NewJersey Resources (NYSE:NJR – Get Free Report) had its target price dropped by research analysts at JPMorgan Chase & Co. from $64.00 to $63.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 17.70% from the company’s previous close.
Several other research analysts have also recently weighed in on NJR. Wells Fargo & Company cut shares of NewJersey Resources from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $63.00 to $61.00 in a research report on Wednesday, August 5th. Weiss Ratings downgraded shares of NewJersey Resources from a “buy (b)” rating to a “buy (b-)” rating in a research note on Thursday, August 6th. Finally, Argus set a $63.00 target price on shares of NewJersey Resources in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $58.57.
Check Out Our Latest Stock Analysis on NewJersey Resources
NewJersey Resources Price Performance
NewJersey Resources (NYSE:NJR – Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share for the quarter, topping analysts’ consensus estimates of $0.06 by $0.05. The company had revenue of $349.18 million for the quarter, compared to analyst estimates of $342.13 million. NewJersey Resources had a return on equity of 14.46% and a net margin of 16.42%.The firm’s revenue for the quarter was up 16.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. As a group, sell-side analysts predict that NewJersey Resources will post 3.59 earnings per share for the current fiscal year.
Insider Buying and Selling at NewJersey Resources
In other news, COO Patrick Migliaccio sold 3,000 shares of the business’s stock in a transaction dated Friday, August 14th. The stock was sold at an average price of $55.63, for a total transaction of $166,890.00. Following the completion of the transaction, the chief operating officer directly owned 32,202 shares of the company’s stock, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.70% of the company’s stock.
Institutional Trading of NewJersey Resources
A number of institutional investors have recently bought and sold shares of the business. Sequoia Financial Advisors LLC raised its stake in NewJersey Resources by 13.9% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 7,640 shares of the utilities provider’s stock worth $428,000 after acquiring an additional 932 shares in the last quarter. NewEdge Advisors LLC grew its holdings in shares of NewJersey Resources by 118.4% during the second quarter. NewEdge Advisors LLC now owns 8,085 shares of the utilities provider’s stock worth $453,000 after purchasing an additional 4,383 shares during the last quarter. Allworth Financial LP increased its position in shares of NewJersey Resources by 7.9% during the second quarter. Allworth Financial LP now owns 14,805 shares of the utilities provider’s stock worth $830,000 after purchasing an additional 1,081 shares in the last quarter. Nykredit A S acquired a new stake in shares of NewJersey Resources during the second quarter worth about $119,000. Finally, Allianz Asset Management GmbH lifted its holdings in shares of NewJersey Resources by 23.1% in the 2nd quarter. Allianz Asset Management GmbH now owns 199,226 shares of the utilities provider’s stock valued at $11,165,000 after purchasing an additional 37,408 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.
About NewJersey Resources
New Jersey Resources Corporation (NYSE: NJR) is an energy services holding company based in Wall, New Jersey. Through its subsidiaries, the company provides regulated natural gas distribution, energy management, wholesale energy services, renewable energy development, and natural gas storage and transportation solutions.
Its principal subsidiary, New Jersey Natural Gas, operates a regulated natural gas utility serving residential, commercial, and industrial customers in central and northern New Jersey.
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