Entropy Technologies LP Reduces Position in NewJersey Resources Corporation $NJR

Key Points

• Entropy Technologies LP has decreased its ownership in NewJersey Resources Corporation by 79.4%, resulting in a remaining stake of 7,419 shares, valued at approximately $364,000.
• Several institutional investors have adjusted their holdings in NewJersey Resources, with notable increases such as Hexagon Capital Partners raising their stake by 42% and Lazard Asset Management boosting theirs by over 6,245%.
• Analyst ratings for NewJersey Resources vary, with a mix of "hold," "buy," and one "sell" rating, and a current average price target of $51.43 reflecting a conservative outlook.

Entropy Technologies LP trimmed its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 79.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,419 shares of the utilities provider's stock after selling 28,621 shares during the quarter. Entropy Technologies LP's holdings in NewJersey Resources were worth $364,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its holdings in NewJersey Resources by 7.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock worth $154,372,000 after purchasing an additional 216,000 shares during the last quarter. Millennium Management LLC lifted its holdings in NewJersey Resources by 66.0% in the 4th quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock worth $63,607,000 after purchasing an additional 542,089 shares during the last quarter. Northern Trust Corp lifted its holdings in NewJersey Resources by 18.5% in the 4th quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider's stock worth $62,994,000 after purchasing an additional 210,538 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in NewJersey Resources by 0.6% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,274,588 shares of the utilities provider's stock worth $62,531,000 after purchasing an additional 7,132 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in NewJersey Resources by 2.9% in the 4th quarter. Nuveen Asset Management LLC now owns 475,830 shares of the utilities provider's stock worth $22,197,000 after purchasing an additional 13,580 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

NewJersey Resources Stock Down 1.1%

NYSE NJR traded down $0.53 on Monday, reaching $46.44. The company had a trading volume of 98,609 shares, compared to its average volume of 627,863. NewJersey Resources Corporation has a 52-week low of $43.80 and a 52-week high of $51.94. 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 company's fifty day moving average is $45.67 and its 200 day moving average is $46.93. The stock has a market capitalization of $4.67 billion, a P/E ratio of 11.36 and a beta of 0.64.

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, topping the consensus estimate of ($0.06) by $0.12. NewJersey Resources had a return on equity of 17.08% and a net margin of 19.64%. The company had revenue of $298.95 million during the quarter, compared to analyst estimates of $305.05 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. NewJersey Resources's revenue was up 8.5% on a year-over-year basis. Sell-side analysts anticipate that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Raymond James Financial restated an "outperform" rating and issued a $50.00 target price (up from $49.00) on shares of NewJersey Resources in a report on Friday, August 8th. Wall Street Zen cut NewJersey Resources from a "hold" rating to a "sell" rating in a report on Saturday, August 9th. Wells Fargo & Company boosted their price objective on NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. JPMorgan Chase & Co. dropped their price objective on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a report on Wednesday, May 28th. Finally, Mizuho lowered their price target 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. One analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $51.43.

Insider Activity at NewJersey Resources

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total transaction of $66,330.00. Following the sale, the chief operating officer directly owned 35,690 shares of the company's stock, valued at $1,578,211.80. This trade represents a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.72% of the company's stock.

About NewJersey Resources

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.