Norges Bank Invests $73.12 Million in New Jersey Resources Co. (NYSE:NJR)

Norges Bank acquired a new stake in New Jersey Resources Co. (NYSE:NJR) in the 4th quarter, according to its most recent filing with the SEC. The fund acquired 1,567,511 shares of the utilities provider’s stock, valued at approximately $73,124,000.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. boosted its holdings in shares of New Jersey Resources by 12.2% in the fourth quarter. JPMorgan Chase & Co. now owns 683,557 shares of the utilities provider’s stock valued at $31,888,000 after buying an additional 74,358 shares during the period. EntryPoint Capital LLC acquired a new position in New Jersey Resources in the 4th quarter worth $425,000. Prudential Financial Inc. increased its holdings in New Jersey Resources by 3,076.5% during the 4th quarter. Prudential Financial Inc. now owns 321,332 shares of the utilities provider’s stock worth $14,990,000 after purchasing an additional 311,216 shares in the last quarter. ICW Investment Advisors LLC raised its stake in shares of New Jersey Resources by 2.4% in the 4th quarter. ICW Investment Advisors LLC now owns 17,721 shares of the utilities provider’s stock valued at $827,000 after purchasing an additional 414 shares during the period. Finally, Fox Run Management L.L.C. bought a new stake in shares of New Jersey Resources in the fourth quarter valued at about $680,000. 70.98% of the stock is owned by institutional investors.

Insider Activity

In related news, CFO Roberto Bel sold 2,346 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $48.58, for a total value of $113,968.68. Following the sale, the chief financial officer now owns 23,822 shares in the company, valued at approximately $1,157,272.76. This represents a 8.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.72% of the company’s stock.

Wall Street Analysts Forecast Growth

NJR has been the subject of a number of research reports. Guggenheim increased their price objective on New Jersey Resources from $53.00 to $54.00 and gave the stock a “neutral” rating in a report on Wednesday, February 5th. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Tuesday, February 4th. Jefferies Financial Group started coverage on shares of New Jersey Resources in a research report on Tuesday. They issued a “hold” rating and a $51.00 price objective on the stock. Finally, JPMorgan Chase & Co. decreased their target price on shares of New Jersey Resources from $54.00 to $52.00 and set an “overweight” rating for the company in a research report on Tuesday, January 28th. Five equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $51.60.

New Jersey Resources Trading Up 1.0 %

Shares of New Jersey Resources stock opened at $49.60 on Thursday. New Jersey Resources Co. has a 12-month low of $40.62 and a 12-month high of $51.95. The company has a quick ratio of 0.61, a current ratio of 0.89 and a debt-to-equity ratio of 1.29. The business’s 50 day moving average is $47.71 and its 200-day moving average is $47.43. The stock has a market cap of $4.97 billion, a P/E ratio of 14.94 and a beta of 0.57.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings data on Monday, February 3rd. The utilities provider reported $1.29 EPS for the quarter, beating 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 period in the prior year, the firm posted $0.74 earnings per share. Equities research analysts predict that New Jersey Resources Co. will post 3.15 earnings per share for the current fiscal year.

New Jersey Resources Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 1st. Shareholders of record on Tuesday, March 11th were paid a $0.45 dividend. The ex-dividend date was Tuesday, March 11th. This represents a $1.80 annualized dividend and a yield of 3.63%. New Jersey Resources’s dividend payout ratio is 54.22%.

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.