Graham Capital Management L.P. Has $1.60 Million Stake in NewJersey Resources Corporation $NJR

Key Points

• Graham Capital Management L.P. increased its stake in NewJersey Resources Corporation by 230.9%, acquiring an additional 22,692 shares to bring its total holdings to 32,520 shares worth approximately $1.6 million.
• A variety of other institutional investors have also made significant purchases, with 70.98% of the company's stock now owned by hedge funds and other institutions.
• NewJersey Resources reported earnings of $0.06 per share for the last quarter, exceeding analysts' estimates, and has a consensus rating of "Hold" with an average price target of $51.43.

Graham Capital Management L.P. lifted its holdings in NewJersey Resources Corporation (NYSE:NJR - Free Report) by 230.9% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 32,520 shares of the utilities provider's stock after purchasing an additional 22,692 shares during the period. Graham Capital Management L.P.'s holdings in NewJersey Resources were worth $1,595,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in NJR. Crews Bank & Trust bought a new position in shares of NewJersey Resources in the first quarter worth about $37,000. Hexagon Capital Partners LLC increased its stake in NewJersey Resources by 42.0% during the first 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 period. Ameriflex Group Inc. acquired a new stake in NewJersey Resources during the fourth quarter valued at approximately $51,000. Brooklyn Investment Group boosted its holdings in NewJersey Resources by 1,715.4% during the first 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 in the last quarter. Finally, Lazard Asset Management LLC boosted its holdings in 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 valued at $71,000 after purchasing an additional 1,499 shares in the last quarter. 70.98% of the stock is currently owned by institutional investors.

NewJersey Resources Stock Performance

NYSE:NJR traded up $0.16 during mid-day trading on Friday, hitting $47.01. The stock had a trading volume of 469,563 shares, compared to its average volume of 544,100. NewJersey Resources Corporation has a twelve month low of $43.80 and a twelve month high of $51.94. The stock has a market cap of $4.72 billion, a price-to-earnings ratio of 11.49 and a beta of 0.67. The company's 50 day simple moving average is $46.40 and its 200 day simple moving average is $46.99. 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 earnings results on Monday, August 4th. The utilities provider reported $0.06 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.12. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The business had revenue of $298.95 million during the quarter, compared to the consensus estimate of $305.05 million. During the same period last year, the business posted ($0.09) EPS. NewJersey Resources's revenue was up 8.5% on a year-over-year basis. On average, equities research analysts forecast that NewJersey Resources Corporation will post 3.15 earnings per share for the current year.

Analyst Upgrades and Downgrades

NJR has been the topic of several recent analyst reports. Mizuho reduced their target price on NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating on the stock in a report on Thursday, May 15th. Raymond James Financial reiterated an "outperform" rating and set a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research report on Friday, August 8th. JPMorgan Chase & Co. dropped their target price on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research report on Wednesday, May 28th. Finally, Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research report on Friday, August 22nd. Two investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $51.43.

Insider Transactions at NewJersey Resources

In other NewJersey Resources news, COO Patrick J. Migliaccio sold 1,500 shares of the firm's stock in a transaction that occurred on 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 directly owned 35,690 shares in the company, valued at $1,578,211.80. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.72% of the stock is owned by company insiders.

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.