Inspire Advisors LLC Purchases Shares of 5,539 NewJersey Resources Corporation (NYSE:NJR)

Key Points

• Inspire Advisors LLC acquired a new stake in NewJersey Resources Corporation (NYSE:NJR) by purchasing 5,539 shares valued at approximately $272,000 during the first quarter.
• Analysts have recently set varied price targets for NJR, with JPMorgan Chase reducing its target from $56 to $51 while Wells Fargo increased theirs from $51 to $53, reflecting differing outlooks on the stock's performance.
• In a recent transaction, COO Patrick J. Migliaccio sold 1,500 shares of NJR at an average price of $44.22, which reduced his ownership by 4.03% and highlighted ongoing insider trading activity.

Inspire Advisors LLC bought a new position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 5,539 shares of the utilities provider's stock, valued at approximately $272,000.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Wealth Enhancement Advisory Services LLC raised its holdings in shares of NewJersey Resources by 8.5% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 11,228 shares of the utilities provider's stock valued at $551,000 after purchasing an additional 881 shares in the last quarter. Principal Financial Group Inc. raised its position in NewJersey Resources by 2.1% during the first quarter. Principal Financial Group Inc. now owns 232,427 shares of the utilities provider's stock worth $11,403,000 after acquiring an additional 4,770 shares during the last quarter. GAMMA Investing LLC raised its position in shares of NewJersey Resources by 27.4% in the first quarter. GAMMA Investing LLC now owns 2,915 shares of the utilities provider's stock valued at $143,000 after buying an additional 627 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of NewJersey Resources by 83.7% in the first quarter. Farther Finance Advisors LLC now owns 1,859 shares of the utilities provider's stock valued at $91,000 after buying an additional 847 shares during the last quarter. Finally, State of Alaska Department of Revenue increased its position in NewJersey Resources by 3.8% during the first quarter. State of Alaska Department of Revenue now owns 11,741 shares of the utilities provider's stock worth $576,000 after purchasing an additional 430 shares during the last quarter. 70.98% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

NJR has been the subject of several research reports. Wells Fargo & Company boosted their price objective on shares of NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. JPMorgan Chase & Co. decreased their price objective on shares of NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating for the company in a research note on Wednesday, May 28th. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Wednesday, May 14th. Raymond James Financial initiated coverage on shares of NewJersey Resources in a research note on Friday, June 13th. They set an "outperform" rating and a $49.00 price objective for the company. Finally, Mizuho decreased their price objective on shares of NewJersey Resources from $52.00 to $50.00 and set a "neutral" rating for the company in a research note on Thursday, May 15th. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and an average price target of $51.29.

Insider Activity at NewJersey Resources

In other news, COO Patrick J. Migliaccio sold 1,500 shares of the company's stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $44.22, for a total value of $66,330.00. Following the completion of the sale, the chief operating officer directly owned 35,690 shares of the company's stock, valued at $1,578,211.80. This represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.72% of the stock is currently owned by company insiders.

NewJersey Resources Stock Performance

NJR traded down $0.10 during trading on Friday, reaching $45.81. 248,553 shares of the company's stock were exchanged, compared to its average volume of 624,382. NewJersey Resources Corporation has a fifty-two week low of $42.33 and a fifty-two week high of $51.94. The company has a quick ratio of 0.73, a current ratio of 0.93 and a debt-to-equity ratio of 1.20. The business has a 50 day moving average price of $45.36 and a 200 day moving average price of $46.95. The company has a market capitalization of $4.60 billion, a P/E ratio of 11.12 and a beta of 0.61.

NewJersey Resources (NYSE:NJR - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The utilities provider reported $1.76 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.65 by $0.11. The business had revenue of $913.03 million during the quarter, compared to analysts' expectations of $732.00 million. NewJersey Resources had a return on equity of 16.95% and a net margin of 20.03%. The firm'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 business posted $1.41 earnings per share. As a group, analysts predict that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

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.