Free Trial

Campbell & CO Investment Adviser LLC Invests $3.37 Million in NewJersey Resources Corporation $NJR

NewJersey Resources logo with Utilities background

Key Points

  • Campbell & CO Investment Adviser LLC acquired 68,604 shares of NewJersey Resources Corporation, valued at approximately $3,366,000, now representing 0.07% ownership of the company.
  • During the 1st quarter, multiple hedge funds increased their holdings in NewJersey Resources, with total hedge fund ownership reaching 70.98% of the stock.
  • NewJersey Resources reported earnings per share of $0.06, surpassing analysts' expectations, with a revenue of $298.95 million, up 8.5% year-over-year.
  • Want stock alerts on NewJersey Resources? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Campbell & CO Investment Adviser LLC bought a new stake in NewJersey Resources Corporation (NYSE:NJR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 68,604 shares of the utilities provider's stock, valued at approximately $3,366,000. Campbell & CO Investment Adviser LLC owned approximately 0.07% of NewJersey Resources as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. lifted its stake in shares of NewJersey Resources by 36.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 52,040 shares of the utilities provider's stock valued at $2,428,000 after purchasing an additional 13,955 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of NewJersey Resources in the fourth quarter valued at about $3,665,000. Marshall Wace LLP acquired a new stake in shares of NewJersey Resources in the fourth quarter valued at about $611,000. Tower Research Capital LLC TRC lifted its stake in shares of NewJersey Resources by 91.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 7,665 shares of the utilities provider's stock valued at $358,000 after purchasing an additional 3,667 shares during the period. Finally, Stifel Financial Corp lifted its stake in shares of NewJersey Resources by 3.0% in the fourth quarter. Stifel Financial Corp now owns 191,769 shares of the utilities provider's stock valued at $8,946,000 after purchasing an additional 5,631 shares during the period. Hedge funds and other institutional investors own 70.98% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on NJR shares. JPMorgan Chase & Co. cut their target price on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Raymond James Financial restated an "outperform" rating and set a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. Wells Fargo & Company lifted their target price on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research report on Wednesday, May 7th. Mizuho cut their target price on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research report on Thursday, May 15th. Finally, Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Two investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $51.43.

Check Out Our Latest Stock Report on NJR

NewJersey Resources Trading Up 1.6%

Shares of NYSE:NJR traded up $0.74 during trading on Wednesday, reaching $47.44. The stock had a trading volume of 722,965 shares, compared to its average volume of 631,345. The business has a fifty day moving average price of $46.07 and a 200-day moving average price of $46.93. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. The stock has a market cap of $4.77 billion, a P/E ratio of 11.60 and a beta of 0.64. NewJersey Resources Corporation has a fifty-two week low of $43.80 and a fifty-two week high of $51.94.

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

Insider Transactions at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 1,500 shares of the business's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total transaction of $66,330.00. Following the transaction, the chief operating officer directly 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 ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.72% of the stock is currently owned by corporate insiders.

NewJersey Resources Profile

(Free Report)

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.

Recommended Stories

Institutional Ownership by Quarter for NewJersey Resources (NYSE:NJR)

Should You Invest $1,000 in NewJersey Resources Right Now?

Before you consider NewJersey Resources, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and NewJersey Resources wasn't on the list.

While NewJersey Resources currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

The Next 7 Blockbuster Stocks for Growth Investors Cover

Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

NVIDIA Earnings: All Signs Point to More Growth Ahead
3 Quiet Growth Stocks With Major Momentum
The Market’s Next Big Winners? Start Here

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines