Citigroup Inc. Buys 56,789 Shares of New Jersey Resources Co. (NYSE:NJR)

Citigroup Inc. raised its holdings in shares of New Jersey Resources Co. (NYSE:NJR) by 153.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 93,876 shares of the utilities provider’s stock after acquiring an additional 56,789 shares during the quarter. Citigroup Inc. owned approximately 0.09% of New Jersey Resources worth $4,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also modified their holdings of the business. Victory Capital Management Inc. raised its position in New Jersey Resources by 192.9% in the 2nd quarter. Victory Capital Management Inc. now owns 387,950 shares of the utilities provider’s stock worth $16,581,000 after purchasing an additional 255,503 shares during the period. AQR Capital Management LLC boosted its stake in New Jersey Resources by 39.9% in the second quarter. AQR Capital Management LLC now owns 618,379 shares of the utilities provider’s stock valued at $26,430,000 after acquiring an additional 176,396 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in New Jersey Resources by 5.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,956,772 shares of the utilities provider’s stock valued at $126,372,000 after acquiring an additional 154,441 shares in the last quarter. Algert Global LLC raised its holdings in shares of New Jersey Resources by 176.0% in the second quarter. Algert Global LLC now owns 185,637 shares of the utilities provider’s stock worth $7,934,000 after buying an additional 118,377 shares during the last quarter. Finally, SG Americas Securities LLC raised its holdings in shares of New Jersey Resources by 698.7% in the third quarter. SG Americas Securities LLC now owns 113,402 shares of the utilities provider’s stock worth $5,353,000 after buying an additional 99,204 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company’s stock.

New Jersey Resources Stock Down 1.6 %

Shares of NYSE:NJR opened at $50.20 on Wednesday. The stock has a market cap of $5.01 billion, a P/E ratio of 17.19 and a beta of 0.63. The company has a debt-to-equity ratio of 1.31, a current ratio of 0.62 and a quick ratio of 0.36. New Jersey Resources Co. has a 1-year low of $39.44 and a 1-year high of $51.94. The firm has a fifty day moving average price of $47.41 and a 200 day moving average price of $45.63.

New Jersey Resources (NYSE:NJR) last announced its quarterly earnings results on Monday, November 25th. The utilities provider reported $0.89 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.89. New Jersey Resources had a net margin of 16.13% and a return on equity of 13.54%. The business had revenue of $395.78 million during the quarter, compared to the consensus estimate of $406.97 million. During the same quarter last year, the firm posted $0.30 EPS. The business’s revenue was up 19.5% compared to the same quarter last year. Sell-side analysts predict that New Jersey Resources Co. will post 3.05 EPS for the current year.

New Jersey Resources Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be given a $0.45 dividend. The ex-dividend date is Wednesday, December 11th. This represents a $1.80 annualized dividend and a dividend yield of 3.59%. New Jersey Resources’s dividend payout ratio is presently 61.64%.

Wall Street Analysts Forecast Growth

NJR has been the subject of several recent research reports. Mizuho raised their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Wells Fargo & Company lifted their target price on shares of New Jersey Resources from $51.00 to $54.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 27th. Guggenheim boosted their price target on shares of New Jersey Resources from $46.00 to $49.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 27th. StockNews.com upgraded shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Wednesday. Finally, JPMorgan Chase & Co. boosted their target price on shares of New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Five analysts have rated the stock with a hold rating and one has given a strong buy rating to the company. Based on data from MarketBeat, New Jersey Resources currently has a consensus rating of “Hold” and an average target price of $49.75.

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.