Key Points
- COO Patrick Migliaccio sold 3,000 NJR shares at an average price of $55.63, generating $166,890 and reducing his direct ownership by 8.52% to 32,202 shares.
- NewJersey Resources shares opened at $54.98, down 1.1%, while the company reported quarterly EPS of $0.11—above the $0.06 analyst consensus—and revenue of $349.18 million, up 16.8% year over year.
- Institutional investors own nearly 71% of NJR, and analysts maintain a consensus “Buy” rating with an average price target of $57.83, despite Wells Fargo downgrading the stock to “Equal Weight.”
NewJersey Resources Corporation (NYSE:NJR - Get Free Report) COO Patrick 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 completion of the sale, the chief operating officer directly owned 32,202 shares in the company, 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 document filed with the SEC, which is available through this link.
NewJersey Resources Trading Down 1.1%
Shares of NJR stock opened at $54.98 on Tuesday. The company has a debt-to-equity ratio of 1.21, a current ratio of 0.66 and a quick ratio of 0.45. The company has a market cap of $5.58 billion, a price-to-earnings ratio of 15.19 and a beta of 0.50. The stock has a 50 day simple moving average of $56.84 and a 200-day simple moving average of $55.50. NewJersey Resources Corporation has a 1-year low of $43.46 and a 1-year high of $60.86.
NewJersey Resources (NYSE:NJR - Get Free Report) last announced its 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 return on equity of 14.46% and a net margin of 16.42%.The firm had revenue of $349.18 million for the quarter, compared to analyst estimates of $342.13 million. During the same quarter last year, the firm posted ($0.15) EPS. The business's revenue was up 16.8% on a year-over-year basis. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, equities research analysts expect that NewJersey Resources Corporation will post 3.59 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in shares of NewJersey Resources by 29.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 46,535 shares of the utilities provider's stock worth $2,146,000 after buying an additional 10,666 shares in the last quarter. World Investment Advisors purchased a new position in shares of NewJersey Resources in the fourth quarter worth about $1,924,000. Norges Bank acquired a new position in NewJersey Resources during the fourth quarter worth about $60,075,000. Louisiana State Employees Retirement System acquired a new position in NewJersey Resources during the first quarter worth about $1,604,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its stake in NewJersey Resources by 613.8% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 179,425 shares of the utilities provider's stock valued at $9,854,000 after acquiring an additional 154,288 shares in the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.
Wall Street Analysts Forecast Growth
Several brokerages have recently issued reports on NJR. Wells Fargo & Company lowered shares of NewJersey Resources from an "overweight" rating to an "equal weight" rating and dropped their target price for the company from $63.00 to $61.00 in a research report on Wednesday, August 5th. Weiss Ratings lowered shares of 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 price objective on NewJersey Resources in a report on Wednesday, May 20th. Finally, Mizuho boosted their price objective on NewJersey Resources from $54.00 to $61.00 and gave the stock an "outperform" rating in a research note on Tuesday, April 21st. One 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 MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $57.83.
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About NewJersey Resources
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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.
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