Ibex Wealth Advisors Buys New Shares in NewJersey Resources Corporation $NJR

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

A number of other large investors have also recently added to or reduced their stakes in the company. Vise Technologies Inc. bought a new position in shares of NewJersey Resources in the 2nd quarter valued at about $221,000. ProShare Advisors LLC raised its holdings in shares of NewJersey Resources by 0.4% in the 2nd quarter. ProShare Advisors LLC now owns 831,309 shares of the utilities provider’s stock valued at $37,259,000 after purchasing an additional 3,588 shares during the period. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in NewJersey Resources in the 2nd quarter valued at about $605,000. Los Angeles Capital Management LLC bought a new position in NewJersey Resources during the second quarter worth about $453,000. Finally, Prospera Financial Services Inc grew its holdings in NewJersey Resources by 16.0% during the second quarter. Prospera Financial Services Inc now owns 16,893 shares of the utilities provider’s stock worth $757,000 after purchasing an additional 2,335 shares during the period. Institutional investors and hedge funds own 70.98% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on NJR shares. Wall Street Zen upgraded NewJersey Resources from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Raymond James Financial reissued an “outperform” rating and set a $50.00 target price (up from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of NewJersey Resources in a research note on Wednesday, October 8th. Two equities research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $51.43.

NewJersey Resources Price Performance

Shares of NYSE NJR opened at $45.67 on Tuesday. The firm has a market cap of $4.59 billion, a P/E ratio of 11.17 and a beta of 0.67. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a 1-year low of $43.46 and a 1-year high of $51.94. The business’s 50 day moving average is $46.34 and its 200-day moving average is $46.28.

NewJersey Resources (NYSE:NJR) last released its quarterly 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 business had revenue of $912.32 million during the quarter. Equities research analysts predict that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

NewJersey Resources Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 2nd. Investors of record on Friday, December 12th will be paid 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 is 46.45%.

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.