Deutsche Bank AG bought a new stake in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 129,043 shares of the utilities provider's stock, valued at approximately $7,232,000. Deutsche Bank AG owned 0.13% of NewJersey Resources as of its most recent SEC filing.
Several other large investors also recently modified their holdings of NJR. Perigon Wealth Management LLC purchased a new position in NewJersey Resources in the second quarter valued at approximately $541,000. Plato Investment Management Ltd bought a new stake in shares of NewJersey Resources in the second quarter valued at $60,000. Horizon Investment Services LLC purchased a new position in shares of NewJersey Resources during the 2nd quarter valued at $346,000. Global Retirement Partners LLC bought a new position in shares of NewJersey Resources during the 2nd quarter worth $248,000. Finally, Bank of New York Mellon Corp bought a new position in shares of NewJersey Resources during the 2nd quarter worth $57,722,000. Hedge funds and other institutional investors own 70.98% of the company's stock.
Analysts Set New Price Targets
A number of brokerages recently issued reports on NJR. Wells Fargo & Company cut NewJersey Resources from an "overweight" rating to an "equal weight" rating and lowered their price objective for the company from $63.00 to $61.00 in a research note on Wednesday, August 5th. Argus set a $63.00 target price on shares of NewJersey Resources in a research report on Wednesday, May 20th. Finally, Weiss Ratings downgraded shares of NewJersey Resources from a "buy (b)" rating to a "buy (b-)" rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $57.83.
Check Out Our Latest Stock Analysis on NewJersey Resources
NewJersey Resources Price Performance
Shares of NYSE:NJR opened at $53.76 on Monday. The stock has a market cap of $5.46 billion, a P/E ratio of 14.85 and a beta of 0.50. NewJersey Resources Corporation has a 12 month low of $43.46 and a 12 month high of $60.86. The company has a 50 day moving average of $56.83 and a 200 day moving average of $55.65. The company has a current ratio of 0.66, a quick ratio of 0.45 and a debt-to-equity ratio of 1.21.
NewJersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The utilities provider reported $0.11 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.06 by $0.05. The company had revenue of $349.18 million for the quarter, compared to the consensus estimate of $342.13 million. NewJersey Resources had a return on equity of 14.46% and a net margin of 16.42%.The firm's revenue was up 16.8% compared to the same quarter last year. During the same quarter last year, the business posted ($0.15) earnings per share. NewJersey Resources has set its FY 2026 guidance at 3.520-3.620 EPS. As a group, sell-side analysts forecast that NewJersey Resources Corporation will post 3.59 EPS for the current fiscal year.
Insider Activity at NewJersey Resources
In other news, COO Patrick J. Migliaccio sold 3,000 shares of the firm's stock in a transaction on Friday, August 14th. The shares were sold at an average price of $55.63, for a total transaction of $166,890.00. Following the sale, the chief operating officer owned 32,202 shares in the company, valued at approximately $1,791,397.26. This trade represents a 8.52% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.70% of the stock is owned by insiders.
NewJersey Resources Profile
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Free Report)
New Jersey Resources Corporation is a publicly traded energy services holding company headquartered in Wall Township, New Jersey. The firm's primary focus is on the safe and reliable distribution of natural gas, along with complementary energy services and renewable energy investments. Its operations center on delivering cost-effective solutions to residential, commercial and industrial customers throughout the state.
The company's principal subsidiary, New Jersey Natural Gas, owns and operates an extensive pipeline network that spans northern, central and southern New Jersey.
See Also
Want to see what other hedge funds are holding NJR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NewJersey Resources Corporation (NYSE:NJR - Free Report).
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