TD Asset Management Inc Reduces Position in NewJersey Resources Corporation $NJR

TD Asset Management Inc lessened its holdings in shares of NewJersey Resources Corporation (NYSE:NJR) by 15.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 56,900 shares of the utilities provider’s stock after selling 10,500 shares during the period. TD Asset Management Inc owned about 0.06% of NewJersey Resources worth $2,550,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of NJR. GAMMA Investing LLC boosted its position in shares of NewJersey Resources by 27.4% during the first 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 period. Wealth Enhancement Advisory Services LLC boosted its position in shares of NewJersey Resources by 8.5% during the first 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 period. State of Alaska Department of Revenue boosted its position in shares of NewJersey Resources by 3.8% during the first 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 period. Retirement Systems of Alabama boosted its position in shares of NewJersey Resources by 1.2% during the first quarter. Retirement Systems of Alabama now owns 122,064 shares of the utilities provider’s stock valued at $5,988,000 after buying an additional 1,484 shares during the period. Finally, Oppenheimer & Co. Inc. boosted its position in shares of NewJersey Resources by 154.2% during the first quarter. Oppenheimer & Co. Inc. now owns 12,885 shares of the utilities provider’s stock valued at $632,000 after buying an additional 7,817 shares during the period. Hedge funds and other institutional investors own 70.98% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on NJR shares. Weiss Ratings reiterated a “hold (c)” rating on shares of NewJersey Resources in a report on Wednesday, October 8th. Raymond James Financial reiterated an “outperform” rating and issued a $50.00 price target (up previously from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Finally, Wall Street Zen lowered NewJersey Resources from a “hold” rating to a “sell” rating in a report on Saturday, October 11th. Two investment analysts have rated the stock with a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $51.43.

NewJersey Resources Stock Down 2.1%

NewJersey Resources stock opened at $46.05 on Wednesday. The business has a fifty day moving average of $46.88 and a two-hundred day moving average of $46.63. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. The firm has a market cap of $4.63 billion, a P/E ratio of 11.26 and a beta of 0.64. NewJersey Resources Corporation has a twelve month low of $43.80 and a twelve month high of $51.94.

NewJersey Resources (NYSE:NJR) last posted its earnings results on Friday, May 19th. The utilities provider reported $1.36 earnings per share for the quarter. The company had revenue of $912.32 million during the quarter. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%. On average, analysts forecast that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

NewJersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, October 1st. Shareholders of record on Monday, September 22nd were issued a dividend of $0.475 per share. This is an increase from NewJersey Resources’s previous quarterly dividend of $0.45. This represents a $1.90 dividend on an annualized basis and a yield of 4.1%. The ex-dividend date was Monday, September 22nd. NewJersey Resources’s dividend payout ratio (DPR) is currently 46.45%.

NewJersey 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.