Algert Global LLC Sells 16,477 Shares of New Jersey Resources Co. (NYSE:NJR)

Algert Global LLC decreased its holdings in New Jersey Resources Co. (NYSE:NJR) by 8.9% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 169,160 shares of the utilities provider’s stock after selling 16,477 shares during the quarter. Algert Global LLC owned 0.17% of New Jersey Resources worth $7,984,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the company. Wealth Enhancement Advisory Services LLC lifted its position in shares of New Jersey Resources by 3.6% during the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 8,840 shares of the utilities provider’s stock worth $378,000 after buying an additional 307 shares in the last quarter. Good Life Advisors LLC lifted its position in shares of New Jersey Resources by 1.0% during the 3rd quarter. Good Life Advisors LLC now owns 34,316 shares of the utilities provider’s stock worth $1,620,000 after buying an additional 333 shares in the last quarter. Creative Planning lifted its position in shares of New Jersey Resources by 2.4% during the 3rd quarter. Creative Planning now owns 20,514 shares of the utilities provider’s stock worth $968,000 after buying an additional 481 shares in the last quarter. Strategy Asset Managers LLC lifted its position in shares of New Jersey Resources by 6.1% during the 3rd quarter. Strategy Asset Managers LLC now owns 8,592 shares of the utilities provider’s stock worth $406,000 after buying an additional 496 shares in the last quarter. Finally, Inspire Investing LLC lifted its position in shares of New Jersey Resources by 6.3% during the 3rd quarter. Inspire Investing LLC now owns 8,698 shares of the utilities provider’s stock worth $411,000 after buying an additional 515 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

New Jersey Resources Trading Up 2.4 %

NYSE:NJR opened at $51.04 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.41 and a debt-to-equity ratio of 1.30. The stock has a market capitalization of $5.06 billion, a PE ratio of 21.36 and a beta of 0.59. The firm’s 50 day moving average is $46.92 and its 200 day moving average is $45.28. New Jersey Resources Co. has a 12 month low of $39.44 and a 12 month high of $51.16.

New Jersey Resources Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be paid a $0.45 dividend. The ex-dividend date of this dividend is Wednesday, December 11th. This represents a $1.80 dividend on an annualized basis and a yield of 3.53%. New Jersey Resources’s dividend payout ratio is 75.31%.

Analysts Set New Price Targets

Several research firms have commented on NJR. Mizuho lifted their target price on shares of New Jersey Resources from $45.00 to $47.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Wells Fargo & Company lifted their price target on shares of New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target on shares of New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a report on Thursday, August 15th. Finally, StockNews.com raised shares of New Jersey Resources from a “sell” rating to a “hold” rating in a report on Friday, November 8th. Four investment analysts have rated the stock with a hold rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, New Jersey Resources has an average rating of “Hold” and a consensus target price of $49.00.

About New Jersey Resources

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.