Corient Private Wealth LLC Cuts Position in New Jersey Resources Co. (NYSE:NJR)

Corient Private Wealth LLC lowered its holdings in shares of New Jersey Resources Co. (NYSE:NJR) by 34.0% during the fourth quarter, HoldingsChannel.com reports. The firm owned 60,780 shares of the utilities provider’s stock after selling 31,253 shares during the period. Corient Private Wealth LLC’s holdings in New Jersey Resources were worth $2,835,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Roxbury Financial LLC acquired a new position in shares of New Jersey Resources during the 4th quarter worth about $25,000. FSA Wealth Management LLC acquired a new position in shares of New Jersey Resources during the third quarter valued at approximately $27,000. Versant Capital Management Inc lifted its position in shares of New Jersey Resources by 9,400.0% in the fourth quarter. Versant Capital Management Inc now owns 665 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 658 shares in the last quarter. UMB Bank n.a. boosted its stake in shares of New Jersey Resources by 69.8% in the fourth quarter. UMB Bank n.a. now owns 839 shares of the utilities provider’s stock worth $39,000 after acquiring an additional 345 shares during the last quarter. Finally, Halbert Hargrove Global Advisors LLC purchased a new stake in shares of New Jersey Resources during the fourth quarter worth approximately $42,000. 70.98% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. dropped their price objective on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research note on Tuesday, January 28th. Wells Fargo & Company increased their price objective on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a report on Wednesday, November 27th. Finally, Guggenheim boosted their target price on New Jersey Resources from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. Four investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.75.

New Jersey Resources Price Performance

New Jersey Resources stock opened at $48.46 on Monday. The company has a current ratio of 0.89, a quick ratio of 0.61 and a debt-to-equity ratio of 1.29. The stock has a market cap of $4.86 billion, a P/E ratio of 14.59 and a beta of 0.57. The company has a 50-day moving average price of $47.40 and a 200 day moving average price of $47.31. New Jersey Resources Co. has a 12-month low of $40.62 and a 12-month high of $51.95.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings results on Monday, February 3rd. The utilities provider reported $1.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.15. New Jersey Resources had a net margin of 18.25% and a return on equity of 15.72%. During the same quarter in the prior year, the company posted $0.74 earnings per share. Sell-side analysts anticipate that New Jersey Resources Co. will post 3.15 earnings per share for the current year.

New Jersey Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 1st. Stockholders of record on Tuesday, March 11th will be paid a $0.45 dividend. This represents a $1.80 annualized dividend and a dividend yield of 3.71%. The ex-dividend date of this dividend is Tuesday, March 11th. New Jersey Resources’s dividend payout ratio (DPR) is presently 54.22%.

New Jersey 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.