New Jersey Resources Corp (NJR) Position Lowered by Texas Permanent School Fund

Texas Permanent School Fund trimmed its stake in New Jersey Resources Corp (NYSE:NJR) by 1.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 55,544 shares of the utilities provider’s stock after selling 1,079 shares during the period. Texas Permanent School Fund owned approximately 0.06% of New Jersey Resources worth $2,561,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Cornerstone Wealth Management LLC lifted its stake in shares of New Jersey Resources by 940.5% in the third quarter. Cornerstone Wealth Management LLC now owns 253,203 shares of the utilities provider’s stock valued at $5,909,000 after purchasing an additional 228,869 shares during the period. Legacy Advisors LLC lifted its stake in shares of New Jersey Resources by 10.0% in the third quarter. Legacy Advisors LLC now owns 12,997 shares of the utilities provider’s stock valued at $603,000 after purchasing an additional 1,182 shares during the period. Personal Capital Advisors Corp lifted its stake in shares of New Jersey Resources by 12.2% in the third quarter. Personal Capital Advisors Corp now owns 60,989 shares of the utilities provider’s stock valued at $2,812,000 after purchasing an additional 6,632 shares during the period. NEXT Financial Group Inc acquired a new stake in shares of New Jersey Resources in the third quarter valued at about $115,000. Finally, Fox Run Management L.L.C. acquired a new stake in shares of New Jersey Resources in the third quarter valued at about $298,000. 66.66% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NJR opened at $45.18 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.45 and a debt-to-equity ratio of 0.84. The stock has a market cap of $3.99 billion, a price-to-earnings ratio of 15.32, a price-to-earnings-growth ratio of 3.22 and a beta of 0.21. New Jersey Resources Corp has a 12-month low of $35.55 and a 12-month high of $47.93.

New Jersey Resources (NYSE:NJR) last announced its earnings results on Tuesday, August 7th. The utilities provider reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). The business had revenue of $543.44 million for the quarter, compared to analyst estimates of $496.70 million. New Jersey Resources had a return on equity of 18.68% and a net margin of 7.60%. During the same quarter in the previous year, the firm posted $0.20 EPS. As a group, research analysts anticipate that New Jersey Resources Corp will post 2.65 earnings per share for the current year.

Several analysts recently commented on NJR shares. Zacks Investment Research upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Thursday, August 9th. Guggenheim cut shares of New Jersey Resources from a “buy” rating to a “neutral” rating in a research note on Monday, September 10th. They noted that the move was a valuation call. Wells Fargo & Co raised their price objective on shares of New Jersey Resources from $45.00 to $47.00 and gave the company a “market perform” rating in a research note on Monday, September 17th. Finally, ValuEngine upgraded shares of New Jersey Resources from a “hold” rating to a “buy” rating in a research note on Tuesday, October 9th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $47.50.

New Jersey Resources Profile

New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution, and retail and wholesale energy services. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Midstream segments. The Natural Gas Distribution segment offers regulated retail natural gas services to approximately 529,800 residential and commercial customers in central and northern New Jersey; provides storage management services; and participates in the off-system sales and capacity release markets.

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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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