Principal Financial Group Inc. Buys 49,476 Shares of New Jersey Resources Co. (NYSE:NJR)

Principal Financial Group Inc. increased its stake in New Jersey Resources Co. (NYSE:NJRGet Rating) by 15.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 374,479 shares of the utilities provider’s stock after purchasing an additional 49,476 shares during the period. Principal Financial Group Inc. owned approximately 0.39% of New Jersey Resources worth $16,676,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Venture Visionary Partners LLC bought a new position in New Jersey Resources in the second quarter valued at about $28,000. Godsey & Gibb Associates acquired a new position in shares of New Jersey Resources in the 2nd quarter worth approximately $31,000. DekaBank Deutsche Girozentrale bought a new stake in shares of New Jersey Resources in the 2nd quarter valued at $61,000. Hazlett Burt & Watson Inc. acquired a new stake in shares of New Jersey Resources during the first quarter worth $121,000. Finally, CWM LLC raised its stake in New Jersey Resources by 18.2% during the second quarter. CWM LLC now owns 3,296 shares of the utilities provider’s stock worth $147,000 after buying an additional 508 shares during the last quarter. Institutional investors own 73.94% of the company’s stock.

Insider Activity

In related news, COO Patrick J. Migliaccio sold 3,000 shares of the company’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $49.16, for a total transaction of $147,480.00. Following the completion of the sale, the chief operating officer now owns 40,169 shares in the company, valued at $1,974,708.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.68% of the company’s stock.

New Jersey Resources Trading Down 1.3 %

NYSE:NJR opened at $49.25 on Thursday. The company has a debt-to-equity ratio of 1.37, a current ratio of 0.68 and a quick ratio of 0.42. New Jersey Resources Co. has a one year low of $36.77 and a one year high of $50.11. The company has a market cap of $4.75 billion, a PE ratio of 17.22, a PEG ratio of 3.31 and a beta of 0.62. The firm has a 50-day moving average of $43.13 and a 200-day moving average of $44.26.

New Jersey Resources Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 3rd. Stockholders of record on Wednesday, December 14th will be paid a $0.39 dividend. The ex-dividend date of this dividend is Tuesday, December 13th. This is an increase from New Jersey Resources’s previous quarterly dividend of $0.36. This represents a $1.56 annualized dividend and a dividend yield of 3.17%. New Jersey Resources’s dividend payout ratio is 54.55%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Mizuho boosted their target price on shares of New Jersey Resources from $45.00 to $46.00 and gave the company a “neutral” rating in a research report on Friday, November 18th. StockNews.com lowered New Jersey Resources from a “hold” rating to a “sell” rating in a research report on Friday, November 18th. Guggenheim dropped their price target on New Jersey Resources from $41.00 to $40.00 in a research note on Monday, October 24th. TheStreet raised New Jersey Resources from a “c+” rating to a “b” rating in a research note on Monday, August 29th. Finally, Wells Fargo & Company boosted their price objective on New Jersey Resources from $41.00 to $45.00 and gave the company an “equal weight” rating in a report on Friday, November 18th. Two research analysts have rated the stock with a sell rating and two have issued a hold rating to the stock. According to data from MarketBeat.com, New Jersey Resources has a consensus rating of “Hold” and an average target price of $44.25.

About New Jersey Resources

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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 Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 564,000 residential and commercial customers throughout 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.

Further Reading

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Institutional Ownership by Quarter for New Jersey Resources (NYSE:NJR)

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