Confluence Investment Management LLC Sells 41,055 Shares of NewJersey Resources Corporation $NJR

Key Points

• Confluence Investment Management reduced its NewJersey Resources position by 10.6%, selling 41,055 shares and retaining 346,554 shares valued at approximately $17.5 million. Institutional investors collectively own 70.98% of NJR.
• NJR exceeded quarterly earnings expectations, reporting $0.11 EPS versus a $0.06 consensus estimate, while revenue rose 16.8% year over year. The company also increased its quarterly dividend to $0.50 per share, representing a 3.9% yield.
• The stock recently traded around $50.76, below the analyst consensus price target of $61.50. Despite some target-price reductions, analysts maintain a consensus “Buy” rating.

Confluence Investment Management LLC reduced its position in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 10.6% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 346,554 shares of the utilities provider's stock after selling 41,055 shares during the quarter. Confluence Investment Management LLC owned about 0.34% of NewJersey Resources worth $17,536,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. State Street Corp boosted its position in NewJersey Resources by 6.8% during the second quarter. State Street Corp now owns 5,418,885 shares of the utilities provider's stock worth $306,134,000 after acquiring an additional 343,537 shares during the last quarter. BlackRock Inc. acquired a new stake in NewJersey Resources in the 2nd quarter valued at about $1,008,340,000. World Investment Advisors purchased a new position in NewJersey Resources in the 4th quarter worth approximately $1,924,000. Ieq Capital LLC boosted its holdings in shares of NewJersey Resources by 217.2% during the 2nd quarter. Ieq Capital LLC now owns 43,205 shares of the utilities provider's stock worth $2,421,000 after purchasing an additional 29,585 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of NewJersey Resources by 112.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 66,487 shares of the utilities provider's stock worth $3,651,000 after purchasing an additional 35,128 shares during the last quarter. Hedge funds and other institutional investors own 70.98% of the company's stock.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick Migliaccio sold 3,000 shares of the business'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 sale, the chief operating officer directly owned 32,202 shares of the company's stock, valued at approximately $1,791,397.26. The trade was a 8.52% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.70% of the stock is currently owned by corporate insiders.

NewJersey Resources Trading Up 0.3%

NJR stock traded up $0.15 during midday trading on Thursday, hitting $50.76. 172,567 shares of the company's stock were exchanged, compared to its average volume of 613,506. The business has a 50-day simple moving average of $54.55 and a two-hundred day simple moving average of $55.53. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21. The stock has a market capitalization of $5.15 billion, a PE ratio of 14.02, a P/E/G ratio of 2.83 and a beta of 0.50. 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 quarterly earnings results on Monday, August 3rd. The utilities provider reported $0.11 EPS for the quarter, beating the consensus estimate of $0.06 by $0.05. The business had revenue of $349.18 million for the quarter, compared to analyst estimates of $342.13 million. NewJersey Resources had a return on equity of 14.46% and a net margin of 16.42%.The company's quarterly revenue was up 16.8% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.15) EPS. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. On average, sell-side analysts predict that NewJersey Resources Corporation will post 3.59 EPS for the current fiscal year.

NewJersey Resources Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Thursday, September 24th will be paid a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a yield of 3.9%. This is a boost from NewJersey Resources's previous quarterly dividend of $0.4750. The ex-dividend date of this dividend is Thursday, September 24th. NewJersey Resources's payout ratio is 55.25%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on NJR shares. Wells Fargo & Company cut NewJersey Resources from an "overweight" rating to an "equal weight" rating and cut their price target for the company from $63.00 to $61.00 in a report on Wednesday, August 5th. New Street Research set a $68.00 price objective on NewJersey Resources in a research note on Monday, September 14th. Huntington initiated coverage on NewJersey Resources in a report on Monday, September 14th. They issued an "outperform" rating and a $68.00 target price for the company. JPMorgan Chase & Co. cut their target price on NewJersey Resources from $64.00 to $63.00 and set an "overweight" rating for the company in a research note on Friday, September 11th. Finally, Weiss Ratings lowered NewJersey Resources from a "buy (b)" rating to a "buy (b-)" rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus target price of $61.50.

NewJersey Resources Company Profile

New Jersey Resources Corporation NYSE: NJR is an energy services holding company headquartered in Wall, New Jersey. Through its subsidiaries, the company provides natural gas distribution, transportation, storage, wholesale marketing, and related energy services, with operations focused primarily on New Jersey and the broader Mid-Atlantic region.

NJR's principal utility subsidiary, New Jersey Natural Gas, delivers natural gas to residential, commercial, and industrial customers across much of New Jersey.

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