September 14, 2023 – ProShare Advisors LLC has reduced its stake in New Jersey Resources Co. (NYSE:NJR) by 7.5% during the first quarter, according to its Form 13F filing with the Securities & Exchange Commission. The firm now holds 905,041 shares of the utilities provider’s stock, down from 978,769 shares before the sale.
The shares sold by ProShare Advisors LLC were valued at $48,148,000 at the end of the most recent quarter. This indicates that ProShare Advisors LLC owned approximately 0.93% of New Jersey Resources’ worth.
New Jersey Resources is a diversified energy company engaged in natural gas distribution and transportation as well as retail and wholesale energy operations. The company recently announced a quarterly dividend payout to its shareholders. Investors who are registered on or before September 20th will receive a dividend of $0.39 per share on October 2nd.
Considering the ex-dividend date of September 19th, investors purchasing shares after this date will not be eligible for this particular dividend payment. With an annualized dividend of $1.56 per share and a current yield of 3.63%, New Jersey Resources offers investors an attractive opportunity for income generation.
As of now, New Jersey Resources maintains a dividend payout ratio (DPR) estimated to be around 57.93%. This indicates that the company is allocating almost two-thirds of its earnings towards distributing dividends to shareholders.
In conclusion, ProShare Advisors LLC has chosen to reduce its stake in New Jersey Resources Co., selling approximately 73,728 shares during the first quarter. Despite this adjustment, New Jersey Resources continues to offer solid value to investors through regular dividend payments. With an anticipated yield of 3.63% and a consistent dividend payout ratio, investors may find this utility provider’s stock appealing for income generation purposes in their investment portfolios.
New Jersey Resources (NJR) Sees Institutional Investor Activity and Mixed Analyst Ratings Impact Stock Performance
New Jersey Resources (NJR) has recently seen several institutional investors and hedge funds adjust their stakes in the company. Ameritas Advisory Services LLC, WealthPLAN Partners LLC, and C M Bidwell & Associates Ltd. are among those who have acquired new stakes in NJR during the first quarter of this year, with values ranging from $27,000 to $37,000. Additionally, Northwestern Mutual Wealth Management Co. increased its holdings by 71.2% in the fourth quarter of the previous year.
Meanwhile, Quadrant Capital Group LLC bolstered its holdings by 60.9% in the same quarter, bringing their total ownership up to 1,088 shares valued at $54,000. Currently, approximately 73.08% of NJR’s stock is owned by institutional investors.
Financial analysts have been analyzing NJR’s performance closely and have issued various reports on the company. StockNews.com recently initiated coverage on NJR and gave it a “sell” rating on August 17th. Mizuho also adjusted their price target for NJR from $51.00 to $49.00 on July 27th.
Wells Fargo & Company further decreased their price target from $52.00 to $47.00 on August 4th while maintaining an “equal weight” rating for NJR.
The stock for New Jersey Resources (NYSE:NJR) opened at $42.93 today as news broke out about these developments within the investment community. The company currently holds a market capitalization of approximately $4.19 billion and boasts a price-to-earnings ratio of 14.80.
With a beta value of 0.63, NJR demonstrates lower volatility compared to the overall market movement – an attractive feature for certain investors.
As for its financial ratios, New Jersey Resources has a PEG ratio of 2.60 and a debt-to-equity ratio of 1.37. The company also maintains a current ratio of 0.78 and a quick ratio of 0.50.
New Jersey Resources recently announced its quarterly earnings data on August 3rd, reporting earnings per share of $0.10 for the quarter. This surpassed analysts’ expectations by $0.13, as the consensus estimate was projected to be ($0.03) per share.
In terms of profitability, New Jersey Resources boasted a net margin of 11.77% and a return on equity of 14.49%.
However, there was a significant decline in revenue during this quarter, with NJR reporting $264.10 million compared to analysts’ bullish expectations of $546.21 million.
It is worth noting that this decrease in revenue amounts to a decline of 52.2% when compared to the same quarter last year.
Sell-side analysts have predicted that New Jersey Resources Co.’s earnings for the current fiscal year will amount to approximately $2.7 per share.
In conclusion, changes in stakes by institutional investors and hedge funds have influenced New Jersey Resources’ stock performance on September 14th, 2023.
Analyst reports have varied, with StockNews.com initiating coverage on NJR and issuing a “sell” rating while Mizuho adjusted their price target downwards from $51 to $49 per share.
The recent opening price for NYSE:NJR is currently at $42.93 with market capitalization estimated at around $4.19 billion.
Recent quarterly earnings data exceeded analysts’ expectations significantly, but there was a noteworthy decline in revenue compared to the same period last year.
Despite these fluctuations in performance indicators and analyst ratings, sell-side predictions suggest that New Jersey Resources Co.’s earnings for the fiscal year will be around $2.7 per share