New Jersey Resources Co. (NYSE:NJR) announced a quarterly dividend on Thursday, July 15th, Wall Street Journal reports. Stockholders of record on Monday, September 20th will be paid a dividend of 0.3325 per share by the utilities provider on Friday, October 1st. This represents a $1.33 annualized dividend and a dividend yield of 3.69%. The ex-dividend date of this dividend is Friday, September 17th.
New Jersey Resources has raised its dividend by 22.3% over the last three years. New Jersey Resources has a dividend payout ratio of 61.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect New Jersey Resources to earn $2.26 per share next year, which means the company should continue to be able to cover its $1.33 annual dividend with an expected future payout ratio of 58.8%.
NYSE:NJR opened at $36.07 on Wednesday. New Jersey Resources has a 52 week low of $25.87 and a 52 week high of $44.41. The firm has a 50 day moving average of $38.35 and a 200 day moving average of $40.50. The company has a quick ratio of 0.61, a current ratio of 0.84 and a debt-to-equity ratio of 1.32. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of 21.47, a PEG ratio of 2.39 and a beta of 0.51.
A number of research firms recently commented on NJR. Bank of America cut shares of New Jersey Resources from a “neutral” rating to an “underperform” rating and set a $39.00 target price for the company. in a research report on Friday, June 25th. Mizuho upped their price target on shares of New Jersey Resources from $44.00 to $45.00 and gave the company a “buy” rating in a research note on Thursday, May 27th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of New Jersey Resources from a “buy” rating to a “hold” rating in a research note on Thursday, August 19th. Finally, TheStreet lowered shares of New Jersey Resources from a “b” rating to a “c” rating in a research note on Tuesday, September 7th. One analyst has rated the stock with a sell rating, two have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $42.60.
In other New Jersey Resources news, VP Timothy F. Shea sold 10,001 shares of the company’s stock in a transaction that occurred on Wednesday, June 23rd. The shares were sold at an average price of $41.35, for a total transaction of $413,541.35. Following the transaction, the vice president now owns 58,406 shares in the company, valued at approximately $2,415,088.10. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.61% of the company’s stock.
A hedge fund recently raised its stake in New Jersey Resources stock. Morgan Stanley lifted its holdings in New Jersey Resources Co. (NYSE:NJR) by 99.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 413,407 shares of the utilities provider’s stock after acquiring an additional 206,460 shares during the quarter. Morgan Stanley owned 0.43% of New Jersey Resources worth $16,357,000 as of its most recent SEC filing. Institutional investors and hedge funds own 71.13% of the company’s stock.
About New Jersey Resources
New Jersey Resources Corp. is a holding company. The firm provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. It operates through the following segments: New Jersey Natural Gas, NJR Clean Energy Ventures, NJR Energy Services, NJR Midstream, and NJR Home Services.
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