a PE ratio of 13.91 and a beta of 0.66. New Jersey Resources Co. has a 1 year low of $41.58 and a 1 year high of $51.95. The stock's 50 day moving average is $48.37 and its 200 day moving average is $47.83. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.89 and a quick ratio of 0.61.

New Jersey Resources (NYSE:NJR - Get Free Report) last posted its earnings results on Monday, May 5th. The utilities provider reported $1.76 EPS for the quarter, beating analysts' consensus estimates of $1.65 by $0.11. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. The business had revenue of $913.03 million for the quarter, compared to the consensus estimate of $732.00 million. During the same quarter last year, the firm posted $1.41 EPS. The company's revenue for the quarter was up 38.8% on a year-over-year basis. As a group, analysts forecast that New Jersey Resources Co. will post 3.15 EPS for the current fiscal year.

New Jersey Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 1st. Investors of record on Tuesday, June 10th will be paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 3.90%. The ex-dividend date of this dividend is Tuesday, June 10th. New Jersey Resources's dividend payout ratio (DPR) is presently 43.69%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on NJR shares. Wells Fargo & Company upped their target price on shares of New Jersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. StockNews.com upgraded shares of New Jersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Jefferies Financial Group started coverage on shares of New Jersey Resources in a research report on Tuesday, April 1st. They issued a "hold" rating and a $51.00 target price on the stock. Mizuho decreased their target price on shares of New Jersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. Finally, JPMorgan Chase & Co. cut their price target on shares of New Jersey Resources from $54.00 to $52.00 and set an "overweight" rating on the stock in a report on Tuesday, January 28th. Five investment analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $51.83.

Insiders Place Their Bets

In related news, CFO Roberto Bel sold 1,173 shares of the business's stock in a transaction on Monday, March 31st. The shares were sold at an average price of $50.00, for a total value of $58,650.00. Following the completion of the sale, the chief financial officer now owns 22,649 shares of the company's stock, valued at approximately $1,132,450. The trade was a 4.92% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.72% of the stock is currently owned by insiders.

About New Jersey 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.