Seven Eight Capital LP Makes New Investment in New Jersey Resources Co. (NYSE:NJR)

Seven Eight Capital LP acquired a new stake in shares of New Jersey Resources Co. (NYSE:NJR) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 14,938 shares of the utilities provider’s stock, valued at approximately $638,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Blair William & Co. IL bought a new position in New Jersey Resources in the second quarter valued at approximately $479,000. Vanguard Personalized Indexing Management LLC raised its holdings in shares of New Jersey Resources by 11.3% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 10,061 shares of the utilities provider’s stock worth $430,000 after acquiring an additional 1,021 shares during the period. Mercer Global Advisors Inc. ADV lifted its position in New Jersey Resources by 13.7% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 5,478 shares of the utilities provider’s stock valued at $234,000 after acquiring an additional 659 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in New Jersey Resources by 5.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,956,772 shares of the utilities provider’s stock worth $126,372,000 after purchasing an additional 154,441 shares during the period. Finally, Headlands Technologies LLC increased its holdings in New Jersey Resources by 215.5% during the 2nd quarter. Headlands Technologies LLC now owns 2,205 shares of the utilities provider’s stock worth $94,000 after purchasing an additional 1,506 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at New Jersey Resources

In other news, CEO Stephen D. Westhoven sold 26,600 shares of New Jersey Resources stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the completion of the transaction, the chief executive officer now directly owns 168,705 shares in the company, valued at approximately $7,601,847.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Stephen D. Westhoven sold 3,400 shares of the stock in a transaction dated Friday, July 12th. The shares were sold at an average price of $45.00, for a total value of $153,000.00. Following the transaction, the chief executive officer now directly owns 195,305 shares of the company’s stock, valued at $8,788,725. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Stephen D. Westhoven sold 26,600 shares of New Jersey Resources stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total transaction of $1,198,596.00. Following the sale, the chief executive officer now directly owns 168,705 shares of the company’s stock, valued at approximately $7,601,847.30. The disclosure for this sale can be found here. Corporate insiders own 0.75% of the company’s stock.

Analysts Set New Price Targets

NJR has been the subject of several recent research reports. JPMorgan Chase & Co. upped their price objective on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Argus raised shares of New Jersey Resources to a “strong-buy” rating in a research note on Monday, June 10th. Mizuho lifted their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday. Finally, StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Sunday.

New Jersey Resources Trading Down 0.1 %

Shares of New Jersey Resources stock opened at $47.64 on Friday. The stock has a market cap of $4.71 billion, a P/E ratio of 18.83 and a beta of 0.59. The company has a quick ratio of 0.41, a current ratio of 0.60 and a debt-to-equity ratio of 1.30. New Jersey Resources Co. has a 12-month low of $38.92 and a 12-month high of $48.68. The business’s 50 day moving average is $46.02 and its 200-day moving average is $44.00.

New Jersey Resources (NYSE:NJR) last issued its earnings results on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.07). The firm had revenue of $275.64 million for the quarter, compared to analyst estimates of $283.56 million. New Jersey Resources had a return on equity of 11.06% and a net margin of 13.61%. New Jersey Resources’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Equities research analysts predict that New Jersey Resources Co. will post 2.95 earnings per share for the current fiscal year.

New Jersey Resources Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.78%. The ex-dividend date of this dividend is Monday, September 23rd. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.42. New Jersey Resources’s payout ratio is 71.15%.

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.