Ibex Wealth Advisors Purchases New Position in NewJersey Resources Corporation $NJR

Ibex Wealth Advisors acquired a new position in shares of NewJersey Resources Corporation (NYSE:NJR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 6,275 shares of the utilities provider’s stock, valued at approximately $281,000.

Several other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. boosted its position in shares of NewJersey Resources by 2.1% during the first quarter. Principal Financial Group Inc. now owns 232,427 shares of the utilities provider’s stock worth $11,403,000 after purchasing an additional 4,770 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in NewJersey Resources by 43.8% during the 1st quarter. Envestnet Asset Management Inc. now owns 74,845 shares of the utilities provider’s stock worth $3,672,000 after buying an additional 22,805 shares during the period. Axxcess Wealth Management LLC bought a new position in NewJersey Resources during the first quarter worth about $205,000. State of Michigan Retirement System lifted its holdings in NewJersey Resources by 2.1% during the first quarter. State of Michigan Retirement System now owns 23,985 shares of the utilities provider’s stock worth $1,177,000 after acquiring an additional 500 shares in the last quarter. Finally, Xponance Inc. grew its stake in NewJersey Resources by 1.9% in the first quarter. Xponance Inc. now owns 15,310 shares of the utilities provider’s stock valued at $751,000 after acquiring an additional 288 shares during the period. Institutional investors own 70.98% of the company’s stock.

Analyst Upgrades and Downgrades

NJR has been the topic of a number of research analyst reports. Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 price target (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Weiss Ratings reiterated a “hold (c)” rating on shares of NewJersey Resources in a report on Wednesday, October 8th. Finally, Wall Street Zen upgraded shares of NewJersey Resources from a “sell” rating to a “hold” rating in a report on Saturday, October 25th. Two research analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $51.43.

NewJersey Resources Price Performance

Shares of NJR opened at $45.67 on Tuesday. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a twelve month low of $43.46 and a twelve month high of $51.94. The stock has a market capitalization of $4.59 billion, a P/E ratio of 11.17 and a beta of 0.67. The company has a 50 day moving average of $46.34 and a 200-day moving average of $46.28.

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

NewJersey Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 2nd. Stockholders of record on Friday, December 12th will be issued a $0.475 dividend. The ex-dividend date is Friday, December 12th. This represents a $1.90 annualized dividend and a dividend yield of 4.2%. NewJersey Resources’s dividend payout ratio (DPR) is presently 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.