Algert Global LLC Has $5.18 Million Stock Holdings in NewJersey Resources Corporation $NJR

Key Points

• Algert Global LLC reduced its stake in NewJersey Resources Corporation by 37.6%, holding 105,509 shares after selling 63,530 shares in Q1 2023.
• Several institutional investors, including Envestnet Asset Management and Cerity Partners, increased their positions in NewJersey Resources, contributing to a total institutional ownership of 70.98%.
• NewJersey Resources stock price recently declined by 1.5%, and the company reported a $0.06 EPS, surpassing analysts' expectations but noted revenue fell short of estimates.

Algert Global LLC decreased its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 37.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 105,509 shares of the utilities provider's stock after selling 63,530 shares during the quarter. Algert Global LLC owned about 0.11% of NewJersey Resources worth $5,176,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the stock. Hexagon Capital Partners LLC increased its position in shares of NewJersey Resources by 42.0% during the 1st quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock worth $41,000 after purchasing an additional 248 shares during the last quarter. Xponance Inc. increased its position in shares of NewJersey Resources by 1.9% during the 1st quarter. Xponance Inc. now owns 15,310 shares of the utilities provider's stock worth $751,000 after purchasing an additional 288 shares during the last quarter. Good Life Advisors LLC increased its position in shares of NewJersey Resources by 1.0% during the 1st quarter. Good Life Advisors LLC now owns 34,976 shares of the utilities provider's stock worth $1,716,000 after purchasing an additional 333 shares during the last quarter. Choreo LLC increased its position in shares of NewJersey Resources by 4.1% during the 1st quarter. Choreo LLC now owns 9,404 shares of the utilities provider's stock worth $465,000 after purchasing an additional 372 shares during the last quarter. Finally, Federated Hermes Inc. increased its position in shares of NewJersey Resources by 3.9% during the 1st quarter. Federated Hermes Inc. now owns 10,093 shares of the utilities provider's stock worth $495,000 after purchasing an additional 378 shares during the last quarter. Institutional investors and hedge funds own 70.98% of the company's stock.

Insider Transactions at NewJersey Resources

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of the company's stock in a transaction dated 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 transaction, the chief operating officer owned 35,690 shares of the company's stock, valued at $1,578,211.80. This represents a 4.03% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.72% of the stock is currently owned by insiders.

NewJersey Resources Price Performance

Shares of NJR stock traded up $0.8730 on Friday, hitting $47.8830. 492,188 shares of the company's stock were exchanged, compared to its average volume of 618,437. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.76 and a quick ratio of 0.48. NewJersey Resources Corporation has a 12 month low of $43.80 and a 12 month high of $51.94. The stock has a market cap of $4.81 billion, a P/E ratio of 11.71 and a beta of 0.64. The company has a 50 day moving average of $45.89 and a 200 day moving average of $46.92.

NewJersey Resources (NYSE:NJR - Get Free Report) last announced its quarterly earnings data on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.12. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%.The business had revenue of $298.95 million during the quarter, compared to the consensus estimate of $305.05 million. During the same period in the prior year, the company earned ($0.09) EPS. NewJersey Resources's revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities research analysts predict that NewJersey Resources Corporation will post 3.15 EPS for the current year.

Wall Street Analysts Forecast Growth

NJR has been the topic of several recent analyst reports. JPMorgan Chase & Co. lowered their price target on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 28th. Raymond James Financial reissued an "outperform" rating and set a $50.00 target price (up from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Wall Street Zen raised NewJersey Resources from a "sell" rating to a "hold" rating in a report on Friday. Wells Fargo & Company upped their price objective on NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Finally, Mizuho decreased their price objective on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $51.43.

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.