Bank of Montreal Can Increases Stake in New Jersey Resources Corp (NYSE:NJR)

Bank of Montreal Can boosted its stake in New Jersey Resources Corp (NYSE:NJR) by 45.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 41,201 shares of the utilities provider’s stock after purchasing an additional 12,913 shares during the quarter. Bank of Montreal Can’s holdings in New Jersey Resources were worth $1,243,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Van ECK Associates Corp bought a new position in New Jersey Resources in the 1st quarter worth about $26,000. Oppenheimer Asset Management Inc. boosted its position in shares of New Jersey Resources by 334.1% during the 1st quarter. Oppenheimer Asset Management Inc. now owns 1,007 shares of the utilities provider’s stock valued at $34,000 after acquiring an additional 775 shares during the last quarter. Signaturefd LLC boosted its position in shares of New Jersey Resources by 175.6% during the 2nd quarter. Signaturefd LLC now owns 1,637 shares of the utilities provider’s stock valued at $53,000 after acquiring an additional 1,043 shares during the last quarter. Ellevest Inc. boosted its position in shares of New Jersey Resources by 123.7% during the 2nd quarter. Ellevest Inc. now owns 3,257 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 1,801 shares during the last quarter. Finally, US Bancorp DE boosted its position in shares of New Jersey Resources by 12.8% during the 1st quarter. US Bancorp DE now owns 4,182 shares of the utilities provider’s stock valued at $142,000 after acquiring an additional 475 shares during the last quarter. Institutional investors and hedge funds own 70.34% of the company’s stock.

Shares of New Jersey Resources stock opened at $28.00 on Wednesday. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.58 and a quick ratio of 0.42. The business’s 50 day simple moving average is $30.94 and its two-hundred day simple moving average is $32.49. The stock has a market capitalization of $2.69 billion, a P/E ratio of 15.47, a price-to-earnings-growth ratio of 2.28 and a beta of 0.32. New Jersey Resources Corp has a one year low of $21.14 and a one year high of $45.79.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings results on Friday, August 7th. The utilities provider reported ($0.06) EPS for the quarter, missing the Zacks’ consensus estimate of $0.04 by ($0.10). New Jersey Resources had a return on equity of 9.43% and a net margin of 8.30%. The company had revenue of $299.00 million during the quarter, compared to analysts’ expectations of $447.88 million. During the same period last year, the firm earned ($0.20) earnings per share. New Jersey Resources’s revenue for the quarter was down 31.3% on a year-over-year basis. Sell-side analysts expect that New Jersey Resources Corp will post 2.07 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Stockholders of record on Tuesday, September 22nd will be paid a dividend of $0.313 per share. The ex-dividend date is Monday, September 21st. This represents a $1.25 annualized dividend and a dividend yield of 4.47%. New Jersey Resources’s dividend payout ratio (DPR) is presently 64.10%.

A number of brokerages have recently issued reports on NJR. ValuEngine downgraded New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Wednesday. Bank of America boosted their target price on New Jersey Resources from $28.00 to $29.00 and gave the stock an “underperform” rating in a research report on Monday, August 10th. Zacks Investment Research upgraded New Jersey Resources from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Finally, Mizuho assumed coverage on New Jersey Resources in a research report on Thursday, July 23rd. They issued a “buy” rating and a $37.00 target price for the company. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $34.75.

New Jersey Resources Profile

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 538,700 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

Further Reading: Asset Allocation

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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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