Energy Income Partners LLC Increases Stake in NewJersey Resources Corporation $NJR

Key Points

• Energy Income Partners LLC increased its holdings in NewJersey Resources Corporation by 4.2%, owning 324,997 shares valued at approximately $15.94 million as of the end of the first quarter.
• Institutional investors collectively own 70.98% of NewJersey Resources' stock, indicating strong confidence in the company's performance.
• NewJersey Resources reported better-than-expected earnings for the quarter with $0.06 EPS, surpassing consensus estimates by $0.12, and achieved an 8.5% year-over-year revenue increase.

Energy Income Partners LLC boosted its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 324,997 shares of the utilities provider's stock after purchasing an additional 13,114 shares during the period. Energy Income Partners LLC owned approximately 0.32% of NewJersey Resources worth $15,944,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of NJR. Crews Bank & Trust acquired a new position in shares of NewJersey Resources in the first quarter valued at approximately $37,000. Hexagon Capital Partners LLC lifted its position in shares of 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 buying an additional 248 shares during the last quarter. Ameriflex Group Inc. acquired a new stake in shares of NewJersey Resources in the 4th quarter valued at about $51,000. Brooklyn Investment Group raised its position 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 valued at $69,000 after purchasing an additional 1,338 shares during the last quarter. Finally, Lazard Asset Management LLC grew its holdings in shares of NewJersey Resources by 6,245.8% during the fourth quarter. Lazard Asset Management LLC now owns 1,523 shares of the utilities provider's stock worth $71,000 after buying an additional 1,499 shares during the last quarter. 70.98% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

NJR has been the subject of several analyst reports. Mizuho reduced their price objective on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research note on Thursday, May 15th. Wells Fargo & Company boosted their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a research note on Wednesday, May 28th. Raymond James Financial reissued an "outperform" rating and issued a $50.00 price objective (up from $49.00) on shares of NewJersey Resources in a research note on Friday, August 8th. Finally, Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Friday, August 22nd. Two analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, NewJersey Resources has a consensus rating of "Hold" and an average target price of $51.43.

Insider Buying and Selling

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the 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 sale, the chief operating officer directly owned 35,690 shares of the company's stock, valued at approximately $1,578,211.80. This represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.72% of the company's stock.

NewJersey Resources Price Performance

NYSE NJR traded down $0.45 during trading hours on Wednesday, reaching $46.80. The company's stock had a trading volume of 426,173 shares, compared to its average volume of 575,530. The stock has a market cap of $4.70 billion, a PE ratio of 11.44 and a beta of 0.67. NewJersey Resources Corporation has a fifty-two week low of $43.80 and a fifty-two week high of $51.94. The company's 50-day moving average is $46.32 and its two-hundred day moving average is $46.97. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.48 and a current ratio of 0.76.

NewJersey Resources (NYSE:NJR - Get Free Report) last issued its quarterly earnings data on Monday, August 4th. The utilities provider reported $0.06 EPS for the quarter, beating analysts' consensus estimates of ($0.06) by $0.12. The firm had revenue of $298.95 million for the quarter, compared to analysts' expectations of $305.05 million. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The firm's revenue was up 8.5% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) EPS. Analysts forecast that NewJersey Resources Corporation will post 3.15 EPS for the current year.

NewJersey Resources 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.