NewJersey Resources Corporation $NJR Shares Sold by Algert Global LLC

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 the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 105,509 shares of the utilities provider's stock after selling 63,530 shares during the quarter. Algert Global LLC owned approximately 0.11% of NewJersey Resources worth $5,176,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Crews Bank & Trust purchased a new stake in NewJersey Resources during the 1st quarter worth about $37,000. Hexagon Capital Partners LLC increased its holdings in 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 period. Ameriflex Group Inc. purchased a new stake in NewJersey Resources during the 4th quarter worth about $51,000. Lazard Asset Management LLC increased its holdings in NewJersey Resources by 6,245.8% during the 4th quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after purchasing an additional 1,499 shares during the period. Finally, UMB Bank n.a. increased its holdings in NewJersey Resources by 107.9% during the 1st quarter. UMB Bank n.a. now owns 1,744 shares of the utilities provider's stock worth $86,000 after purchasing an additional 905 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Transactions at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the firm'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 transaction of $66,330.00. Following the transaction, the chief operating officer owned 35,690 shares in the company, valued at $1,578,211.80. This trade represents a 4.03% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 0.72% of the stock is owned by corporate insiders.

NewJersey Resources Stock Performance

NYSE:NJR traded up $0.8730 during mid-day trading on Friday, reaching $47.8830. 492,188 shares of the stock were exchanged, compared to its average volume of 611,832. The company has a 50 day simple moving average of $45.89 and a 200-day simple moving average of $46.92. The stock has a market capitalization of $4.81 billion, a P/E ratio of 11.71 and a beta of 0.64. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a 1 year low of $43.80 and a 1 year high of $51.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.06) by $0.12. The firm had revenue of $298.95 million for the quarter, compared to the consensus estimate of $305.05 million. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%.The firm's quarterly revenue was up 8.5% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) EPS. Analysts anticipate that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

NJR has been the topic of a number of recent analyst reports. Wells Fargo & Company increased 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. JPMorgan Chase & Co. dropped their price objective on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a report on Friday. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 price objective (up previously from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Finally, Mizuho dropped 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 analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat, NewJersey Resources currently has an average 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.