Allianz Asset Management GmbH Increases Position in NewJersey Resources Corporation $NJR

Allianz Asset Management GmbH lifted its holdings in shares of NewJersey Resources Corporation (NYSE:NJR) by 19.1% during the second quarter, Holdings Channel reports. The fund owned 150,352 shares of the utilities provider’s stock after purchasing an additional 24,126 shares during the quarter. Allianz Asset Management GmbH’s holdings in NewJersey Resources were worth $6,739,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC increased its position in shares of NewJersey Resources by 8.5% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 11,228 shares of the utilities provider’s stock worth $551,000 after acquiring an additional 881 shares during the last quarter. Principal Financial Group Inc. increased 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 acquiring an additional 4,770 shares during the last quarter. GAMMA Investing LLC increased its position in shares of NewJersey Resources by 27.4% during the first quarter. GAMMA Investing LLC now owns 2,915 shares of the utilities provider’s stock worth $143,000 after acquiring an additional 627 shares during the last quarter. State of Alaska Department of Revenue increased its position in shares of NewJersey Resources by 3.8% during the first quarter. State of Alaska Department of Revenue now owns 11,741 shares of the utilities provider’s stock worth $576,000 after acquiring an additional 430 shares during the last quarter. Finally, Horizon Investment Services LLC purchased a new stake in shares of NewJersey Resources during the first quarter worth about $298,000. 70.98% of the stock is owned by hedge funds and other institutional investors.

NewJersey Resources Price Performance

Shares of NYSE:NJR opened at $46.14 on Thursday. 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 fifty-two week low of $43.80 and a fifty-two week high of $51.94. The firm has a 50-day simple moving average of $46.85 and a 200 day simple moving average of $46.62. The company has a market cap of $4.64 billion, a PE ratio of 11.28 and a beta of 0.64.

NewJersey Resources (NYSE:NJR) last announced its quarterly earnings data on Friday, May 19th. The utilities provider reported $1.36 earnings per share for the quarter. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business had revenue of $912.32 million during the quarter. On average, sell-side analysts anticipate that NewJersey Resources Corporation will post 3.15 EPS for the current year.

NewJersey Resources Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 1st. Investors of record on Monday, September 22nd were given a dividend of $0.475 per share. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $1.90 dividend on an annualized basis and a dividend yield of 4.1%. This is a boost from NewJersey Resources’s previous quarterly dividend of $0.45. NewJersey Resources’s payout ratio is currently 46.45%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on NJR. Raymond James Financial reaffirmed an “outperform” rating and set a $50.00 target price (up from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Wall Street Zen downgraded shares of NewJersey Resources from a “hold” rating to a “sell” rating in a research report on Saturday, October 11th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of NewJersey Resources in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $51.43.

NewJersey 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.