Victory Capital Management Inc. Sells 30,204 Shares of New Jersey Resources Co. (NYSE:NJR)

Victory Capital Management Inc. lessened its holdings in New Jersey Resources Co. (NYSE:NJR) by 7.8% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 357,746 shares of the utilities provider’s stock after selling 30,204 shares during the quarter. Victory Capital Management Inc. owned approximately 0.36% of New Jersey Resources worth $16,886,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. V Square Quantitative Management LLC bought a new position in New Jersey Resources in the 3rd quarter valued at $27,000. Neo Ivy Capital Management bought a new position in shares of New Jersey Resources during the 2nd quarter worth $31,000. GAMMA Investing LLC grew its position in shares of New Jersey Resources by 119.5% during the 2nd quarter. GAMMA Investing LLC now owns 1,214 shares of the utilities provider’s stock worth $52,000 after buying an additional 661 shares in the last quarter. Van ECK Associates Corp bought a new position in shares of New Jersey Resources during the 3rd quarter worth $52,000. Finally, Spirit of America Management Corp NY grew its position in shares of New Jersey Resources by 140.0% during the 3rd quarter. Spirit of America Management Corp NY now owns 1,200 shares of the utilities provider’s stock worth $57,000 after buying an additional 700 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.

New Jersey Resources Price Performance

Shares of NJR stock opened at $48.74 on Wednesday. New Jersey Resources Co. has a 1-year low of $39.44 and a 1-year high of $48.76. The stock’s 50-day moving average is $46.69 and its 200 day moving average is $45.15. The company has a market cap of $4.83 billion, a P/E ratio of 20.39 and a beta of 0.59. The company has a debt-to-equity ratio of 1.30, a current ratio of 0.60 and a quick ratio of 0.41.

New Jersey Resources Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Wednesday, December 11th will be given a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date is Wednesday, December 11th. New Jersey Resources’s payout ratio is currently 75.31%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on NJR shares. JPMorgan Chase & Co. increased their price target on New Jersey Resources from $48.00 to $49.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Mizuho increased their price target on 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 increased their price target on New Jersey Resources from $47.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 16th. Finally, StockNews.com raised New Jersey Resources from a “sell” rating to a “hold” rating in a research report on Friday, November 8th. Four equities research analysts have rated the stock with a hold rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $49.00.

New Jersey 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.