5,571 Shares in NewJersey Resources Corporation (NYSE:NJR) Acquired by Apollon Wealth Management LLC

Apollon Wealth Management LLC acquired a new stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 5,571 shares of the utilities provider's stock, valued at approximately $273,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Crews Bank & Trust bought a new stake in shares of NewJersey Resources during the first quarter valued at about $37,000. Hexagon Capital Partners LLC raised its stake in shares of NewJersey Resources by 42.0% during the first quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock valued at $41,000 after purchasing an additional 248 shares in the last quarter. Ameriflex Group Inc. bought a new stake in shares of NewJersey Resources during the fourth quarter valued at about $51,000. Lazard Asset Management LLC raised its stake in shares of NewJersey Resources by 6,245.8% during the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock valued at $71,000 after purchasing an additional 1,499 shares in the last quarter. Finally, Quarry LP raised its stake in shares of NewJersey Resources by 13,692.3% during the fourth quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock valued at $84,000 after purchasing an additional 1,780 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

NJR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. cut their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 28th. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Wednesday, May 14th. New Street Research set a $51.00 price target on shares of NewJersey Resources in a research report on Tuesday, April 1st. Mizuho dropped their price target on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a research report on Thursday, May 15th. Finally, Jefferies Financial Group began coverage on shares of NewJersey Resources in a research report on Tuesday, April 1st. They issued a "hold" rating and a $51.00 price target on the stock. Five equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $51.29.

Insiders Place Their Bets

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the sale, the chief operating officer owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. The trade was a 4.03% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.72% of the stock is currently owned by company insiders.

NewJersey Resources Trading Down 0.4%

NYSE NJR traded down $0.17 on Thursday, hitting $45.89. 587,174 shares of the company were exchanged, compared to its average volume of 622,541. The company has a debt-to-equity ratio of 1.20, a current ratio of 0.93 and a quick ratio of 0.73. NewJersey Resources Corporation has a twelve month low of $42.33 and a twelve month high of $51.94. The company's 50 day moving average price is $45.42 and its 200-day moving average price is $46.96. The firm has a market capitalization of $4.61 billion, a P/E ratio of 11.14 and a beta of 0.61.

NewJersey Resources (NYSE:NJR - Get Free Report) last released its earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share for the quarter, beating the consensus estimate of $1.65 by $0.11. NewJersey Resources had a return on equity of 16.95% and a net margin of 20.03%. The company had revenue of $913.03 million for the quarter, compared to analysts' expectations of $732.00 million. During the same quarter in the previous year, the business posted $1.41 EPS. The business's revenue for the quarter was up 38.8% on a year-over-year basis. Analysts predict that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

About NewJersey Resources

New Jersey Resources Corporation, an energy services holding company, distributes natural gas. The company operates through four segments: Natural Gas Distribution, Clean Energy Ventures, Energy Services, and Storage and Transportation. The Natural Gas Distribution segment offers regulated natural gas utility services to approximately 576,000 customers in Burlington, Middlesex, Monmouth, Morris, Ocean, and Sussex counties in New Jersey; provides capacity and storage management services; and participates in the off-system sales and capacity release markets.