Royal Bank of Canada Acquires 1,952 Shares of New Jersey Resources Corp (NYSE:NJR)

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Royal Bank of Canada boosted its holdings in shares of New Jersey Resources Corp (NYSE:NJR) by 3.0% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 66,627 shares of the utilities provider’s stock after purchasing an additional 1,952 shares during the quarter. Royal Bank of Canada’s holdings in New Jersey Resources were worth $3,317,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. 6 Meridian lifted its position in shares of New Jersey Resources by 2.1% in the 2nd quarter. 6 Meridian now owns 10,565 shares of the utilities provider’s stock worth $526,000 after acquiring an additional 218 shares during the period. Advisor Group Inc. lifted its position in shares of New Jersey Resources by 2.8% during the 2nd quarter. Advisor Group Inc. now owns 8,092 shares of the utilities provider’s stock worth $404,000 after buying an additional 220 shares during the period. M&T Bank Corp lifted its position in shares of New Jersey Resources by 5.3% during the 2nd quarter. M&T Bank Corp now owns 4,431 shares of the utilities provider’s stock worth $220,000 after buying an additional 225 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of New Jersey Resources by 0.4% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 58,911 shares of the utilities provider’s stock worth $2,932,000 after buying an additional 230 shares during the period. Finally, Municipal Employees Retirement System of Michigan lifted its position in shares of New Jersey Resources by 1.7% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 16,410 shares of the utilities provider’s stock worth $817,000 after buying an additional 280 shares during the period. Hedge funds and other institutional investors own 66.95% of the company’s stock.

In related news, CEO Laurence M. Downes sold 22,000 shares of the firm’s stock in a transaction on Tuesday, August 13th. The stock was sold at an average price of $45.00, for a total transaction of $990,000.00. Following the completion of the sale, the chief executive officer now directly owns 405,572 shares of the company’s stock, valued at approximately $18,250,740. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 1.30% of the company’s stock.

Several equities analysts recently commented on the company. ValuEngine downgraded New Jersey Resources from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Guggenheim upgraded New Jersey Resources from a “sell” rating to a “neutral” rating in a research report on Thursday, July 11th. Finally, Zacks Investment Research upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Wednesday, October 9th.

New Jersey Resources stock opened at $43.68 on Tuesday. The company has a debt-to-equity ratio of 0.77, a current ratio of 0.88 and a quick ratio of 0.62. The company has a market capitalization of $3.94 billion, a PE ratio of 15.94, a price-to-earnings-growth ratio of 2.52 and a beta of 0.35. New Jersey Resources Corp has a one year low of $42.74 and a one year high of $51.83. The business has a 50 day simple moving average of $44.67 and a 200 day simple moving average of $47.84.

New Jersey Resources (NYSE:NJR) last released its quarterly earnings results on Tuesday, August 6th. The utilities provider reported ($0.20) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.12 by ($0.32). New Jersey Resources had a net margin of 4.90% and a return on equity of 7.93%. The business had revenue of $434.94 million for the quarter, compared to analyst estimates of $592.80 million. During the same period in the prior year, the business earned ($0.09) earnings per share. The company’s revenue for the quarter was down 20.0% on a year-over-year basis. Equities analysts anticipate that New Jersey Resources Corp will post 1.97 earnings per share for the current fiscal year.

About New Jersey Resources

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 538,700 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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