Envestnet Asset Management Inc. Boosts Stake in NewJersey Resources Corporation (NYSE:NJR)

Envestnet Asset Management Inc. lifted its stake in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 43.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,845 shares of the utilities provider's stock after purchasing an additional 22,805 shares during the period. Envestnet Asset Management Inc. owned 0.07% of NewJersey Resources worth $3,672,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Crews Bank & Trust bought a new position in NewJersey Resources in the 1st quarter worth $37,000. Hexagon Capital Partners LLC lifted its holdings in shares of NewJersey Resources by 42.0% in the 1st quarter. Hexagon Capital Partners LLC now owns 839 shares of the utilities provider's stock valued at $41,000 after acquiring an additional 248 shares during the last quarter. Ameriflex Group Inc. bought a new position in shares of NewJersey Resources in the 4th quarter valued at about $51,000. Lazard Asset Management LLC lifted its holdings in shares of 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 valued at $71,000 after acquiring an additional 1,499 shares during the last quarter. Finally, Quarry LP lifted its stake in NewJersey Resources by 13,692.3% in the fourth quarter. Quarry LP now owns 1,793 shares of the utilities provider's stock worth $84,000 after purchasing an additional 1,780 shares during the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Wall Street Zen raised shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Jefferies Financial Group assumed coverage on shares of NewJersey Resources in a report on Tuesday, April 1st. They set a "hold" rating and a $51.00 price objective on the stock. Wells Fargo & Company lifted their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the company an "equal weight" rating in a report on Wednesday, May 7th. Mizuho cut their price target on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Finally, Raymond James Financial began coverage on shares of NewJersey Resources in a report on Friday, June 13th. They issued an "outperform" rating and a $49.00 price target on the stock. Five analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $51.29.

NewJersey Resources Trading Up 0.2%

NYSE:NJR opened at $45.96 on Friday. NewJersey Resources Corporation has a 12 month low of $42.33 and a 12 month high of $51.94. The firm has a fifty day simple moving average of $45.41 and a 200-day simple moving average of $46.96. The company has a current ratio of 0.93, a quick ratio of 0.73 and a debt-to-equity ratio of 1.20. The company has a market capitalization of $4.61 billion, a P/E ratio of 11.16 and a beta of 0.61.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The utilities provider reported $1.76 EPS for the quarter, topping the consensus estimate of $1.65 by $0.11. The business had revenue of $913.03 million during the quarter, compared to the consensus estimate of $732.00 million. NewJersey Resources had a net margin of 20.03% and a return on equity of 16.95%. The business's revenue for the quarter was up 38.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.41 earnings per share. On average, equities research analysts anticipate that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

Insider Buying and Selling at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 1,500 shares of the business's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $44.22, for a total transaction of $66,330.00. Following the completion of the sale, the chief operating officer owned 35,690 shares of the company's stock, valued at $1,578,211.80. The trade was a 4.03% decrease in their ownership of the stock. 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 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.

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