Barclays PLC, a notable financial institution, has recently made significant strides in its holdings of New Jersey Resources Co. (NYSE:NJR). According to the company’s most recent filing with the Securities and Exchange Commission (SEC) on August 8, 2023, Barclays PLC increased its ownership of the utilities provider’s stock by an astonishing 201.9% in the first quarter. By acquiring an additional 162,669 shares during this period, Barclays PLC now possesses a substantial 243,250 shares of New Jersey Resources.
This strategic move by Barclays PLC signifies its confidence in the potential growth and profitability of New Jersey Resources. The value of these holdings is estimated at $12,941,000, making up approximately 0.25% of the total worth of New Jersey Resources at the end of the first quarter.
Furthermore, it is worth noting that New Jersey Resources has also made headlines for its recent declaration of a quarterly dividend to be paid on October 2nd. Stockholders who were recorded as such on September 20th will receive a dividend payment amounting to $0.39 per share held. When calculated over a year, this translates into an annualized dividend rate of $1.56 per share.
The significance behind this dividend announcement extends beyond its monetary value alone; it underscores New Jersey Resources’ commitment to rewarding its shareholders and offering them continued incentives for their investment in the company. Moreover, this dividend yield represents an attractive return on investment for those who possess shares in New Jersey Resources and underscores the company’s strong financial position.
It is also crucial to highlight that individuals interested in acquiring shares of New Jersey Resources should take note of the ex-dividend date—September 19th—which marks the threshold for eligibility regarding receiving this particular dividend. Missing this deadline would mean investors would not be entitled to benefit from the declared dividend.
Ultimately, these recent developments indicate both stability and growth prospects for New Jersey Resources. As Barclays PLC more than doubles its holdings in the company and demonstrates its confidence through such a significant increase, it provides a clear endorsement of New Jersey Resources’ performance and potential. Simultaneously, the announcement of a quarterly dividend furthers the appeal of this investment opportunity by offering shareholders an attractive dividend yield and underscoring the company’s commitment to shareholder value.
Investors and market observers should keep a close eye on New Jersey Resources as it continues to forge ahead in the utilities industry. With Barclays PLC’s involvement and the enticing dividend program in place, New Jersey Resources could position itself as an intriguing choice for those seeking reliable returns on their investments while being associated with a forward-thinking and dependable company.
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Institutional Investors Demonstrate Confidence in New Jersey Resources Amid Fluctuating Market Sentiments
[stock_market_widget type=”chart” template=”basic” color=”#3946CE” assets=”NJR” range=”1mo” interval=”1d” axes=”true” cursor=”true” range_selector=”true” api=”yf”]Institutional investors have been making significant modifications to their holdings of New Jersey Resources, a utilities provider. Vanguard Group Inc., for example, has grown its position in the company by 1.0% during the first quarter. The company now owns over 10 million shares of New Jersey Resources, valued at $493 million, after purchasing an additional 111,403 shares during the period. State Street Corp also increased its stake in the utility provider by 4.5% in the third quarter, now owning over 10 million shares worth $416 million.
These actions by institutional investors demonstrate confidence in the future prospects of New Jersey Resources. Wellington Management Group LLP grew its position by a staggering 22.6% in the first quarter, acquiring an additional 589,747 shares worth $146 million. Geode Capital Management LLC similarly expanded its holdings by 3.7% during the fourth quarter, now owning over 1.7 million shares valued at $88 million.
First Trust Advisors LP is another institution that has shown faith in New Jersey Resources by increasing its holdings by 6.3%. The firm now possesses approximately 1.5 million shares valued at $76 million.
These institutional investors and hedge funds collectively own a significant proportion of New Jersey Resources’ stock – around 75% of the entire company.
Notable research analysts have recently issued reports on New Jersey Resources as well. Wells Fargo & Company lowered their price target from $52 to $47 and rated the company as “equal weight” in a report on Friday. Guggenheim, on the other hand, raised their price target to $47 from $46 on Monday, April 24th.
Other analysts’ opinions varied; StockNews.com initiated coverage with a “sell” rating for the company, while Mizuho reduced their price target from $51 to $49 on Thursday, July 27th.
Currently, according to data from Bloomberg, New Jersey Resources has a consensus rating of “Hold” and a consensus target price of $47.25.
As for the company’s financial performance, shares of New Jersey Resources opened at $44.34 on Tuesday. The firm has a debt-to-equity ratio of 1.32, with quick and current ratios of 0.71 and 0.87 respectively. Over the past year, the stock traded between $38.07 and $55.84.
With a market capitalization of $4.30 billion, New Jersey Resources has a price-to-earnings (P/E) ratio of 15.29 and a price/earnings growth (PEG) ratio of 2.76. Its beta stands at 0.62.
In its most recent quarterly earnings report released on Thursday, August 3rd, New Jersey Resources reported an EPS of $0.10 for the quarter – exceeding analysts’ consensus estimates by $0.13 per share which had expected a loss of ($0.03) per share instead.
However, there was a substantial decline in revenue compared to last year – generating $264 million during the quarter against analyst estimates of $546 million – down by approximately 52% on a year-over-year basis.
Despite this decline in revenue, New Jersey Resources maintains an impressive net margin of 11.77% and return on equity of 14.64%. In the same quarter of the previous fiscal year, the company recorded a loss per share of ($0.04). Analysts project that New Jersey Resources will post an EPS figure of 2.7 for the current fiscal year.
In conclusion, despite some fluctuation in institutional investors’ holdings and mixed sentiments among research analysts regarding ratings and price targets, it seems that New Jersey Resources remains an intriguing investment opportunity within the utilities sector based on its recent financial performance and strategic moves made by stakeholders.
