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Jump Financial LLC Purchases 29,247 Shares of NewJersey Resources Corporation $NJR

NewJersey Resources logo with Utilities background

Key Points

  • Jump Financial LLC increased its stake in NewJersey Resources Corporation by 56.4% in Q1, owning 81,128 shares valued at approximately $3.98 million after acquiring an additional 29,247 shares.
  • Notable hedge funds, including Nuveen LLC and Millennium Management, also boosted their positions in NewJersey Resources, contributing to institutional investors holding 70.98% of the stock.
  • Wall Street analysts have a mixed outlook on NewJersey Resources, with two analysts rating it as a Buy and four as a Hold, while the consensus target price is currently at $51.43.
  • Want stock alerts on NewJersey Resources? Get 5 Weeks of MarketBeat All Access for $5. Get My Stock Alerts.

Jump Financial LLC raised its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 56.4% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,128 shares of the utilities provider's stock after acquiring an additional 29,247 shares during the period. Jump Financial LLC owned approximately 0.08% of NewJersey Resources worth $3,980,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of NJR. Nuveen LLC bought a new stake in NewJersey Resources during the first quarter valued at about $29,509,000. Millennium Management LLC lifted its stake in shares of NewJersey Resources by 66.0% in the fourth quarter. Millennium Management LLC now owns 1,363,495 shares of the utilities provider's stock valued at $63,607,000 after buying an additional 542,089 shares during the period. Northern Trust Corp lifted its stake in shares of NewJersey Resources by 18.5% in the fourth quarter. Northern Trust Corp now owns 1,350,358 shares of the utilities provider's stock valued at $62,994,000 after buying an additional 210,538 shares during the period. GAMMA Investing LLC lifted its stake in shares of NewJersey Resources by 6,150.4% in the first quarter. GAMMA Investing LLC now owns 143,010 shares of the utilities provider's stock valued at $7,016,000 after buying an additional 140,722 shares during the period. Finally, Point72 Asset Management L.P. lifted its stake in shares of NewJersey Resources by 67.6% in the fourth quarter. Point72 Asset Management L.P. now owns 305,102 shares of the utilities provider's stock valued at $14,233,000 after buying an additional 123,100 shares during the period. 70.98% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company increased their target price 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. Mizuho reduced their target price 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. Wall Street Zen upgraded shares of NewJersey Resources from a "sell" rating to a "hold" rating in a research note on Friday. Raymond James Financial reiterated an "outperform" rating and issued a $50.00 target price (up previously from $49.00) on shares of NewJersey Resources in a research note on Friday, August 8th. Finally, JPMorgan Chase & Co. reduced 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 note on Wednesday, May 28th. Two equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $51.43.

Get Our Latest Stock Analysis on NewJersey Resources

NewJersey Resources Stock Performance

NYSE:NJR opened at $47.3440 on Tuesday. The firm has a market capitalization of $4.76 billion, a PE ratio of 11.58 and a beta of 0.64. The firm has a 50-day moving average price of $45.95 and a 200 day moving average price of $46.93. The company has a quick ratio of 0.48, a current ratio of 0.76 and a debt-to-equity ratio of 1.25. NewJersey Resources Corporation has a 12-month low of $43.80 and a 12-month high of $51.94.

NewJersey Resources (NYSE:NJR - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The utilities provider reported $0.06 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.12. The company had revenue of $298.95 million during the quarter, compared to analyst estimates of $305.05 million. NewJersey Resources had a net margin of 19.64% and a return on equity of 17.08%. The company's revenue was up 8.5% on a year-over-year basis. During the same quarter last year, the business posted ($0.09) earnings per share. Research analysts anticipate that NewJersey Resources Corporation will post 3.15 earnings per share for the current fiscal year.

Insider Buying and Selling at NewJersey Resources

In other 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 owned 35,690 shares of the company's stock, valued at approximately $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 accessible through this link. Insiders own 0.72% of the company's stock.

About NewJersey Resources

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for NewJersey Resources (NYSE:NJR)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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