MQS Management LLC Takes Position in NewJersey Resources Corporation $NJR

MQS Management LLC purchased a new stake in shares of NewJersey Resources Corporation (NYSE:NJR) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 12,549 shares of the utilities provider’s stock, valued at approximately $562,000.

Several other hedge funds also recently modified their holdings of the company. State of New Jersey Common Pension Fund D increased its position in shares of NewJersey Resources by 1.9% during the 2nd quarter. State of New Jersey Common Pension Fund D now owns 41,422 shares of the utilities provider’s stock valued at $1,857,000 after purchasing an additional 790 shares during the period. AlphaQuest LLC increased its position in shares of NewJersey Resources by 112.1% during the 2nd quarter. AlphaQuest LLC now owns 2,229 shares of the utilities provider’s stock valued at $100,000 after purchasing an additional 1,178 shares during the period. Cullen Frost Bankers Inc. increased its position in shares of NewJersey Resources by 153.0% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 754 shares of the utilities provider’s stock valued at $34,000 after purchasing an additional 456 shares during the period. Spirit of America Management Corp NY increased its position in shares of NewJersey Resources by 62.5% during the 2nd quarter. Spirit of America Management Corp NY now owns 6,500 shares of the utilities provider’s stock valued at $291,000 after purchasing an additional 2,500 shares during the period. Finally, Nicholson Wealth Management Group LLC increased its position in shares of NewJersey Resources by 1.5% during the 2nd quarter. Nicholson Wealth Management Group LLC now owns 32,187 shares of the utilities provider’s stock valued at $1,443,000 after purchasing an additional 489 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Stock Down 0.4%

Shares of NewJersey Resources stock opened at $46.02 on Friday. The stock’s fifty day moving average is $46.81 and its 200-day moving average is $46.61. The firm has a market capitalization of $4.62 billion, a PE ratio of 11.25 and a beta of 0.64. 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 12-month low of $43.80 and a 12-month high of $51.94.

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

NewJersey Resources Increases Dividend

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

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a research report on Saturday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of NewJersey Resources in a research report on Saturday. Finally, 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. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, NewJersey Resources has an average rating of “Hold” and a consensus target price of $51.43.

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.