Bank of New York Mellon Corp acquired a new stake in shares of NewJersey Resources Corporation (NYSE:NJR – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 1,030,009 shares of the utilities provider’s stock, valued at approximately $57,722,000.
A number of other hedge funds have also recently modified their holdings of NJR. Measured Wealth Private Client Group LLC bought a new position in shares of NewJersey Resources during the third quarter valued at approximately $28,000. Root Financial Partners LLC boosted its position in shares of NewJersey Resources by 56.5% in the 1st quarter. Root Financial Partners LLC now owns 526 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 190 shares in the last quarter. Torren Management LLC purchased a new stake in shares of NewJersey Resources in the 4th quarter worth approximately $35,000. Smartleaf Asset Management LLC grew its stake in shares of NewJersey Resources by 118.0% in the 4th quarter. Smartleaf Asset Management LLC now owns 933 shares of the utilities provider’s stock worth $43,000 after buying an additional 505 shares during the last quarter. Finally, CENTRAL TRUST Co increased its position in NewJersey Resources by 172.7% during the 1st quarter. CENTRAL TRUST Co now owns 818 shares of the utilities provider’s stock valued at $45,000 after buying an additional 518 shares in the last quarter. Institutional investors own 70.98% of the company’s stock.
Analysts Set New Price Targets
A number of research analysts have issued reports on NJR shares. Weiss Ratings cut NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Argus set a $63.00 target price on NewJersey Resources in a research note on Wednesday, May 20th. Finally, Wells Fargo & Company downgraded NewJersey Resources from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $63.00 to $61.00 in a report on Wednesday, August 5th. One equities research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, NewJersey Resources presently has an average rating of “Buy” and an average target price of $57.83.
Insiders Place Their Bets
In related news, COO Patrick J. Migliaccio sold 3,000 shares of the firm’s stock in a transaction that occurred on Friday, August 14th. The shares were sold at an average price of $55.63, for a total value of $166,890.00. Following the sale, the chief operating officer owned 32,202 shares in the company, valued at approximately $1,791,397.26. This trade represents a 8.52% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.70% of the stock is currently owned by company insiders.
NewJersey Resources Price Performance
NYSE NJR opened at $54.46 on Thursday. NewJersey Resources Corporation has a one year low of $43.46 and a one year high of $60.86. The stock has a 50-day moving average of $56.78 and a 200 day moving average of $55.69. The company has a debt-to-equity ratio of 1.21, a quick ratio of 0.45 and a current ratio of 0.66. The company has a market capitalization of $5.53 billion, a price-to-earnings ratio of 15.04 and a beta of 0.50.
NewJersey Resources (NYSE:NJR – Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.06 by $0.05. NewJersey Resources had a net margin of 16.42% and a return on equity of 14.46%. The firm had revenue of $349.18 million for the quarter, compared to the consensus estimate of $342.13 million. During the same quarter last year, the firm posted ($0.15) EPS. The business’s quarterly revenue was up 16.8% compared to the same quarter last year. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, sell-side analysts forecast that NewJersey Resources Corporation will post 3.59 EPS for the current year.
About NewJersey Resources
New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm’s primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.
The company’s principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.
Read More
- Five stocks we like better than NewJersey Resources
- Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise
- Alcoa’s Gallium Project Opens a New Door Beyond Aluminum
- Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech
- Can Tesla’s Flying Roadster Distract From Its Real Risks?
Want to see what other hedge funds are holding NJR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NewJersey Resources Corporation (NYSE:NJR – Free Report).
Receive News & Ratings for NewJersey Resources Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for NewJersey Resources and related companies with MarketBeat.com's FREE daily email newsletter.
