New Jersey Resources Co. (NYSE:NJR) Short Interest Down 29.6% in March
New Jersey Resources Co. (NYSE:NJR – Get Rating) was the target of a sharp decline in short-term interest in March. As of March 31, there was short interest totaling 1,810,000 shares, down 29.6% from the March 15 total of 2,570,000 shares. Based on an average trading volume of 546,200 shares, the day-to-cover ratio is currently 3.3 days. Currently, 1.9% of the company’s shares are sold short.
Shares of NJR rose $0.53 in Friday’s midday session, hitting $45.79. The company had a trading volume of 469,589 shares, compared to an average volume of 447,840. New Jersey Resources has a 52-week low of $34.41 and a 52-week high of $47.23. The company has a debt ratio of 1.32, a quick ratio of 0.45 and a current ratio of 0.69. The stock has a 50-day simple moving average of $43.69. The company has a market capitalization of $4.40 billion, a PE ratio of 29.73, a growth price-earnings ratio of 3.32 and a beta of 0.55.
New Jersey Resources (NYSE:NJR – Get Rating) last reported quarterly earnings data on Thursday, February 3. The utility provider reported EPS of $0.69 for the quarter, beating the Zacks consensus estimate of $0.59 by $0.10. New Jersey Resources had a net margin of 6.23% and a return on equity of 13.36%. The company posted revenue of $675.80 million in the quarter, versus a consensus estimate of $537.66 million. In the same quarter of the previous year, the company achieved EPS of $0.46. New Jersey Resources’ quarterly revenue rose 48.8% year over year. Analysts expect New Jersey Resources to post an EPS of 2.3 for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, April 1. Shareholders of record on Wednesday, March 16 received a dividend of $0.363. This represents an annualized dividend of $1.45 and a dividend yield of 3.17%. The ex-dividend date was Tuesday, March 15. New Jersey Resources’ dividend payout ratio (DPR) is currently 94.16%.
A number of research companies have weighed in on NJR. TheStreet upgraded New Jersey Resources shares from a “c+” rating to a “b” rating in a Monday, March 7 report. StockNews.com upgraded New Jersey Resources from a “sell” rating to a “hold” rating in a Wednesday, March 30, report. Zacks Investment Research upgraded New Jersey Resources from a “hold” rating to a “buy” rating and set a target price of $44.00 for the company in a Friday, Jan. 7, report. Finally, Mizuho downgraded New Jersey Resources from a “buy” rating to a “neutral” rating and set a price target of $42.00 for the stock. in a Wednesday, January 5 research report. One financial analyst has assigned the stock a sell rating, three have assigned a hold rating and two have assigned the stock a buy rating. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $42.00.
Hedge funds have recently increased or reduced their stakes in the company. Segall Bryant & Hamill LLC increased its stake in New Jersey Resources shares by 2.0% in the third quarter. Segall Bryant & Hamill LLC now owns 559,154 shares of the utility provider worth $19,463,000 after acquiring an additional 11,160 shares during the period. LPL Financial LLC increased its stake in New Jersey Resources shares by 4.2% in the third quarter. LPL Financial LLC now owns 103,097 shares of the utility provider valued at $3,589,000 after buying an additional 4,127 shares last quarter. Strs Ohio increased its holdings of New Jersey Resources shares by 61.8% in the fourth quarter. Strs Ohio now owns 5,500 shares of the utility provider valued at $225,000 after buying an additional 2,100 shares in the last quarter. Polar Asset Management Partners Inc. increased its stake in New Jersey Resources shares by 56.8% in Q3. Polar Asset Management Partners Inc. now owns 30,231 shares of the utility provider valued at $1,052,000 after buying an additional 10,951 shares last quarter. Finally, SG Americas Securities LLC increased its stake in New Jersey Resources shares by 794.7% in the third quarter. SG Americas Securities LLC now owns 60,355 shares of the utility provider valued at $2,101,000 after buying an additional 53,609 shares last quarter. Institutional investors hold 68.59% of the company’s shares.
New Jersey Resources Company Profile (Get a rating)
New Jersey Resources Corporation, an energy services holding company, provides regulated gas distribution services and retail and wholesale energy services. The company operates through four segments: natural gas distribution, clean energy companies, energy services, and storage and transportation. The Natural Gas Distribution segment provides regulated natural gas utilities to approximately 564,000 residential and commercial customers in Burlington, Middlesex, Monmouth, Morris, Ocean and Sussex counties in New Jersey; provides capacity and storage management services; and participates in off-system sales and capacity release markets.
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