Millennium Management LLC Decreases Stake in New Jersey Resources Co. (NYSE:NJR)

Millennium Management LLC cut its stake in shares of New Jersey Resources Co. (NYSE:NJR) by 24.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 414,669 shares of the utilities provider’s stock after selling 130,753 shares during the quarter. Millennium Management LLC owned approximately 0.42% of New Jersey Resources worth $17,723,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Neo Ivy Capital Management acquired a new position in New Jersey Resources during the 2nd quarter worth approximately $31,000. GAMMA Investing LLC grew its stake in shares of New Jersey Resources by 119.5% during the second quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after purchasing an additional 661 shares in the last quarter. International Assets Investment Management LLC purchased a new position in New Jersey Resources in the second quarter valued at $76,000. Ashton Thomas Private Wealth LLC acquired a new stake in New Jersey Resources in the second quarter valued at $94,000. Finally, Headlands Technologies LLC lifted 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 buying an additional 1,506 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

New Jersey Resources Stock Performance

NYSE NJR opened at $45.90 on Friday. The stock has a market capitalization of $4.54 billion, a price-to-earnings ratio of 18.14 and a beta of 0.59. The business’s 50 day moving average is $46.16 and its two-hundred day moving average is $44.30. New Jersey Resources Co. has a 12-month low of $39.44 and a 12-month high of $48.68. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings data on Tuesday, August 6th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $275.64 million during the quarter, compared to analysts’ expectations of $283.56 million. New Jersey Resources had a return on equity of 11.06% and a net margin of 13.61%. The company’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.10 EPS. Research analysts expect that New Jersey Resources Co. will post 2.95 EPS for the current year.

New Jersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 3.92%. This is a boost from New Jersey Resources’s previous quarterly dividend of $0.42. The ex-dividend date was Monday, September 23rd. New Jersey Resources’s dividend payout ratio (DPR) is 71.15%.

Insider Buying and Selling

In other New Jersey Resources news, CEO Stephen D. Westhoven sold 26,600 shares of the stock in a transaction 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 sale, the chief executive officer now owns 168,705 shares in the company, valued at approximately $7,601,847.30. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Stephen D. Westhoven sold 3,400 shares of the firm’s stock in a transaction on Friday, July 12th. The stock was sold at an average price of $45.00, for a total transaction of $153,000.00. Following the sale, the chief executive officer now owns 195,305 shares in the company, valued at $8,788,725. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Stephen D. Westhoven sold 26,600 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $45.06, for a total value of $1,198,596.00. Following the completion of the sale, the chief executive officer now directly owns 168,705 shares in the company, valued at approximately $7,601,847.30. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.75% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on NJR shares. JPMorgan Chase & Co. increased their price objective on New Jersey Resources from $48.00 to $49.00 and gave the company a “neutral” rating in a report on Thursday, August 15th. Argus raised New Jersey Resources to a “strong-buy” rating in a report on Monday, June 10th. StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Sunday, September 22nd. Finally, Mizuho upped their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, September 20th.

New Jersey Resources 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.