NewJersey Resources Corporation $NJR Stake Lessened by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC has significantly reduced its stake in New Jersey Resources Corporation by 49.7% in the first quarter, now owning 152,784 shares worth approximately $7.5 million.
• Several hedge funds altered their holdings, with Brooklyn Investment Group increasing its stake by an impressive 1,715.4%, while Lazard Asset Management raised its stake by 6,245.8%.
• Analysts have mixed opinions on the stock, with targeted price adjustments from firms such as JPMorgan Chase lowering its target from $56 to $51, while Wells Fargo increased it from $51 to $53.

Cubist Systematic Strategies LLC reduced its stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 49.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 152,784 shares of the utilities provider's stock after selling 151,122 shares during the period. Cubist Systematic Strategies LLC owned 0.15% of NewJersey Resources worth $7,496,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of NJR. Crews Bank & Trust acquired a new position in shares of NewJersey Resources during the 1st quarter worth approximately $37,000. Hexagon Capital Partners LLC grew its stake in NewJersey Resources by 42.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock worth $41,000 after acquiring an additional 248 shares during the period. Ameriflex Group Inc. purchased a new stake in NewJersey Resources in the 4th quarter worth approximately $51,000. Brooklyn Investment Group grew its stake in NewJersey Resources by 1,715.4% in the 1st quarter. Brooklyn Investment Group now owns 1,416 shares of the utilities provider's stock worth $69,000 after acquiring an additional 1,338 shares during the period. Finally, Lazard Asset Management LLC grew its stake in NewJersey Resources by 6,245.8% in the 4th quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after acquiring an additional 1,499 shares during the period. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

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 shares were 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 in the company, valued at approximately $1,578,211.80. This represents a 4.03% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.72% of the company's stock.

NewJersey Resources Stock Down 1.0%

NJR stock traded down $0.45 during trading on Monday, reaching $46.60. The stock had a trading volume of 65,558 shares, compared to its average volume of 621,152. NewJersey Resources Corporation has a 1-year low of $43.80 and a 1-year high of $51.94. The company has a current ratio of 0.76, a quick ratio of 0.48 and a debt-to-equity ratio of 1.25. The company has a market capitalization of $4.68 billion, a P/E ratio of 11.40 and a beta of 0.67. The firm has a fifty day moving average price of $46.40 and a 200 day moving average price of $46.99.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued 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. The business had revenue of $298.95 million for the quarter, compared to analyst estimates of $305.05 million. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The company's revenue for the quarter was up 8.5% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.09) EPS. On average, equities analysts anticipate that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on NJR shares. Mizuho lowered 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 note on Thursday, May 15th. Raymond James Financial reissued an "outperform" rating and set a $50.00 price objective (up from $49.00) on shares of NewJersey Resources in a research note on Friday, August 8th. Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Finally, JPMorgan Chase & Co. lowered their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. Two investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $51.43.

NewJersey Resources Company Profile

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.