NewJersey Resources Corporation (NYSE:NJR) Shares Sold by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA lessened its position in shares of NewJersey Resources Corporation (NYSE:NJR - Free Report) by 2.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 737,032 shares of the utilities provider's stock after selling 17,844 shares during the quarter. Massachusetts Financial Services Co. MA owned about 0.73% of NewJersey Resources worth $36,159,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in shares of NewJersey Resources by 7.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 3,309,166 shares of the utilities provider's stock valued at $154,372,000 after purchasing an additional 216,000 shares during the period. Wells Fargo & Company MN raised its position in shares of NewJersey Resources by 1.3% during the 4th quarter. Wells Fargo & Company MN now owns 2,591,445 shares of the utilities provider's stock worth $120,891,000 after purchasing an additional 32,413 shares during the period. Norges Bank acquired a new stake in shares of NewJersey Resources during the 4th quarter worth approximately $73,124,000. Millennium Management LLC raised its position in shares of NewJersey Resources by 66.0% during 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 period. Finally, Northern Trust Corp grew 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 buying an additional 210,538 shares in the last quarter. 70.98% of the stock is currently owned by hedge funds and other institutional investors.

NewJersey Resources Price Performance

NYSE NJR traded up $0.72 on Monday, reaching $46.45. The company had a trading volume of 533,605 shares, compared to its average volume of 556,256. 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 stock has a market capitalization of $4.66 billion, a PE ratio of 11.88 and a beta of 0.61. The firm's 50 day moving average price is $45.40 and its 200 day moving average price is $46.96. NewJersey Resources Corporation has a 12 month low of $42.33 and a 12 month high of $51.95.

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on NJR shares. Wall Street Zen upgraded NewJersey Resources from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. JPMorgan Chase & Co. decreased their price objective on NewJersey Resources from $56.00 to $51.00 and set an "overweight" rating on the stock in a report on Wednesday, May 28th. Jefferies Financial Group assumed coverage on 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 raised their price objective on NewJersey Resources from $51.00 to $53.00 and gave the stock an "equal weight" rating in a research note on Wednesday, May 7th. Finally, Raymond James Financial started coverage on NewJersey Resources in a report on Friday, June 13th. They issued an "outperform" rating and a $49.00 price objective for the company. Five analysts have rated the stock with a hold rating and two have given a buy rating to the company. According to data from MarketBeat, NewJersey Resources presently has an average rating of "Hold" and an average price target of $51.29.

Insider Activity

In related news, COO Patrick J. Migliaccio sold 1,500 shares of the company'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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.72% of the stock is currently owned by company insiders.

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.